Shaving and deodorants to boost men’s grooming market in Canada

It is anticipated that shaving products and deodorants will drive the men’s grooming market in Canada, according to a new report from Companies & Markets.

The men’s grooming market in Canada is expected to register a compound annual growth rate (CAGR) of 2% in constant value terms to reach a market value of CA$761m($748m) by 2016, reports cosmeticsdesign.com.

According to the report, the men’s grooming market in Canada has reported a 3% CAGR to reach the total market value of CA$691m ($677.9m) in 2011.

"Men’s shaving and men’s deodorants are projected to remain the main drivers in this category in terms of market size," said a market researcher quoted by the website.

In 2011, the market growth was driven by shaving products with a growth rate of 2% CAGR for the twelve month period to reach a value of CA$468m ($459.1m).

The research organisation said the results for men’s shaving products had shown similar increment in terms of existing sales value in men’s razors and blades, resulting in actual value terms of CA$337m ($330.6m) in 2011.

Even though the sales growth volume of men’s razors and blades did decline, it was due to increase of prices for individual products.

Companies & Markets has revealed that in terms of brands, with over half of the market share, Procter & Gamble has clearly shown dominance in terms of value.

P&G’s leadership is owing to its 81% market share of men’s razors and blades, followed by a second-place showing in men’s post-shave of 19%, first place in men’s pre-shave of 42% and third place in men’s toiletries of 16%.