Every consumer wants multifunctional products that will help in nourishing skin and soothing irritation. The companies are reducing alcohol concentration and are adding natural ingredients such as caffeine, plant extract, and essential oil that help in reducing irritation and provide moisturizing effect. Similarly, some companies are offering multifunctional products such as antiaging technology, which helps in reducing wrinkles and promoting texture. Increasing product availability of technological advanced products is fueling demand for post shave lotions and creams.
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Lotions and balm held a leading share of 67.2% in 2018. Increasing penetration of innovative products in developed countries such as India, China, and Brazil is a main factor driving this segment. Moreover, urge to look good and confident has led to an increase in spending on male grooming products. According to statistics, Indian men spend around 40 minutes on grooming. An average man spends around 12 minutes grooming his face, 14 minutes on hair, and 16 minutes on body. Rising awareness regarding grooming and hygiene is expected to have a positive impact on growth of the market.
The e-commerce segment is anticipated to expand at the fastest CAGR of 5.4% over the forecast period. Increasing penetration of smartphone, exposure to digital media, and growing middle class population are expected to have a positive impact on the sales of post shave products through online channel. Expansion of pureplay giants such as Amazon and Nykaa in India and China and incorporation of same day delivery system by these players are expected to fuel purchase of aftershave lotions and balm through the online channel.
Asia Pacific is projected to witness the fastest growth over the forecast period due to rising popularity of male grooming products, especially in countries like India and China. The e-commerce market is booming in the region, which is attributed rising urbanization and internet penetration. Owing to growing popularity of male grooming products, companies are foraying into partnership with e-commerce players such as Amazon. These major trends are anticipated to boost the regional aftershave lotions and creams market growth.
Key players operating in the market include Procter & Gamble; Unilever; Beiersdorf; Godrej Consumer Products Limited; L’Oreal; Colgate-Palmolive Company; Coty Inc.; D.R. Harris & Co Ltd.; Vi-john Group; and Herbacin cosmetic GmbH.
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Further key findings from the report suggest:
• North America is anticipated to witness significant growth from 2019 to 2025 owing to shifting consumer preference from conventional towards modern lifestyle
• The e-commerce segment in India was valued at USD 0.2 million in 2018 due to rise in popularity of male grooming products among consumers
• Asia Pacific is anticipated to expand at the highest CAGR of 6.5% over the forecast period
• The global aftershave lotions and creams market is highly competitive in nature due to presence of top players such as Procter & Gamble and Unilever.
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