ALBANY, New York, March 24, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research, "Global Shavers Market (By Product Type - Electric Shavers and Non-Electric By End Use - Male and Female, By Distribution Channel - Health and Beauty Stores, General Merchandising/Mass Stores, Supermarkets and Hypermarkets and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024" In terms of revenue, the Shavers market was valued at USD 46.38 billion in 2015 and the same is expected to reach USD 70.24 billion by the end of the forecast period, expanding at a CAGR of 4.8% during the forecast period. However, in terms of volume, the market stood at 6.08 billion units in 2015 and the same is expected to reach 7.90 billion units by the end of the forecast period, expanding at a CAGR of 3.0% during the forecast period.
Shavers are widely preferred among the male population owing to the greater need for removing facial hair. Recent trends suggest that the male population has shown increased preference towards shaving products for removing body hair as well. This is primarily due to the increasing focus on personal grooming among the male population. Females however are a lucrative target audience for the manufacturers of shaving products. Non electric shavers are still widely preferred by the mass due to their low price compared to its high price electric shaving counterparts. Europe is the dominant market for both electric and non-electric shavers due to wide adoption of such products among consumers from both genders. Asia Pacific however is the fastest growing market for the same.
Europe to Maintain Supremacy in Global Shavers Market
In this research report, a geographical analysis of the global market for shavers has also been provided to the readers. As per the study, the worldwide shavers market is spread across North America, Latin America, the Middle East, Europe, Africa, and Asia Pacific. In 2015, Europe acquired the dominant position in this market with a share of nearly 43%. The regional market is anticipated to retain its position throughout the period of forecast on the grounds of the economic recovery in Europe, owing to which, consumers are again getting the confidence to uptake system razors and electric shavers.
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Asia Pacific and Latin America are also expected to witness a healthy progress in their market sizes, thanks to the increasing trend of urbanization and the rise in the purchasing power of consumers, notes the research study.
Growing Interest of Consumers in Self Grooming to Fuel Demand for Shavers
"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," says an analyst of TMR. The global market for shavers is also gaining significant impetus due to the rising awareness among consumers regarding personal hygiene and cleanliness.
While the female population base in developed countries has emerged as a prominent consumer base of shavers, reflecting greatly on the market's growth; their counterparts in the emerging economies are still showing less interest in personal grooming, which may hamper the progress of this market over the forecast period. Along with this, the dearth of knowledge regarding personal hygiene among them may also hamper the market to some extent in the long run.
Over the forthcoming years, the rise in disposable income of consumers, which is likely to increase their purchasing power, will have a positive impact on the market for shavers across the world. The escalating investments from leading players to increase the research activities, in a bid to invent state-of-art products, is also projected to propel this market remarkably in the near future, states the research report.
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With only a few companies, such as Panasonic, Philips, and P&G, having a stronghold on the entire market, the global market for shavers demonstrates a consolidated competitive landscape, finds a research report by Transparency Market Research (TMR). These companies are likely to aggressively focus on innovation and product development to remain in competition over the next few years.
The study presented here is based on a report by Transparency Market Research (TMR), titled "Shavers Market (Product Type - Electric Shavers and Non-Electric Shavers; End Use - Male and Female; Distribution Channel - Health and Beauty Stores, General Merchandising/Mass Stores, and Super Markets and Hyper Markets) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The global shavers market can be segmented as follows:-
By Product Type
By End User
By Distribution Channel
- Health and Beauty Stores
- General Merchandising/Mass Stores
- Super Markets and Hyper Markets
- North America
- Asia Pacific
- Middle East
- Latin America
Other Research Reports by TMR:
- Hand Dryers Market:
- Cosmetic Skin Care Market:
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SOURCE Transparency Market Research