A Strategic Overview of men's cosmetics: An Industry Profile
- Industry analysis.
- Top three driving forces.
- Porter's five forces.
- Top three ethical issues.
- Top two impacts of internet on this industry niche.
- Market entry test for anti-aging cream for men.
The men's cosmetics market was estimated at 10 billion in 2004. It increased by 43% from 1997 to 2002 (in France global turnover of men's cosmetics increased by 140% from 1998 to 2003 and reached 42.16 million in 2003). Data-monitor forecasts that the US and European men's cosmetics markets will grow from 20.3 billion euros in 2003 to 24 billion euros in 2008. Male grooming products have great potential thanks to the strong social and cultural trends pushing the cosmetics market. Male personal care and grooming habits are evolving rapidly. Whereas in 1990 only 4% of men claimed to regularly use a facial care product, 21% admitted to doing so in 2001. A survey conducted by L Oréal predicts that by 2015, 1 out of 2 men will be using facial care products. Though a man may now admit clearly to be using them, this was not the case just a few years ago. Not only is it not "taboo" to buy men's products, but it is now part of the general consuming habits. This general leaning towards the importance of well-being and self-caring was triggered by the hedonist trend and a growing cocooning effect.