The use of alternatives to blades in wet shavers is anticipated to open up the new avenue for Shavers Market
Shavers are used for hair removal from various body parts like face, legs, underarms etc. Wet shavers generally use blade pivoting system with protective shaving guard and moisturizing lubricants. Dry shavers use rotary system without the need of water or gel. Shavers are available in both electric and manual options in various price ranges.
The global Shavers Market is estimated to be valued at US$ 29,673.1 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in male grooming trend is one of the major driver for the shavers market globally. Increasing awareness regarding personal hygiene and rising disposable income is shifting consumer preference towards better shaving solutions driving the market growth. Changing lifestyle patterns has made personal grooming an important part of daily routine. On the other hand, time constraint has increased the popularity of electric shavers as they are easier and faster to use compared to manual shavers. Technological advancements in shavers like pivoting blade systems, additional accessories and battery operated variants allowing cordless usage have expanded market reach.
Segment Analysis
The shaver market is segmented on the basis of product type which includes foil shavers, rotary shavers, and wet/dry shavers. The wet/dry shavers segment currently dominates the market, accounting for over 35% share, as these shavers can be used both with shaving gel/cream as well as water, providing convenience to users.
PEST Analysis
Political: There are no significant political risks affecting the shaver market.
Economic: The shaver market is experiencing strong growth due to rising disposable incomes in developing nations leading to higher spending on personal grooming products.
Social: Growing social acceptance of neatly trimmed facial hair among men is driving the demand for shavers. Also, an increasing number of women are using shavers for hair removal.
Technological: Major players are introducing shavers with advanced features such as flex/pivoting heads, lithium-ion batteries providing longer runtime, travel locks, and waterproofing.
Key Takeaways
The Global Shavers Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing focus on personal grooming and hygiene. The market size for 2023 is US$ 29,673.1 Mn.
Regional analysis: Asia Pacific dominates the global shavers market, accounting for around 35% share. China represents the fastest growing market due to rising living standards and growing youth population. North America is another major region led by the US.
Key players: R&D. Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble are among the major participants. Philips has led the market for decades with its flagship product, the Norelco brand. Panasonic also has a strong presence backed by its Nanotech blade technology providing a close, comfortable shave. Procter & Gamble competes through its Braun brand offering premium shavers.
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