Latest research from market research provider Global Industry Analysts shows that this relatively new category will rack up an estimated 600 million units of beauty and personal care devices manufactured by the year 2018.
The report, entitled Global Market for Personal Care Appliances, points out that the main thrust for this category is a growing consciousness with respect to hygiene, health and personal grooming, that is also combined with rising income levels and an adoption of sophisticated lifestyles.
Asia's fastest growing markets all likely to see growth
Currently, these economic and social changes are most pronounced in fast growing emerging markets, with countries like India, China, Thailand, Taiwan and Korea witnessing the biggest growth in the Asia Pacific region.
While the US still remains the largest individual market for personal care devices, the report points out that the markets in China and India as growing particularly fast, the sheer size of the populations and an expanding middle class with disposable incomes are proving to be the most viable for device manufacturers.
The research also points to the fact that the Latin American market is also giving way to significant growth in personal care devices, with other research pointing to the fact that markets such as Brazil, Argentina, Chile and Colombia are leading the way.
Asia leaves Europe for standing
The development in these emerging markets is in contrast to more developed markets, particularly Europe, where the growth of such products is expected to be limited on account of slow economic growth, and in some cases, shrinking economies.
The report points out that a lot of the growth is also being driven by trends in social patterns and lifestyle, which points to why a lot of products are geared towards body hair removal and shaving, which is in line with a global trend that is influences both men and women.
Likewise, the growth is also being driven by demand for electric toothbrushes, with the report highlighting the fact that children’s preferences in particular are setting the standards in this category, while health conscious baby boomers are also opting for this type of product.