One’s physical appearance influences the perception of people around the individual. Males and females have a different way of grooming and this ranges from the mode of dressing to how they maintain their physical outlook. The element of grooming and growth of the beauty marketplace vary from region to region. New trends have been observed in the grooming industry, and of interest, men’s trends. As such, the discussion focuses on the men’s grooming industry in Asia.
According to a recent Euromonitor report, the Asia-Pacific region tops the list of countries where the male grooming market has been increasing in value (Fung Global Retail & Technology, 2017). India and China are the top two countries in the region that have registered fast growth rates. The latter has the most rapid growth. Researchers observe that the Asian market has not always embraced men’s grooming. Rather, the evolution of this growing industry has been recorded over the past few years (Kline Group, 2013). Today, the Asian market is flooded with men’s beauty and personal care products (Kline Group, 2017).
Opportunities for Men’s Grooming Industry in Asia
The Asian market offers numerous possibilities for the growth of men’s grooming industry. To start with, the region has recorded a significant transition of consumer’s acceptance of male beauty products. In the past, there was a misconception that beauty products were meant for women. However, researchers acknowledge the changing definition of beauty products and services. Presently, people embrace the products provided they look, smell, and feel as they desire regardless of gender identity (Kline Group, 2017). As a result, manufacturers, suppliers, and retailers of beauty products now have a broader market scope through the male grooming business.
The second opportunity is the high demand for personalized human interaction between men and male grooming service providers. Research shows that professional hair removal services attract young men aged between 25 and 34 years. This age group desires to look their best and better their chances for employment. In addition, older men aged between 35 and 44 years place having haircuts as a priority (Fung Global Retail & Technology, 2017). Therefore, the Asian men’s grooming industry opens up opportunities for barbers and male beauty products retailers.
The last opportunity for men’s grooming industry in Asia is the aspect of competitive advantage. According to Warner (2016), setting lower prices on products gives firms a competitive edge over their rivals. In the Asian men’s grooming industry, companies can compete by diversifying their products. The South Korean market, for instance, has recently recorded an increase in the use of facial skin care, hair care products, and color cosmetics among men (Parsons, 2017). A dealer in beauty products can capitalize on such an opportunity. The report shows that South Korean men have the highest spending rates on male skin care products globally. In 2015, the average annual spending of every South Korean man on men skin care products was $39. This figure is an indicator of the high economic prospects for the Asian men’s grooming industry.
New Trends in the Male Retail Industry
In the modern men’s retail sphere, the service providers are adopting a combined business ideology. Primarily, there are several joints where a barber shop and a bar operate under the same roof. The hybrid concept provides an all-round experience for the male customers. Besides maintaining their hair and face, men feel complete when they share drinks at the bars. The latter meets the men’s emotional needs they can hold conversations with their male counterparts (Luxe, 2013). The beer-meets-barber concept offers customized services to the consumers (Global Industry Analysts, 2015). Besides, the diversity of the market saves the men time and energy.
- Fung Global Retail & Technology. (2017). Deep Dive: Global Male Grooming Market. Retrieved from https://www.fungglobalretailtech.com/research/deep-dive-global-male-grooming-market/
- Global Industry Analysts. (2015 April, 10). Men’s Grooming Products: A Global Strategic Business Report. Retrieved from http://www.strategyr.com/pressMCP-6304.asp
- Kline Group. (2013 June, 7). Asia’s Leading Men – 13.4 Billion Reasons Why the Male Grooming Market is Flexing Its Muscles. Retrieved from http://www.klinegroup.com/blogs/index.php/2013/06/07/asias-leading-men-13-4-billion-reasons-why-the-male-grooming-market-is-flexing-its-muscles/
- Kline Group. (2017 July, 28). Male Grooming – From Niche to Mass and Beyond. Retrieved from http://www.klinegroup.com/blogs/index.php/2017/07/28/male-grooming-from-niche-to-mass-and-beyond/
- Luxe, L. (2013 December, 19). The Rise of the Hybrid Men’s Retail Space: Why this approach is the future for men’s stores. Retrieved from https://medium.com/@LeanLuxe/the-rise-of-the-hybrid-mens-retail-space-44dcadfee54f
- Parsons, S. (2017 March, 17). Asia – South Korea: Male Grooming Market Report 2017. Retrieved from https://www.cosmeticsbusiness.com/market_reports/article_page/Asia__South_Korea_Male_Grooming_Market_Report_2017/127122
- Parsons, S. (2017 March, 21). Asia – China: Male Grooming Market Report 2017. Retrieved from https://www.cosmeticsbusiness.com/market_reports/article_page/Asia__China_Male_Grooming_2017/127258
- Warner, B. (2016 May). Why This Shaving Startup Made a $100 Million Gamble on a 100-Year-Old Factory. Retrieved from https://www.inc.com/magazine/201605/bernhard-warner/harrys-razors-german-factory.html