Personal care appliances market is projected to grow at a CAGR of 6.62% during the forecast period (2021-2026).
- The market studied has witnessed a significant growth following the surge in expenditure pertaining to grooming and styling products. Major players are continuously involved in introducing novel products that enable individual consumers to create desired style.
- Men, while not traditionally associated with hair styling or beauty appliances, have turned into active consumers in recent years. With the rising trend of men using hair straighteners, there is an opportunity to design appliances specifically for the young male consumers who use them the most. Product designs with a more masculine image, such as larger hand grips and larger buttons or appliances for shorter hair, such as mini straighteners, may all do well.
- The oral care segment comprising electric toothbrush and other oral care appliances is still in its nascent stage in the developing countries. This is due to lesser consumer awareness about the benefits associated with the use of e-tooth brush, along with lower affordability. Countries, like India, Brazil, Mexico, and South Africa, in which the rural population holds a dominant share, have a higher market penetration rate of traditional toothbrush. However, higher price of the product is also a key factor hindering the market growth.
- After, the onset of COVID-19, many countries implied a strict lockdown measures in their respective countries, which closed the beauty salons around the world. Therefore, this factor, increased the sales of men's personal care products such as shavers and trimmers, giving the male consumers the convenience of grooming from the comfort and safety of their home. However, the market of styling tools witnessed a tough time.
Key Market Trends
Hair Straightener Holds Significant Share in the Market
Globally the women love hair with a lived-in vibe and texture to it, particularly the women in the developed nation where it is a case of striking the fine balance between being groomed without looking too overdone. Thus, the customers, primarily women, are actively seeking for hair styling tools, including hair straighteners that are easily accessible and affordable. Additionally, while efficiently straightening the hair in comparatively less time and in a portable size, hair straighteners with the high-end heat protectant technology are gaining great traction among customers of the global market. For instance, Remington, one of the key players in the UK hair straightener market, launched a new line of hair straighteners that heat up in 15 seconds, thus, became an apt solution for the customers living a hectic life and seeking for products that can cater an instant result. Therefore, predominantly contributing to the growth of the market.
Asia-Pacific is the Fastest Growing Market
Continuously surging economy of the region is driving the attention of the consumers towards the innovative personal care appliances like the hair styling tools, electric oral care products, beauty appliances and others that offers a convenient usage and better results to the consumers. In the studied period, the demand for electric toothbrush has skyrocketed in the region, especially in countries like India, China and Japan owing to its better outcomes. As a result, Oral-B brand of Procter and Gamble launched its electric rechargeable toothbrushes in India. The electric toothbrush sets a new benchmark in oral healthcare, with features for up to 100% more plaque removal, as compared to regular manual brushes. Similarly, the hair appliances (hair styling tools) are experiencing a strong phase of innovation in the region. New and premium technology is becoming mainstream and public interest in these products is increasing. Thus, premiumization becomes more important in hair care appliances and is one of the on-going demands among the consumers in the region.
The global personal care appliances market is driven by both global as well as regional players, however, the global players such as Procter & Gamble, Dyson Limited, Koninklijke Philips N.V., Panasonic Corporation, and Conair Corporation have an upper hand over the other players. The key player has been observed to adopt varied growth strategies such as mergers and acquisition, partnership, expansion, and product innovation to strengthen their position in the market studied. Nonetheless, product innovation is observed to be the most effective growth strategy. As a result, various global companies, such as Koninklijke Philips NV., and Panasonic, one of the market leaders, are implementing product innovation as a business strategy to meet the growing competition from new players. For instance, In June 2019, Koninklijke Philips N.V., launched Three-in-One Hair Trimmer in India, which performs three functions such as Shaves, Trims and Shapes the facial hair.
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