New products and consumer demand to boost global shaving market
Men’s grooming trends are taking off the world over and this is having a knock-on effect in segments such as this, as Global Industry Analysts forecast the market to reach $7.9 billion by 2018.
“Growth in the global shaving lotions and creams market is currently riding on product innovations, especially in the developed countries,” says the market researcher.
With products frequently launched containing beneficial ingredients such as vitamin E and aloe vera, GIA predicts the market will continue to grow.
Organic and natural ingredients are also becoming increasingly popular in shaving preparations, and companies are now employing natural ingredients to position the products as safer and chemical free.
Where’s the growth opps?
Asia-Pacific and Latin America are expected to be the leading markets growth-wise thanks to increasing population, prospering economies, increasing disposable incomes and growing interest in personal grooming.
China and India also represent two countries with the largest young population in the world offering significant opportunities for market growth.
According to the GIA report on Shaving Lotions and Creams, Europe represents the largest market worldwide, followed by the United States. Asia-Pacific is forecast to spearhead growth with the fastest CAGR of 8.8 precent over the analysis period.
“Rising awareness over the significance of personal grooming coupled with increasing disposable incomes represent key driving forces for the pre-shave and post-shave products market in the region,” explains GIA.
Bouncing back from recession
It appears the recession did not have as much impact on this segment compared to others in the personal care arena.
The market witnessed a turnaround in 2010 led by economic resurgence; and despite the fragile economic environment due to the Eurozone crisis and resultant weakening of consumer confidence, future outlook for shaving lotions and creams in Europe remains positive given the indispensable nature of the products.
Procter & Gamble’s Gillette brand already enjoys a sizable share in emerging markets worldwide, and is currently following a localization business strategy in serving these markets.
Products are being manufactured locally to minimize shipping costs and distribution expanded to small provisional stores, which constitute an important part of retailing in these countries unlike the big supermarkets in the developed world.
