The demand for personal care devices is expected to grow at a steady pace, globally, with the potential to reach $22 billion by 2020, according to a recent Allied Market Research report.
The market is expected to register a compound annual growth rate (CAGR) of 7.1% during 2014-2020.
Hair care and hair removal devices lead category sales, representing about 75% of the market share, said Allied, and will continue to fuel this growth.
The increased penetration of hair straighteners and dryers in North America and Europe in particular, were cited as catalysts for growth. Due to this fact, Allied said that manufacturers are now targeting India and China with such products, as both nations are experiencing growing populations and improving economic conditions.
Allied’s study, titled, “Global Personal Care Electrical Appliances Market: Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020,” also stated that the top ten companies in the market hold approximately 70% of share, with Procter & Gamble and Conair as the top two.
Remington Products Company, Philips, Panasonic Corporation, Groupe SEB, Colgate Palmolive, Helen of Troy, HoMedics Inc., and Lion Corp were also cited as leading in the market.
Additional segment highlights from the study include:
- Among various types of personal care appliances, oral care appliances is predicted to grow at the fastest CAGR of 9.7% during 2014 to 2020.
- Within the hair care segment, hair straighteners continues as the biggest market, but stylers is predicted to grow at a fastest CAGR of 8.4% during 2014-2020.
- Powered toothbrushes held nearly 3/4th of the oral care market in 2013.
Allied stated that North America is the largest market holder and is expected to retain its position during the forecast period through 2020.