Revenues within the US male toiletries market has been forecast to increase at a compound annual growth rate (CAGR) of 1.8% over the next five years, rising from a total of $4,337.8 million in 2012, to reach a value of $4,743.6 million by the end of 2017.
Despite the fact that unemployment numbers are still high (9.1% as of September 2011) and household income is down in the US, interest in the men's grooming market is not waning.
Today's man is not only more comfortable taking care of grooming needs, but engaging in more proactive habits to stay competitive in a more challenging workplace.
Even though the bulk of growth in the men's population in the US from 2011-16 will come from men aged 55 and older, growth will also come from the Hispanic population, a group of men who spend more time on their appearance.
The new crop of male consumers between 18 and 34 are getting into shaving and grooming products, using as many as five or more toiletries regularly -- compared to their older counterparts who use between two and four.
Further, men between 25 and 34 are much more likely to buy products formulated for sensitive-skin, reflecting a more discerning taste for quality and an interest in more refined products.
Sales of shaving lotion, cologne, talc and gift sets grew by $14 million from 2010 to 2011, bolstered by heavy marketing by Axe and Old Spice. The shaving cream/gel segment saw a 3.7% growth from 2010 to 2011; Gillette brands are the most popular, with Edge and Barbasol running a close second and third.
Procter & Gamble (P&G) maintains its lead in the US male toiletries market; however, its market share across multiple categories is being challenged. With the exception of P&G, major companies - in particular, L'Oreal and Estee Lauder - are enjoying steady growth. Of particular note, smaller companies are making strong headway and highly viable impressions.
For more information on the US male toiletries market, see the latest research: US Male Toiletries Market
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