The Shavers market—consisting of both electric and non-electric shavers—is expected to reach 70.24 billion between 2016 and 2024, according to “Global Shavers Market—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024” report from Transparency Market Research.
Through the years, shavers have been most popular among men, who make up the majority of users, mostly for facial hair removal. However, recent trends in grooming have shown men increasingly using shaving products for body hair removal. Nonetheless, women continue to be a lucrative target market for this beauty/grooming segment. And non-electric shavers continue to be the preferred type of shaver by the masses due to the low price point.
"The increasing aesthetic consciousness and the growing interest in personal grooming among people across the world are having the most prominent influence on the uptake of shavers for the removal of facial and body hairs," said an analyst of TMR, adding that the global market for shavers is also gaining stature due to the rising awareness among consumers regarding personal hygiene and cleanliness.
The report showed that the worldwide shavers market is spread across North America, Latin America, the Middle East, Europe, Africa, and Asia Pacific, with Europe dominating the market (with a nearly 43 percent share) for both electric and non-electric shavers due to wide adoption of shaving products among consumers from both genders. And Asia Pacific is the fastest-growing market for the same, with Latin America following closely, thanks to the increasing trend of urbanization and the rise in the purchasing power of consumers.
Overall, while women in developed countries have been a prominent consumer base for shavers, their counterparts in the emerging economies are still showing less interest in personal grooming, which may hamper the progress of the market over the forecast period.
Nevertheless, consumers’ expected rise in disposable income in the coming years is expected to have a positive impact on the market for shavers across the world. And the escalating investments from leading companies to increase their research activities, in a bid to invent state-of-art products, is also projected to propel the market in the near future.
[Image courtesy of Transparency Market Research]