Shavers Market to Record Sturdy Growth by 2024

The global market for shavers has been witnessing a significant rise in its valuation since the recent past, thanks to the increased focus of consumers on personal grooming. Nowadays, people across the world are more concerned about not just their face but their overall physical appearance, owing to which, they are prompted to shave body hair. The rising awareness pertaining to personal cleanliness and hygiene also has a remarkable contribution to this, which is reflecting greatly on the demand for various shaving products, leading to a substantial growth of the market for shavers, globally.

The escalating disposable income of consumers, enabling them to spend on expensive products, has been an important factor behind this phenomenal rise of this market and is expected to continue to aid the market over the forthcoming years. Females in developed countries have also surfaced as prominent consumers of shavers, which is also projected to influence the market further in the near future. However, the disinterest for personal grooming and the lack of knowledge concerning personal hygiene among women in emerging economies may affect the market’s progress to some extent over the next few years.

In 2015, the global market for shavers was worth US$46.38 bn. Rising at a healthy CAGR of 4.80% between 2016 and 2024, the opportunity in this market is likely to increase to US$70.24 bn by the end of 2024.

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Electric and non-electric are the two main varieties of shavers available in the global market. Due to their user-friendly features and non-dependence on electricity or battery for operations, non-electric shavers have been more popular among consumers. In 2015, the non-electric shavers segment led this market with a share of 76.5%. Analysts project the segment to continue its leading steak over the next few years. Electric shavers, on the other hand, is exhibiting significant potential for future growth on the grounds of the increasing awareness among consumers pertaining to their efficiency.

General merchandising/mass stores, health and beauty stores, and supermarkets and hypermarkets are the key distribution channels of shavers across the world. As supermarkets and hypermarkets witness a relatively higher footfall and sell products in large quantities, they hold the most prominent share in the global market for shavers and are anticipated to retain their dominance over the forthcoming years.

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North America, Latin America, the Middle East, Europe, Africa, and Asia Pacific have surfaced as the prime regional segments of the worldwide market for shavers. Europe led this market with a share of nearly 43% in 2015. Thanks to the economic recovery in this region, which is instilling confidence among consumers to again shift to system razors and electric shavers, the Europe market for shavers is likely to continue on top in the years to come.

Among other regional markets, Asia Pacific and Latin America are expected to exhibit promising opportunities for growth in the near future, thanks to the rising urbanization and increase in consumers’ purchasing power.

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