Men are the next big market in the beauty industry
Men are here to disrupt the multi-billion dollar beauty industry. According to CNBC, beauty companies, which are struggling to find new avenues of growth, see men as the next big opportunity within the industry, as consumer trends are focusing more on natural health and beauty across all genders, not just women.
“There are so many ... [people] growing up with the idea that you’re not tied to the gender you’re born with,” said Larissa Jensen, beauty industry analyst at NPD, reported by CNBC. “Beauty is no longer what you’re putting out as ‘ideal beauty.’ Beauty can be anything, anyone and any gender.”
The men’s personal care industry is predicted to hit $166 billion by 2022, according to Allied Market Research. In 2018, men’s skin-care products alone saw a more than 7% jump in sales, according to market researcher NPD Group, reported by CNBC.
“In recent years, the notion that men can’t or shouldn’t be using skin-care products or caring more in general about all aspects of their appearance has been receding,” said Andrew Stablein, research analyst at Euromonitor International in a research note, CNBC reported.
The success of digitally native brands catered directly to men such as Harry’s and popular subscription service Dollar Shave Club reveal “the average men’s grooming routine isn’t about just shaving, but can be aided by using skin-care products,” Stablein said.