The global aftershave market is anticipated to expand significantly from 2019 to 2025. Rising disposable income among the 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 are expected to aid the aftershave market positively over the forecast period. Industry players have recognized the evolving trend toward male grooming as 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 a 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 specialize in colognes owing to their perfumery characteristics.
Apart from the compositions mentioned above, aftershaves also contain moisturizers and cooling ingredients. The moisturizer is used to soften the skin whereas cooling agent such as aloe vera provides a soothing feel
Traditionally aftershaves were 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 EDT can last for the whole evening. Cologne barely contains perfumery oil compounds, and thus it is regarded as comparatively lighter and milder in nature.
Current growth for the aftershave industry has been almost stagnant owing to the rising trend of stubble looks in men. In recent years, the aftershave market witnessed a major slowdown due to stubble fashion trends among men. The rise in the image of 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 the 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 toward 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 the rise in popularity of male grooming products, especially in emerging markets such as China and India. Increasing youth demand for aftershaves coupled with urbanization is the major trend for regional market growth. Disposable razors are also expected to have a larger market growth in the near future owing to their widespread usage for shaving. Furthermore, the European aftershave market owing to the large concentration of private and designer label brands in the 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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The sudden rise of COVID-19 to a pandemic level has severely impacted the demand patterns of cosmetics and also certain categories of personal care products. Furthermore, policies across the globe restricting the movement of people have also led to disruptions in the supply of personal care products. The availability of e-commerce platforms during these times has, however, offset the disruptions caused in the last-mile supply of customer purchases. From manufacturing stand, production stoppages due to the pandemic shall cast considerable stress on operational costs. The report will account for Covid19 as a key market contributor.