Euromonitor analyst identifies key male skin care trends
She also pointed to the Asia-Pacific region as the main driver for growth in this market, which despite its impressive performance is still considered "niche" compared to other beauty segments in the Western world.
Skin care is the fastest-growing sector for male grooming, reaching a total value of $2737.4m in 2012, but in absolute terms this field is still a small market compared to more popular areas such as shaving products and deodorant.
Tyrimou also pointed out that male skin care is now developing down two major strands, with manufacturers opting either for multi-functional products to save time or “simple” cosmetics which are easy for men to use.
The analyst commented to CosmeticsDesign-Asia.com: “In skin care, male products are developing down two different routes: multifunctional products, for example shaving gel/ moisturizer or shaving/shower gel, and on the other hand we see very simple products like moisturizer.”
"I think at the moment most brands and manufacturers are going to try to get men and women to use skin care in fields like moisturizers and BB creams."
Meeting the demands of the male market…
The worldwide skin care market grew from $1577.8m in 2007 to $2737.4m in 2012, a total increase of 73.4%. However, whilst sales are growing among the male population, skin care and hair care are still relatively small markets in the West.
Tyrimou commented that brands which are interested in reaching the male market often use neutral packaging, thus allowing the products to be utilized by both genders.
She also suggested that two main trends for new products in skincare were pulling the market in different directions- multi-purpose items such as shaving foam/moisturizers and shaving foam/shower gel, and simple products like moisturizers which are particularly gaining ground in some areas of Europe.
She pointed out: “There are different kinds of performance which men and women like,” suggesting that more research is needed to develop products more effectively to male consumers.
"Areas like anti-ageing, skincare for different types of skin and age groups and some more natural brands of men's skin care have potential."
Growth driven by Asia
Tyrimou records that “double-digit” growth in the worldwide market is being driven by consumers in the Asia-Pacific region, including China, South Korea and Japan, thanks to the "skin care culture" in these regions.
In 2012, Euromonitor reported that South Korean men spent $565.m on skin care products, with face creams, cleansers and foundation being particularly popular market segments.
The marketing research company's figures show that the Asia-Pacific market as a whole went from being worth $1382.5m in 2011 to $1623.1m in 2012, for a total of 17% growth. Overall, the industry has more than doubled in size since 2007.