Global aftershave market is anticipated to expand significantly from 2016 to 2024. Rising disposable income among with middle-class consumer base and changing demographic factors have majorly fuelled the market for the aftershave industry. Increasing male consciousness towards grooming and hygiene has also contributed to the significant growth of the overall market. Further, endorsements by celebrity sportsmen and film stars have also greatly influenced aftershaves and colognes sales.
Product innovation in the aftershave industry is also augmenting the market revenue for this industry. Aftershave products such as colognes and Eau de Toilette is expected to aid the after shave market positively over the forecast period. Industry players have recognized the evolving trend toward male grooming extremely lucrative. As a result, they have segmented their product portfolio according to the taste and preferences of the consumers. Earlier, aftershaves were considered to be a niche market segment. However, it has emerged as a mainstream market with the rising consciousness towards looks over the past few years.
Aftershaves are usually a liquid/lotion or gel used by men to prevent infections from cuts that may occur on the skin while shaving. Aftershaves contain alcohol which acts as an antiseptic element. Traditional aftershaves, however, were directly used as antiseptic lotions.
Apart from the alcohol based formulation, aftershaves also contain some amount of perfumes. Perfume in aftershaves is one of the most important characteristics. It greatly enhances the price, but it is also one of the major deciding factors for individuals while buying an aftershave. Designer brands such as Calvin Klein, Tommy Hilfiger, and Hugo Boss specializes itself on colognes owing to their perfumery characteristics.
Apart from compositions mentioned above, aftershaves also contain moisturizer and cooling ingredient. The moisturizer is used to soften the skin whereas cooling agent such as aloe vera provides soothing feel
Traditionally aftershaves where mainly used as antiseptic lotions. Modern aftershaves are different from their traditional counterparts as they not only provide antiseptic benefits but elements that add up to freshly shaved skin.
Furthermore, there is a significant difference between aftershave compositions which include Eau de Toilette (EDT) and Cologne. Though, they are used interchangeably due to misconceptions regarding their compositions. An aftershave contains lesser perfume oil as compared to EDT. Aftershaves’ fragrance lasts maximum for about two to three hours whereas, that of EDT can last for the whole evening. Cologne, barely contain perfumery oil compounds, and thus it is regarded as comparatively lighter and milder in nature.
Current growth for aftershave industry has been almost stagnant owing to the rising trend of stubble look in men. In recent years, the aftershave market witnessed a major slowdown due to stubble fashion trend among men. Rise in the image for keeping an ‘Alpha-male’ look is also reducing the market base for colognes and aftershaves. Participants involved in enhancing cultural aspects such as “No Shave November” or people who are interested in keeping their full beard has is anticipated to reduce the profit margins of aftershave industry drastically.
The U.S.aftershave and cologne industrial segment which includes aftershaves, colognes, and post-shave cosmetics represents the most lucrative market. The increase in male enthusiasm towards grooming is the main driving force behind this trend. Shifting consumer preferences towards a modern lifestyle is the major driving factor responsible for aftershave market growth in the region.
Several R&D initiatives have been taken to introduce newer products and also formulation changes in existing brand products. Such factors are presumed to assist the overall industry growth over the next eight years.
Asia Pacific is projected to witness the fastest growth over the forecast period owing to rise in popularity for male grooming products especially in emerging markets such as China and India. Increasing youth demand for aftershaves coupled with urbanization are the major trends for the regional market growth. Disposable razors are also expected to have a larger market growth in near future owing to their widespread usage for shaving. Furthermore, European market owing to the large concentration of private and designer label brands in toiletries market is also contributing to the significant rise in market revenue.
Popular brands include Old Spice, Global Gillette, Axe, Crabtree & Evelyn, and Brut. Many fashion designers also lend their names to the brands of aftershave. Some of them are Hugo Boss, Calvin Klein, and Tommy Hilfiger.
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