Global Shavers Market Report, published by Variant Market Research, forecast that the global market is expected to reach $26.7 Billion by 2024 from $16.6 Billion in 2016; growing at a CAGR of 6.2% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.9% and 7.4%, respectively, during the forecast period.Shavers are used to remove hair from the face, legs, etc. by cutting it off close to the skin with a razor or trimmer. The upsurge in population and rising disposable income are the key aspects, boosting the growth of the shavers market.
“Shavers Market (By Product Type: Electric, and Non-Electric; By Distribution Channel: Supermarkets and Hypermarkets, Online Retailing, and Other Distribution Channels; By End-User: Male Consumers, and Female Consumers; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Growing awareness towards personal grooming fuels the global shavers market
The primary factor driving the growth of global shavers market are growing awareness towards personal grooming between men and women to have an attractive and eye-catching personality. Besides rise in female shaving products, up surging disposable income have also fueled the market growth. However, weak female target audience coupled with high cost of these shavers may hamper the growth of the market. Moreover, exposure towards ranges of shaving products by the way of advertising through print media & television, and adoption of greener alternatives by the recyclable razors & electric shavers is expected to generate new growth opportunities for the market in the given forecast timeframe.
Product type, distribution channel, end-user, and geography are the major segments considered in the global shavers market. By product type, the market is segmented into electric (foil, rotary, wet/dry shavers) and non-electric (cartridge razors, safety razors, and blades & accessories). By distribution channel the segment consist of supermarkets and hypermarkets, online retailing, and other distribution channels, while the end-user segment comprises male consumers, and female consumers. Furthermore, by geography, global shavers market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW) North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Russia, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Non-Electric shavers to witness the maximum market share in the product type segment
Global Shavers Market, by Product Type
Non-electric shavers dominated the product type segment with around three-fourth of the total market share in the year 2016, and is expected to continue this trend during the forecast period 2016 – 2024. The high growth is credited due to their easy use and low price compared to the electric shavers.
Other distribution channels held the largest market share in 2016
Global Shavers Market, by Distribution Channel
The other distribution channels accounted for the majority of the market share accounting for about two third of the total market share in the distribution channel segment in 2016. The high growth is seen owing to the thriving demand for shavers in developing economies. In terms of growth, online retailing is expected to reach the fastest CAGR as its more convenient and have more options to shop on.
Male Consumers dominated the end-user segment in 2016
Global Shavers Market, by End-User
Male consumers dominated the end-user segment in the year 2016, as shavers are considered as an essential commodity for men. Besides, women consumers segment is anticipated to grow with fastest CAGR during the forecast period 2016 – 2024, driven by the huge manufacturing of variety of shaving products for women.
Europe occupied the largest market share in the global shavers market
GLOBAL SHAVERS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Europe generate the highest revenue in the global market accounting for 31.9% of the total market share owing to higher adoption rate of electric shavers in the region. In terms of growth, Asia-Pacific is likely to grow with fastest CAGR of 7.9%, during the forecast period i.e. 2016 – 2024.
The key players in the market include Panasonic Corporation, Koninklijke Philips N.V., The Procter & Gamble Company, Conair Corporation, Helen of Troy, Super-Max Limited, Edgewell Personal Care, Spectrum Brands Holdings Inc., Remington Products Co. LLC, and Wahl Clipper Corporation among others.