Increase in Corporate Culture to Boost the Global Shaving Lotions and Creams Market by 2019, Says Technavio

LONDON–(BUSINESS WIRE)–Technavio
analysts expect the global
shaving lotions and creams market
to exceed USD 8 billion by
2019, growing at a CAGR of over 6%, according to their latest report.

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, Germany etc., but it is building quick sales in the developing
countries like India and China, and in Latin America. As there is no
substitute for shaving, the demand for this market has been always on
the rise.

According to Brijesh Kumar Choubey, a lead research analyst at Technavio
for consumer
services and personal care
, “The growing corporate
culture and increased awareness about men’s grooming accessories are
expected to be the main drivers of the global shaving lotions and creams
market during the forecast period.”

Technavio’s lead consumer
and retail
market research analysts have identified the
following four factors that will drive the global shaving lotions and
creams market:

  • Increase in corporate culture
  • Product innovations
  • Growing population
  • Increase in men’s awareness in grooming

Increase in corporate culture

Increasing employment in the corporate sector is influencing the growth
of the market as corporate culture requires employed people to shave
regularly. This culture is growing stronger as corporate employment
rates are increasing in many regions.

The increasing number of employed people is directly increasing the
demand for shaving products because of the need to follow corporate
culture.

Product innovations

Growth in global shaving lotions and creams market relies on product
innovations. Introduction of shaving gels, creams, and foams, etc. in
new fragrances with natural ingredients like vitamin E and aloe vera is
the current trend.

Natural and organic ingredients have been increasing in demand as they
help keep the skin free from irritation and they are safer compared to
products which contain chemicals.

The shaving industry therefore has to keep following innovations to tap
consumer demand before losing out to the dry shaving market. One such
example of product innovation is Bolin Webb’s launch in 2014 of a
brushless shaving cream for a comfortable shave which keeps skin smooth
and hydrated. It also contains vitamin E and pro-vitamin B to protect
the skin. This product was one of the finalists in the Best New Product
award at NY NOW trade fair in New York in 2014.

Growing population

The demand for shaving products is increasing with the growing
population as there is no substitute for shaving. The current increase
in the number of people in the age group of 15-64 years, comprising of
the fashion conscious, economically active and employed people is
driving the growth of the shaving industry.

Increase in men’s awareness in grooming

Men have become more conscious about their looks and personal grooming.
This has led to a significant growth in the men’s grooming market.

“Increasing awareness about the new looks in the market, is making men
more fashion oriented and open to trying the new and innovative shaving
products available in the market,” says Brijesh. For example, there is a
National Men’s Grooming Day, which falls on the third Friday of August
every year. Such events encourage men to enhance their grooming habits.

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About Technavio

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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