The global market for shavers – both electric and non-electric – is expected to grow to $30 Billion by 2020, according to Persistence Market Research (PMR). The market is anticipated to expand at a CAGR of 7.9% during the period 2015-2020, as stated in PMR’s new research, “Global Market Study on Shavers: Latin America to Witness Highest Growth by 2020.”

Latin America is anticipated to be the most lucrative region for the global shavers market in terms of compound annual growth rate. The shavers market in Latin America is anticipated to expand at a CAGR of 17% through 2020 and reach a valuation of US$ 10.8 Bn. Latin America’s market share, which was around 22% in 2014, is anticipated to increase to 36.2% by 2020. Robust demand for shaving products from Brazil is driving the shavers market in Latin America.

Market Drivers – and Potential Pitfalls

Focus on personal grooming is one of the key drivers of this market. PMR says that the emphasis on clean-shaven look among men in urban areas is creating demand for shaving products. There is also an increasing trend of body hair removal among women – and shaving is more economical than waxing.

However, one of the key restraints for the shavers market is the recent facial hair trend. Whether it is a moustache, stubble or full-grown beard, men are expressing themselves through their facial hair – and this  has the potential to adversely impact growth during the forecasted period.

Categories

The global shavers market is broadly segmented into electric and non-electric. Non-electric shavers account for the bulk of the demand for shavers globally. The non-electric shaver segment had a share of 73.6% in 2014, which is anticipated to increase to 79.9% by 2020.

The non-electric shaver is further sub segmented into blades & accessories, safety razors, and cartridge razors. Blades & accessories dominated the non-electric shaver segment in 2014, and it is anticipated to remain the most dominant segment through 2020 as well. PMR estimates blades and accessories sub-segment to be worth US$ 10.8 Bn by 2020.

Electric shavers accounted for a market share of 26.4% in 2014, however, due to the high cost of electric shavers, it is anticipated that this segment will lose some of its market share to non-electric segment.