The global shavers market is expected to increase from $19,112.9 million in 2014, and reach $29,777.2 million by 2020 at a CAGR of 7.9%. The non-electric shavers market is expected to witness fastest growth during the forecast period. Europe was globally the largest shavers market in 2014; however, Latin America is expected to become the market leader during the forecast period.
The increasing urbanization level, growing housing industry, and up surging disposable incomes are the key drivers for the global shavers market. The increasing consciousness about appearance in both men and women are propelling the shavers market growth. A few shifts in trends have been observed in the men and women shaving, which is providing benefits to the shavers market. These trends include body hair removal by men and facial shaving by women. The growing trend of sporting beard is emerging as a market restraint, which is also being encouraged by the athletes and film stars. The underpenetrated rural markets in the developing countries, increasing number of female consumers, and improvement in shaver technology are providing significant growth opportunities to the shaver market during the forecast period.
The trend of body hair removal has been surging in the recent past, owing to the increasing population of metrosexual men. Waxing is one of the common methods of body hair removal; however, it is costlier as compared to shaving. Moreover, with the increase in frequency of body hair removal, the overall cost associated with the waxing service also surges for the consumer. This has led to increase in the usage of shavers for body hair removal. Also, the comfort level of consumer with shavers is also high, while removing body hair from private parts. According to a recent study published in the Journal of Sexual Medicine, wherein 1,100 male and female students across two universities from U.S. had participated, 95% of the participants agreed that they remove their pubic hair at least once in a week. Approximately 90% of women in Australia and 99% in the U.K. shave their legs and armpits, which is leading to high sales of shavers and epilators from female consumers in these countries.
With the increasing urbanization, the importance of appearance has also become significant, which is consequently fueling the growth of beauty and grooming products. This includes electric and non-electric shavers as well, which are one of the most inherent grooming products in day-to-day life.
Shavers are products related to looks and appearance. This makes celebrity endorsements, a major mode of promotion for the market. Celebrity endorsement has increased at a significant rate during the recent past, in the shavers market. The companies are organizing promotional campaigns for their shaver products with the renowned celebrities, including athletes and film stars. Procter & Gamble has engaged several renowned celebrities and athletes, including Tiger Woods, Roger Federer, David Beckham, Derel Jeter, Thierry Henry, and Matt Ryan, in the recent past for its Gillette brand. The disposable razor segment has been witnessing decline in its market growth, especially in Europe. This is due to the economic recovery in Europe, which is instilling confidence among consumers to re-switch to system razors and electric shavers.
The global shavers market is consolidated in structure, with fewer companies having the hold of large portion of the market. The major companies operating in the global shavers market include Panasonic Corporation, Conair Corporation, Koninklijke Philips N.V., The Procter & Gamble Company, Edgewell Personal Care Company, Spectrum Brands Holdings Inc., Wahl Clipper Corporation, Super-Max Limited, and SOCIETE BIC SA.
News Courtesy: P&S Market Research