The global market for personal care electrical appliances is expected to reach a value of US$22.8bn by 2020, according to the findings of US firm Allied Market Research.
The demand for personal care electrical appliances is growing at a steady pace and is estimated to register a compound annual growth rate (CAGR) of 7.1 percent from 2014 to 2020.
The market’s growth will be driven largely by demand for hair care and hair removal appliances, which will account for 75 percent of the market over the forecast period, the report states.
The report identified that North America would continue to lead the market, followed by Europe.
Asia-Pacific is expected to witness the highest CAGR at 10.5 percent over the forecast period, although it is expected to remain the third largest market by 2020.
In terms of product segment, the report found that global demand for hair removal products will grow steadily as an increasing number of consumers replace manual razors with electric shavers.
Amongst hair care appliances, the hair stylers market is expected to grow at the fastest CAGR, at 8.4 percent, as more consumers invest in hair styling products alongside straighteners.
Oral care appliances are gradually gaining prominence in the global market. The product segment is predicted to experience the fastest growth of any segment over the forecast period, with a CAGR of 9.7 percent.
The report found that the personal care electrical appliances market is dominated by ten major companies, such as Procter & Gamble, Colgate Palmolive and Conair, which hold a 70 percent share. The remainder is occupied by smaller brands and local manufacturers producing non-branded products.
Yet the market for non-branded products is decreasing gradually as consumers become more conscious of quality. This change in consumer preferences has also been noticed in developing nations, the report concludes.