NEW YORK, June 24, 2015 /PRNewswire/ --
The global shavers market is anticipated to expand at a CAGR of 7.9% during the period 2015-2020 and reach a valuation of US$ 30 Bn by 2020, according to a new research titled, "Global Market Study on Shavers: Latin America to Witness Highest Growth by 2020" by Persistence Market Research (PMR).
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Focus on personal grooming is one of the key drivers for the global shavers market. Emphasis on clean-shaven look among men in urban areas is creating demand for shaving products. The global shavers market is also fuelled by the increasing trend of body hair removal among women. Shaving is an economical method of removing body hair as compared to waxing. PMR estimates this trend to fuel the shavers market during the forecast period.
One of the key restraints for the shavers market is the recent trend of sporting facial hair. Whether it is a moustache, stubble or full-grown beard, men are expressing themselves through their facial hair. PMR opines that this trend can adversely impact the prospects of the shavers market during the forecast period. Low adoption of shavers by women in developing countries can also pose challenges for the global shavers market.
On the basis of product type, the global shavers market is broadly segmented into electric and non-electric. Non-electric shavers account for the bulk of the demand for shavers globally. The non-electric shaver segment had a share of 73.6% in 2014, which is anticipated to increase to 79.9% by 2020.
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The non-electric shaver is further sub segmented into blades & accessories, safety razors, and cartridge razors. Blades & accessories dominated the non-electric shaver segment in 2014, and it is anticipated to remain the most dominant segment through 2020 as well. PMR estimates blades and accessories sub-segment to be worth US$ 10.8 Bn by 2020.
Electric shavers accounted for a market share of 26.4% in 2014, however, due to the high cost of electric shavers, it is anticipated that this segment will lose some of its market share to non-electric segment.
On the basis of end-users, the global shavers market is broadly segmented into male and female. Shaving products are predominantly used by males, and this segment was worth US$ 16.1 Bn in 2014. PMR estimates this segment to expand at a CAGR of 7.5% through 2020 and reach a valuation of US$ 24.6 Bn. The female segment, on the other hand, is projected to expand at a CAGR of 9.8%. This is due to the growing inclination among females towards shaving various body parts, such as legs and armpits.
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Latin America to Witness Highest CAGR through 2020
Latin America is anticipated to be the most lucrative region for the global shavers market in terms of compound annual growth rate. The shavers market in Latin America is anticipated to expand at a CAGR of 17% through 2020 and reach a valuation of US$ 10.8 Bn. Latin America's market share, which was around 22% in 2014, is anticipated to increase to 36.2% by 2020. Robust demand for shaving products from Brazil is driving the shavers market in Latin America.
Europe is the most lucrative market for the global shavers market in terms of market value. The shavers market in Europe is anticipated to be worth US$ 8.1 Bn by 2020. Other key regions include North America and Asia Pacific.
On the basis of distribution channel, the shavers market is segmented into supermarkets and hypermarkets, online retail, and others (drugstores, beauty specialists, and department stores). The 'others' segment is the dominant distribution channel for shavers market and it accounted for 68.7% market share in 2014. Owing to the proliferation of smartphones and attractive offers, the online retail segment is anticipated to witness the fastest CAGR of 12.5%.
The key players in the global shavers market include Panasonic Corporation, Conair Corporation, Koninklijke Philips N.V., The Procter & Gamble Company, Energizer Holdings, Inc., Spectrum Brands Holdings, Inc., Wahl Clipper Corporation, Super-Max Group, and SOCIÉTÉ BIC.
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SOURCE Persistence Market Research