Male consumers are emerging as 'blue chips' in the beauty market. Until now, male consumers have mainly consumed basic products such as toner, creams, and functional products such as hair loss.
However, with the spread of COVID-19, interest in skincare has increased. In addition, 'grooming' is established as a trend centering on the 'MZ generation', and the related market is growing rapidly.
Accordingly, the beauty industry is introducing products aimed at men one after another. Renewal of existing brands and strengthening of the line-up are also active. Although the absolute market size is still small, it is analyzed that the potential is certain. In the long term, there is also an expectation that it will be able to prepare a new growth engine in the overseas market.
This trend is being led by the MZ generation consumers. Unlike many consumers in their 40s and over who have a reluctance to make-up, they have the perception that 'make-up is also self-management. In fact, as a result of an open survey, 85.6% of consumers in their 40s and older answered that they do not do make-up at all. On the other hand, it was found that about a quarter of consumers in their 20s and 30s wear makeup often.
The size of the market is also growing rapidly. According to Euromonitor, the men's beauty market in China is expected to reach 2.743 trillion won this year. This is a 21.6% increase compared to 2017. Growth potential is high. The Korea Cosmetics Association predicted that the men's beauty market in China will reach 3.6 trillion won by 2026. This is because Chinese men's perception of makeup and their purchasing power are increasing rapidly.
If you think about getting into this industry or expanding brand line-ups, it is the right timing. Next Pangaea has developed the full set of cosmetics for men already.
What are you waiting for?