Latin America Will Lead Global Sales of Men’s Grooming, with 27 Percent Growth by 2021

20-Sep-2017 Intellasia | BusinessWire | 8:57 PM Print This Post

SÃO PAULO–(BUSINESS WIRE)–Global market research company Euromonitor International revealed today
at In-Cosmetics Latin America a new report, “Men’s Grooming in Latin
America: Key Trends & Opportunities”, highlighting healthy growth
prospects for beauty products focusing on the male segment.

According to the report, men’s grooming will grow the fastest in
emerging regions. Latin America, in particular, will become a key market
for men’s beauty. Valued at USD 10 billion in 2016 and forecasted to
grow over 27 percent until 2021, Latin America will lead men’s grooming
sales growth in the world.

Men’s Grooming: Growth Rate per Region (2016-2021)

  • Latin America: 27,4 percent
  • Asia Pacific: 20,5 percent
  • Middle East and Africa: 19,4 percent
  • North America: 9,9 percent
  • Eastern Europe: 9,7 percent
  • Western Europe: 5,1 percent
  • Australasia: 4,4 percent

Source: Euromonitor International
Note: data refers to
retail value and is expressed in USD million, fixed 2016 exchange rate,
constant 2016 prices

Elton Morimitsu, senior research analyst at Euromonitor, comments,
“Men’s grooming has presented sustained growth in Latin America,
positioned as the second fastest growing segment between 2011 and 2016.
Holding a ‘men’s zone’ in stores has shown to be a successful strategy
as it provides men a place to go for all their beauty needs. Previously,
men had to sort through shelves full of products targeting women in
order to find products tailored to them.”

According to the report, while men’s grooming sales are still highly
dominated by the most traditional categories, such as fragrances,
deodorants, and shaving products, which together accounts for 96 percent
of total men’s grooming sales, Latin American men are slowly increasing
their consumption of esthetics products.

“The regional challenge lies on breaking stereotypes. Skin care, for
example, is still very much associated with femininity. For this reason,
men’s skin care launches are now exploring claims that focus on the
product’s features, such as sunscreen or post shave. The objective is to
gradually get men to experiment with multifunctional products as a first
step to explore their vanity,” concludes Morimitsu.

To download an extract of the report: http://go.euromonitor.com/EV-LA2017-Incos-Latam.html

About Euromonitor International

Euromonitor
International
is the world’s leading provider for global business
intelligence and strategic market analysis. We have more than 40 years
of experience publishing international market reports, business
reference books and online databases on consumer markets.

Contacts

Nathália Ariza
Communications Executive – Euromonitor International
Tel:
+55 11 2970-2175
nathalia.ariza@euromonitor.com

 


Category: BusinessWire, PRAsia

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