The launch of technologically advanced shaving products, increasing number of working women, and rapid urbanization are the key drivers of the global shavers market. The growing popularity and demand for electric shavers and similar high-end grooming products can be attributed to rising income levels. Urbanization also plays a vital role in determining the demand in the global shavers market.
Technological developments, heightened appearance consciousness amongst the masses, greater celebrity endorsements, and the growing trend of removal of body hair are the other factors that propel the global shavers market. Ongoing market trends suggest that the global shavers market will expand at a CAGR of 7.9% from 2015 to 2020, thereby reaching US$30 billion by the end of the forecast period.
Blades and Accessories: The Robustly Expanding Segment within the Non-Electric Shavers Category
The global shavers market is segmented on the basis of product, end users, distribution channel, and geography. Product-wise, this market is categorized into electric shavers and non-electric shavers. The market for electric shavers are further categorized into wet/dry shavers, rotary, and foil. The following are included within the non-electric shavers’ category: safety razor, cartridge razor, and blades and accessories. In terms of sales, the segment for blades and accessories non-electric shavers is by far the most lucrative. This segment is projected to expand robustly during the forecast period.
With women accounting for lower than 10% of the total consumers in the country, the demand for non-electric shavers is by far the highest in Brazil. Female consumers and male consumers are the two end users in the global shavers market. On the basis of distribution channels, the global shavers market is segmented into online retail, hypermarkets and supermarkets, drug stores, department stores, and others.
Urbanization to Drive the Latin America Shavers Market in the Forecast Period
Geographically, the global shavers market is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2014, the largest share in the global shavers market was held by Europe. It is however, anticipated that the Latin America market will grow robustly and will lead the overall market for shavers in the years to come.
Urbanization will play a pivotal role in driving the Latin America market for shavers. Unlike women in the developed world, women in emerging economies of Latin America, Africa, and Asia are not inclined towards personal grooming which hampers the growth of the shavers market in these regions.
Much of the demand for shavers is also driven by numerous campaigns launched by manufacturers of shavers that attract both male and female consumers to purchase a couple of the high-end products in the global shavers market. Sluggish demand for shavers from the female population in countries such as Brazil and India is anticipated to hamper the growth of the global shavers market in the years to come.
The key companies operating in the global shavers market are Super-Max Group, Energizer Holdings Inc., Koninklijke Philips NV, Panasonic Corporation, SOCIETE BIC, Wahl Clipper Corporation, Conair Corporation, The Procter & Gamble Company, and Spectrum Brands Holdings Ltd.