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Targeted products and male grooming to drive Avon’s revenues
Avon can use the increasing demand for targeted products (products specifically formulated and aimed at certain demographics) in the beauty industry to its advantage and to help drive the company’s revenues. The surge in consumer interest in natural personal care products around the globe has driven outstanding growth in this segment. According to MarketLine data, the global market for natural and organic beauty products was nearly $8bn in 2012, and is predicted to grow at a CAGR of 10% during 2012–17.
The prime reason for the surge in the popularity of natural cosmetics products has been increasing consumer awareness of cosmetic product formulations and ingredients.
In addition to this, in recent times, the business of beauty has expanded from being women-centric to include grooming products for men as well. As more and more men are embracing beauty, skin care and hair care products, manufacturers are finding new opportunities in this newly-booming space.
MarketLine’s research on male toiletries found that the global male grooming industry is expected to generate more than $24bn in revenue by 2017. Factors fueling growth in the male grooming industry include an expanding middle-class consumer base and evolving consumer trends that have seen an increasing interest in appearance and grooming. With an increasing interest in male cosmetics globally, manufacturers are coming up with a variety of men’s grooming products with masculine names and are packaged in designs that attract the typical male consumer.
Avon offers male personal care products such as deodorants, face and shave preparation, hair and skin care, and personal cleansing products. The company is well positioned to tap into the growing male grooming market which should in turn increase its consumer base and revenues.
To read more about strategies the company can adopt in order to increase its revenue, read our latest case study, Avon Products Inc: Poor performance necessitates change.