[Japanese Stocks] The expanding men's cosmetics market | Discovering! Stocks to Watch by Hideki Wajima | Manekuri Money's investment information and media helpful for finances.

The market size has increased 1.8 times in 5 years

The men's cosmetics market is expanding. There is a diminishing resistance to cosmetics among young men, and the use of Major League Baseball player Shohei Ohtani in advertisements for Kose's (4922) toners has increased attention. Additionally, it seems that awareness of skincare is also rising due to the annual extreme heat.

According to the research company Intage, the men's cosmetics market is expected to reach 49.7 billion yen in 2024 (a 14.8% increase from the previous year), and the market size has increased 1.8 times compared to five years ago in 2019. By category, sunscreen has increased 2.0 times, basic skincare products have increased 1.8 times, and makeup products have increased 1.3 times, maintaining a stable growth trend. In particular, the market size of men's basic skincare products, which account for 90% of the total, is expected to reach 43.8 billion yen in 2024, reflecting a 15.7% increase from the previous year. Toners and facial cleansers account for 50% of the total, but the items that have particularly seen significant growth are serums and cleansers.

Cleansing is influenced not only by the surge in demand for sunscreen due to extreme heat and high temperatures, but it is also growing among younger demographics outside of summer. The higher oiliness of men's skin compared to women's indicates a growing demand for care related to clogged pores and dark spots.

Not only the younger generation, but also those in their 60s and 70s are increasing their purchase amounts.

Compared to 2019, the purchase rate increased by about 10% from 30.4% to 33.2%, and the purchase amount has increased to 313.1 billion yen, which is 1.7 times higher. Looking at the purchase amount by age group, those in their 20s and 30s are leading the market with a 1.8-fold increase, while those in their 60s and 70s also saw a 1.5-fold increase. The main reason for using basic skincare products is "to improve skin troubles," at 31.2%, followed by "as part of self-improvement" (24.1%) and "increased interest in skin care as I age" (19.4%).

Factors contributing to the expansion of the men's cosmetics market include the prevalence of online shopping, which allows for easy purchases without going to physical stores, the rise of influencers actively sharing information, the increasing awareness of beauty due to the influence of celebrities and K-pop idols, and the diminishing resistance towards using such products.

Ohtani's whirlwind in the cosmetics industry

According to reports, Kose launched a campaign for a serum featuring player Ohtani during the World Baseball Classic (WBC) in mid-March 2023, and with the Japanese team's victory acting as a tailwind, male purchasers increased thirteenfold from March to May of the same year. It is believed that other companies' products also expanded as a result, leading some to view 2023 as the "Year One of Men's Cosmetics."

4 Men's Cosmetic Stocks

In addition to the younger generation, there is a growing demand for basic skincare products aimed at aging care among middle-aged and older adults, and market expansion is expected to continue in the future. Relevant stocks will be picked up.

Kose (4922)

Shohei Ohtani of the Los Angeles Dodgers in Major League Baseball is the advertising model for the company’s premium brand "Cosme Decorte"'s beauty serum "Liposome Advanced Repair Serum." He has been appearing in commercials since 2023. It ranks first in beauty serum sales at department stores nationwide. According to reports, the number of new male customers has increased approximately 7.5 times compared to the previous year. The product is priced at 8,800 yen (tax included) for 30 milliliters. The company has reportedly signed a new partnership agreement with the Dodgers until 2029 (currently until 2026).

[Figure 1] Kosei (4922): Weekly Chart (Moving Averages Green: 13 weeks, Orange: 26 weeks) Source: Monex Securities website (as of August 7, 2025)

Lips (373A)

The main business is the planning and development of cosmetics under the "LIPPS" brand, which has been recognized by beauty-conscious young men such as those from Generation Z (born from the mid-1990s to the early 2000s). Although sales to retail stores are the primary focus, other channels such as third-party e-commerce platforms like Amazon and salons are also utilized to offer products in the mid to high price range.

[Figure 2] Rips (373A): Weekly Chart (Moving Averages Green: 13 Weeks, Orange: 26 Weeks) Source: Monex Securities website (as of August 7, 2025)

Mandom (4917)

The leading brand in men's cosmetics. "Gatsby" is the number one brand in men's cosmetics. Since its launch in 1978, it has established trust among young people. Not only in Japan but also expanding support in Asia. With the scorching heat, in-store sales are steadily increasing. For middle-aged and older men, "Lucido" is growing in the skincare category with all-in-one creams. An organic skincare product "aono" born from research on men's skin will be launched in the fiscal year ending March 2025. Efforts are being strengthened for brand recognition and development.

[Figure 3] Mandom (4917): Weekly Chart (Moving Averages Green: 13 weeks, Orange: 26 weeks) Source: Monex Securities website (as of August 7, 2025)

Shiseido (4911)

The men’s cosmetics line "SHISEIDO MEN" is being developed. The beauty serum "SHISEIDO Men Ultimune Power Infusing Serum," which leads to a bright and clean impression, is priced at 9,900 yen (including tax) for 30 milliliters. Despite the high price, it has become popular enough to reach the reservation limit on the official site ahead of its release on July 21.

[Chart 4] Shiseido (4911): Weekly Chart (Moving Averages Green: 13 weeks, Orange: 26 weeks) Source: Monex Securities website (as of August 7, 2025)