Rise of image-conscious Chinese millennial men spurs homegrown skincare start-ups
- The Chinese men’s facial skincare market is already the biggest in the world, and could grow by half in the next four years
- At least 10 Chinese male skincare start-ups launched in 2020, with online retailers rising in popularity as they help men shop quicker and easier
China’s male skincare market has a fresh shine: a raft of domestic start-ups is tapping global investors for funds, with ambitions to rival giants like L’Oreal in a billion-dollar business serving image-conscious millennial men like Hou Junru.
The 24-year-old Shanghai education worker got into skincare as a student and spent more than US$1,000 on creams and lotions in e-commerce firm Alibaba’s giant November 11 Singles’ Day promotion. “My need is to keep the skin moist and look pale,” said Hou. (Alibaba owns the South China Morning Post.)
It’s a priority shared by many of his peers, influenced by the spread of social media and South Korean pop culture that embraces a softer version of masculinity. Already the biggest in the world, the Chinese men’s facial skincare market is forecast to hit 12.5 billion yuan (US$1.9 billion) this year – and expand 50 per cent to 18.5 billion yuan in 2025, research firm Mintel estimates.
Market research provider Euromonitor International estimates the men’s skincare business in China, excluding post-shave products, was last year already more than three times the size of the US market in dollar terms and more than twice the size of South Korea – and sees its growth in value between now and 2024 easily outstripping both.
Drawing on the huge reach of online retailers such as Alibaba and JD.com, at least 10 new Chinese male skincare brands have been set up this year, according to media reports.