The global shavers market is anticipated to expand at a compound annual growth rate of 7.9% during the 2015-2020 period and reach $30 billion by 2020, according to research by Persistence Market Research (PMR). The information is based on the company’s latest report, “Global Market Study on Shavers: Latin America to Witness Highest Growth by 2020.”
PMR stated that electric shavers accounted for a market share of 26.4% in 2014, however, due to the high cost of electric shavers, it anticipates that this segment will lose some of its market share to the non-electric segment.
Non-electric shavers accounted for the bulk of the demand for shavers globally, said PMR, and held a share of 73.6% in 2014, which is anticipated to increase to 79.9% by 2020. PMR commented that non-electric shavers is further segmented into blades and accessories, safety razors, and cartridge razors. Blades and accessories dominated the non-electric shaver segment in 2014, and it is anticipated to remain the most dominant segment through 2020 as well and is projected to be worth $10.8 billion by 2020.
The research firm stated that a focus on personal grooming is one of the key drivers for the global shavers market, with an emphasis on the clean-shaven look among men in urban areas that is creating demand for shaving products. PMR said that the global shavers market is also being driven by the increasing trend of body hair removal among women. Shaving, it explained, is an economical method of removing body hair, as compared to waxing, and is expected to continue to push the trend further.
However, PMR noted that a key restraint for the shavers market is the recent trend of sporting facial hair, as way for men to express themselves. This trend might adversely impact the prospects of the shavers market during the forecast period. In addition, low adoption of shavers by women in developing countries can also pose challenges for the global shavers market.
PMR also discussed the end-user and that the global shavers market is broadly segmented into male and female, with shaving products predominantly being used by males. The company forecasted that this segment was worth $16.1 billion in 2014 and estimates this segment to expand at a CAGR of 7.5% through 2020 and reach $24.6 billion.
Meanwhile, the female segment is projected to expand at a CAGR of 9.8%, stated PMR, due to the growing inclination among females towards shaving various body parts, such as legs and armpits.