Men try out face masks on a beach in Jinshan district, Shanghai. [Photo provided to CHINA DAILY]

The male skincare market in China is expected to be worth 24 billion yuan by 2027, according to a report released during the opening ceremony of the Shanghai International Cosmetic Festival, which took place on May 11 in Jing'an district's MOHO Mall.

Co-released by L'Oréal China and National Business Daily, the New Beauty Momentum report revealed that the size of the male cosmetic market grew from 10.44 billion yuan ($1.50 billion) in 2013 to 16.59 billion yuan in 2021.

It also stated that Generation Z men value their appearance more than those born in the 1980s and 95s. This group of men spent an average of about 1,000 to 2,000 yuan per month on cosmetics in 2021, roughly the same amount spent by women.

The cosmetics products favored by this group include lotion and emulsion, lipstick, eyebrow, eyeliner, liquid foundation, and other products, according to the report.

The silver economy, which refers to economic activities, products and services designed to meet the needs of people over 50, has also been growing, the report added.

One example of this, the report noted, is the popularity of Gramma Wang Loves Wearing High-heels, an influencer who regularly shares tips for makeup and outfit choices. Her main audience is people who were born in the 80s. Her Douyin account currently has 1.4 million followers.

Universities have also been attempting to capitalize on the trend by using live streaming to teach elderly makeup knowledge and skills.

The report concluded that the per capita consumption of cosmetics in China, which increased from 181 yuan in 2017 to 407 yuan in 2022, is expected to reach 600 yuan in 2025.

The high-end cosmetics market also grew significantly from 69.4 billion yuan in 2018 to 128 billion yuan in 2021, according to the report.

The cosmetic festival will run till June 10.