The global shavers market is expected to increase from $19,112.9 million in 2014, and reach $29,777.2 million by 2020 at a CAGR of 7.9% between 2015-2020. Broadly, the shavers market can be classified into electric and non-electric shavers. While non-electric shavers are relatively cheaper, the electric shavers provide comfort in use. The upsurge in population and disposable income are the key macroeconomic factors, driving the growth of the shavers market. The improving standard of living has been promoting the use of premium shavers, such as electric shavers. Furthermore, the long-term cost benefits associated with electric shavers is also the key reason for its market growth. The reason for upsurge in wet-shaving is due to the trend of close shave, among metrosexual population. The underpenetrated markets in the developing countries offer significant opportunity for the shaver manufacturers across the globe. The increasing penetration of the shaver companies in the rural areas is expected to bring significant benefits for them in terms of revenue, during the forecast period. The association of celebrities with national and international repute, including athletes and film stars, through the shaver brands are encouraging their demand. The disposable razor segment has been witnessing decline in its market growth, especially in Europe. This is due to the economic recovery in Europe, which is instilling confidence among consumers to re-switch to system razors and electric shavers.
Shavers are products related to looks and appearance. This makes celebrity endorsements, a major mode of promotion for the market. Celebrity endorsement has increased at a significant rate during the recent past, in the shavers market. The companies are organizing promotional campaigns for their shaver products with the renowned celebrities including athletes and film stars. Procter & Gamble has engaged several renowned celebrities and athletes, including Tiger Woods, Roger Federer, David Beckham, Derel Jeter, Thierry Henry, and Matt Ryan, in the recent past for its Gillette brand. The disposable razor segment has been witnessing decline in its market growth, especially in Europe. This is due to the economic recovery in Europe, which is instilling confidence among consumers to re-switch to system razors and electric shavers.
The global shavers market is consolidated in structure, with fewer companies having hold of large portion of the market. The key shaver manufacturers include The Procter & Gamble Company, Panasonic Corporation, Koninklijke Philips N.V., Energizer Holdings Inc., Conair Corporation, Spectrum Brands Holdings Inc., Wahl Clipper Corporation, Super-Max Limited, and SOCIETE BIC SA.
