LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global wet shave market is expected to reach USD 31.41 billion in 2020, growing at a CAGR of close to 8%.

This research report titled ‘Global Wet Shave Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

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The report categorizes the global wet shave market into four major segments based on product type. They are:

Blades and razor cartridges

Shaving lotions and creams

Disposable razors

Non-disposable razors

Blades and razor cartridges

In 2015, the blades and razor cartridges segment dominated the wet shave market with close to 38% of the overall market share. The increase in corporate culture and population are driving the blades and razor cartridges market. This segment is expected to grow at a fast pace and will continue to lead the market until the end of the forecast period.

According to Brijesh Kumar Choubey, a lead cosmetics and toiletry analyst from Technavio, “Increasing razor prices are also a driving factor for revenue growth. Gillette is the market leader in the blades and razor cartridges segment and is also driving the market with its innovations. In 2014, Gillette launched shower-safe Venus cartridges, which are individually sealed in waterproof dispensers to keep blades clean, dry, and long lasting.”

Shaving lotions and creams

Shaving lotions and creams, the second biggest segment, is slowly losing shares to blades and razor cartridges due to slower growth than the total wet shave market. However, expensive cartridges and no substitute for wet shave products are helping the segment grow at a considerable pace through the forecast period until 2020.

The global shaving lotions and creams market is directly related to traditional wet shaving as the products are accessories for wet shaving. This market is growing moderately in developed countries such as the US, the UK, and Germany, but it is building quick sales in developing countries like India and China, and in Latin America. Since there is no substitute for shaving, the demand for this market has always prevailed. The increasing trend of women shaving has been on the rise. The growing corporate culture and awareness about men's grooming are expected to be the main drivers of the global shaving lotions and creams market during the forecast period.

Disposable razors

Disposable razors are very handy for travelling and for a quick shave as these razors are very light and relatively cheap. Gillette is the leading vendor in this segment. However, this segment has some demerits as disposable razors are perceived to give a less smooth and less close shave, compared to other razors. The increasing price of disposable cartridges is causing consumer to shift to disposable razors that are comparatively cheap. The Dollar Shave Club's slogan "Shave Time, Shave Money" was successful in supplying disposable razors to many Americans in 2013.

The report states that the disposable razors segment is expected to lose market share as the growth is below the total category's growth. The shift to smooth and safe shaving is the reason why disposable razors are expected to lose shares in the forecast period.

Non-disposable razors

The global non-disposable razors market was valued at USD 2.17 billion in 2015 and is expected to reach USD 3.16 billion by 2020. Non-disposable razors are those razors that can be used for a long time and their heads can be replaced with cartridges or blades. “There is considerable growth driven by new buyers who are adopting shaving. The increase in population and the trend of keeping a clean shave driven by corporate culture are helping this segment grow,” adds Brijesh.

The top vendors highlighted by Technavio’s research analysts in this report are:

P&G

Edgewell Personal Care

Beiersdorf AG

L’Oreal

Unilever

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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