ALBANY, New York, Jan. 23, 2018 (GLOBE NEWSWIRE) -- 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 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.
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Major drivers of the global shavers market include increased focus on personal grooming. The shavers market is majorly driven by rapid increase in the focus on personal grooming. Population from both genders are more concerned about outlook, thus they prefer shaving more than just facial hair. In recent times, consumers have shown inclination towards shaving body hair as well, which is propelled by the rising awareness for hygiene. This factor has led the consumers opt for various types of shaving products, which in turn has contributed to the growth of the market. Further, increased acceptance of spending on personal care products among men is another major factor that has shown a positive impact on the growth of the global shavers market. In addition, increasing demand for female shaving products is another major driver driving the shavers market globally.
By product type, the global shavers market is segregated into electric shavers and non-electric shavers. Non-electric shavers held the majority market share with more than three-fourth of the market in 2015. Non-electric shavers are user friendly and can be used without the help of electricity of battery power. Therefore, this is more preferred by consumers globally. Electric shaver is forecast to witness the most rapid growth rate during the forecast period. With increased knowledge among the consumers about the efficiency of electric shavers, demand for electric shavers is growing substantially during the forecast period especially in the urban areas.
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By end use, the global shavers market is segregated into male and female. Male segment accounted for the majority of the market share in 2015, whereas female segment is forecast to witness the most rapid growth rate during the forecast period. The female segment held a weak market share due to low adoption of shaving products among the female population. However, the same is expected to grow rapidly during the forecast period.
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