According to market researcher Mintel, two thirds of men who use hair care products say that having well-groomed hair makes them feel more attractive, whilst one in five say that it’s important to follow the latest trends when it comes to hairstyles, rising to over a third of 16-24 year olds.
“Whether tied up in man buns, pulled back with headbands or modest lengths styled into quiffs, long hair has been a mainstay in men’s fashion and looks to remain,” says Roshida Khanom, Senior Personal Care Analyst at Mintel.
“This trend has resulted in increased revenue for the sector and offers further opportunities for the men’s hair care market to respond to changing fashions, with products designed to stimulate growth as well as manage longer hair. Styling brands could also offer tips and advice to encourage experimentation.”
Losing out
And whilst long hair is the fashion, it appears that losing these lavish locks and their beauty is the major concern that is also helping to drive the market’s growth.
Mintel states that the top three concerns amongst men when it comes to hair is thinning hair, hair loss and hair that is difficult to style.
Highlighting these concerns, Mintel’s research shows that when it comes to product innovation opportunities, a quarter would like to try products that stimulate hair growth, 23% would be interested in products that make hair easier to style, whilst one in five would be interested in products that thicken hair.
“Hair loss is a universal concern for men, although the reasons for being concerned about hair loss may be different,” adds Roshida.
“Younger men may find it harder to retain hair styles, or experiment with different hair styles as they lose hair. For older men, being concerned about hair loss may be more about not wanting to look older. Products that stimulate hair growth will therefore appeal to men of all ages.”
Volume down, sales up!
According to Mintel’s research, the number of hair care products targeted at men has seen a sharp decline in the past year; however the men’s hair care market is continuing to grow.
The number of hair care launches aimed at men declined by 46% between 2013 and 2014, with male-specific launches making up just 3% of new launches in the total category in 2014.
On the other hand, sales of hair care products for men grew from £59 million (€81m) in 2013 to a predicted £60 million (€82.4m) in 2014. This healthy growth is expected to continue with value sales forecast to rise to £68 million (€93.5m) in 2019.