The global shavers market is anticipated to expand at a CAGR of 7.9% during 2015 to 2020 to reach a total value of US$30 billion. The global shavers market is stimulated due to technological innovations in shaving products, among other factors. Consumers are willing to spend more on shaving products nowadays, due to increased disposable incomes. Rapid urbanization in many regions is thus helping the growth of the global shavers market.
The perceived importance of a clean-shaven appearance among men and body hair removal among women are among the factors that are driving the market for global shavers worldwide. Shaving is a more economical method of hair removal than methods such as waxing, and this is another aspect fueling the global shavers market.
Disinterest among Female Consumers to Hamper Global Shavers Market
Women in Asia, Latin America, and Africa are not thought to be as concerned about personal grooming as those in developed countries, and thus have little need for shavers. This is a decelerating factor for the shavers market in these regions. Recent surveys in Japan have shown that more than 50% women aged between 20 to 69 years of age did not remove body hair. Another restraining factor for the market is the current trend among men of sporting facial hair. These trends are estimated to affect the global shavers market negatively.
Non-electric Shavers, Blades and Accessories Lead Shavers Market
On the basis of product type the global shavers market is segmented into non-electric and electric. Non-electric razors contributed to 73.6% of the global market in 2014 and this is expected to grow to 79.9% by 2020. Segmentation of non-electric shavers breaks down into safety razors, blades and accessories, and cartridge razors. Among these, blades and accessories held the major share in 2014 and are expected to continue to hold this position over the next few years to reach a value of US$10.8 billion by 2020.
Electric Shavers Expected to Decline, Latin America Market to Expand the Fastest
Electric shavers held a share of 26.4% in 2014, but are likely to decline in market value over the next few years. This is due to the higher costs of electric shavers as compared to non-electric shavers.
On the basis of end users, the global shavers market is segmented into male and female. Men’s shaving products had a value of US$16.1 billion in 2014 and this segment is foreseen to expand at a CAGR of 7.5% to reach a value of US$24.6 billion by 2020. The female segment is anticipated to expand at a robust CAGR of 9.8% due to the growing trend of shaving body hair among women.
The Latin America market for shavers is expected to experience the maximum expansion in the global shavers market and is anticipated to expand at a vigorous CAGR of 17% by 2020 to reach a value of US$10.8 billion. Latin America had a 22% share in 2014 and its share is expected to increase to 36.2% by 2020. Latin America has a steadily growing demand for shaving products owing to urbanization in countries such as Brazil and Argentina, which is fueling the market in this region. In Europe, the shavers market is expected to reach a value of US$8.1 billion by 2020.
Key market players in the global shavers market include The Proctor and Gamble Company, Panasonic Corporation, and Conair Corporation.
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