The study found that such product launches fell by 46% between 2013 and 2014 alone (male-specific launches accounted for just 3% of new launches in the overall category in 2014), sales of haircare products for men grew by nearly 2% to £60m.
Mintel added that this growth is expected to continue, with value sales forecast to rise to £68m in 2019.
Further, the research found that 65% of men who use haircare products said that having well-groomed hair makes them feel more attractive, 21% said it was important to follow latest trends when it comes to hairstyles (rising to 38% of 16-24 year olds).
In addition, 23% said they like to change their hairstyle depending on where they are going, rising to 43% aged 16-24.
However, the top three concerns amongst men when it comes to hair is thinning hair (27%), whilst 24% said they’re concerned about hair loss and 17% were worried about hair that is difficult to style.
Highlighting these concerns, Mintel’s research shows that when it comes to product innovation opportunities, 24% would like to try products that stimulate hair growth, 23% would be interested in products that make hair easier to style, whilst 21% would be interested in products that thicken hair.
Young men pose opportunities with their greater interest in wanting more specific help, suggesting that education is important to encourage further growth in this category, particularly for the conditioner segment which has declined in value in 2014. With low use of dry shampoo amongst men, there are opportunities to reposition dry shampoo to appeal to men, whose hair needs are very different to women’s.”
This report looks at the following areas:
- New launches have shown a decline
- Young men want more specific help
- Build-up on hair may be driving down sales of conditioner
- Dry shampoo could be positioned as a styling aid