Increasing urbanization, rising number of women joining the workforce, and the introduction of new technologies in shaving products is driving the global shavers market. Increasing disposable income is driving consumer spending on high-end grooming products such as electric shavers.

New York, NY -- (SBWire) -- 01/12/2016 --Persistence Market Research (PMR), a market intelligence and research firm, has recently published a research study on the global shavers market. According to it, the worldwide shavers market is estimated to report a CAGR of 7.90% during the period from 2015 to 2020 and gain a market value of US$30.0 bn by the end of the forecast period.

The research report, titled "Global Market Study on Shavers: Latin America to Witness Highest Growth by 2020", states that the increasing focus of consumers on personal grooming is the key reason for the growth of the global shavers market.

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The global shavers market has been analyzed on the basis of products, end users, and distribution channels in this report. Based on products, it is classified into the electric shavers market and non-electric shavers market. At present, the non-electric shavers market holds the leading position. In 2014, it had accounted for a share of 73.6%. Analysts project it to reach 79.9% by the end of the forecast period.

Blades and accessories, cartridge razors, and safety razors are the segments of the non-electric shavers market. Among these, the blades and accessories segment currently dominates the market and is likely to maintain its position over the forecast period.

By end users, the worldwide shavers market is categorized into male users and female users. The male users segment traditionally accounts for the largest share of demand generated for shaving products. In 2014, it stood at a value of US$16 bn. Analysts at PMR project this segment to reach US$24.6 bn by the end of 2020, rising at a CAGR of 7.50% during the forecast period.

On the other hand, the female user segment is likely to rise at a CAGR of 9.80% during the forecast period, states the research study.

Based on distribution channels, the global shavers market is divided into online retail, supermarkets and hypermarkets, and other distribution channels such as beauty specialists, drugstores, and department stores. The others distribution channel segment leads the global market at present. However, the online retail segment is projected to register the fastest growth at a CAGR of 12.5% over the forecast period.

North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa are the major regional markets for shavers in the global arena, notes the market study. Among these, Latin America is expected to lead the global shavers market in future and is estimated to rise at a CAGR of 17.0% during the forecast period and reach a value of US$10.8 bn by the end of 2020.

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The research report also analyzes the company profiles of major players operating in the global shavers market in order to analyze the prevalent competitive landscape. Spectrum Brands Holdings Inc., Panasonic Corp., The Procter & Gamble Co., Wahl Clipper Corp., SOCIÉTÉ BIC SA, Energizer Holdings Inc., Super-Max Ltd., Conair Corp., Koninklijke Philips N.V. are key participants in this market, states the research report.

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