Survey on Men's Grooming Products of Body Shop
Dissertation on Competitive landscape of Men's Grooming Products of Body Shop
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Men’s grooming products is
currently one of the most buoyant cosmetics and toiletries sectors, as
reflected by a CAGR of 10% over the 2001-2005 period. This development is particularly
evident in the mature markets of Western Europe and the US, which, at a
combined value of US$4 billion, represented more than 65% of total men’s
grooming products sales.
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Despite only having a very
small interest in this sector, The Body Shop has benefited from the strong
growth developments characterising this market with its long-established men’s
grooming range, For Men. However, due to its smaller size and more limited
resources, The Body Shop has been unable to follow the speed of the market,
driven by intense product development activity among leading companies such as
Procter & Gamble, Unilever, Energizer Holdings and Beiersdorf. In addition,
The Body Shop brand might also have suffered from being perceived as feminine,
forcing it to rely on mainly women buying men’s grooming products as gifts to
their men.
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Present in both men’s shaving
products and men’s toiletries, the latter category has been by far the most
successful area for the company. This was particularly evident in Western
Europe where its bath and shower products recorded a CAGR of 24% over the
2001-2005 period, outperforming the regional market by six percentage points as
its natural ingredients increasingly attracted men’s interest. Its bath and
shower products also performed in line with the Asian-Pacific market,
benefiting from successful product development. Ranked globally in 14th place,
bath and shower products is The Body Shop’s most successful men’s grooming
category, followed by skin care (ranked 30th).
Prospects
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Due to inferior size and
resources, The Body Shop has struggled to keep up with the exceptional growth
this market experienced over the 2001-2005 period. With a predicted CAGR of 4%
over the 2005-2010 period, equal to an added value of over US$4 billion, men’s
grooming products will continue to be a lucrative sector which in turn will
attract increasing attention from major cosmetics and toiletries companies.
However, likely to have L’Oréal’s funds, technological know-how and resources
behind it in the coming years, The Body Shop should be able to strengthen its
standings in men’s grooming products.
·
Some attention-grabbing
marketing behind the brand should be implemented, primarily to raise awareness
of its men’s product range and move away from the current conception of being
mainly a feminine brand. More stores, exposing the company to faster-growing
regions such as Russia (CAGR 10%, 2005-2010) should also help to grow this side
of the business. However, although the stores can benefit from having a clearly
demarcated and easily identifiable men’s section, the increased prominence of
the colour cosmetics counter could discourage male shoppers by making the
initial impression of the stores more female-oriented.
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