by Shavers are devices used for shaving hair from the face and body. The products include electric shavers, razors, and trimmers. Electric shavers are cordless devices that are powered by rechargeable batteries or electricity. Razors include safety razors and cartridge razors which are disposable or reusable and need to use with shaving cream or gel for a close shave. Trimmers are used to trim hair from the facial hair and other body parts.
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:
The shavers market is expected to witness significant growth over the forecast period owing to increasing demand for personal grooming products. Male grooming has gained traction in the past few years. Rising awareness regarding personal hygiene and overall grooming is driving the demand for electric shavers, razors, and trimmers. Moreover, growing concerns regarding skin problems caused by shaving such as itching, irritation, nicks are spurring the demand for improved shaving technologies. Growing prevalence of beard and mustache fashion among millennials is propelling the need for trimmers. Manufacturers are focusing on launching innovative products with advanced features such as waterproofing, long-lasting battery life, fast charging capabilities, precision trimming, and skin-friendly materials which is further expected to support the market growth over the coming years.
SWOT Analysis
Strength: The Shavers Market has an established customer base. Shavers have relatively lower pricing compared to other hair removal methods and products which increases the affordability and accessibility for customers. Shavers are convenient to use and require very less time for hair removal.
Weakness: Disposable razors and shavers produce a lot of plastic waste which is harmful for the environment. Frequent shaving leads to skin irritation, cuts and ingrown hairs for some users. Battery operated shavers require regular charging which can be an inconvenience.
Opportunity: Technological advancements have led to the development of shavers with advanced features like waterproof usage, precise trimming, flexible heads and battery life. Rising male grooming trends and awareness about personal care present an opportunity to introduce innovative products.
Threats: Growing popularity of alternatives like waxing, lasers and electric trimmers poses competition to traditional shavers. Economic slowdowns can reduce disposable incomes and discretionary spending on personal grooming products. Stringent environmental regulations pose risks of higher compliance costs.
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 awareness about male grooming and personal care. Dependency on electricity and batteries also drives demand for replacements and upgrades.
Regional analysis North America dominated the shavers market in 2023 owing to high disposable income and spending on personal care in countries like US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising working professional population and growing middle class in economies like China and India facilitating improved access to shavers.
Key players Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble dominate the global shavers market. Koninklijke Philips N.V. leads with wide array of shaver products across price ranges while Panasonic Corporation is recognized for advanced battery and waterproof capabilities. Procter & Gamble leads in the disposable razors segment with brands like Gillette and Venus catering to both male and female users. These companies are investing in R&D to develop more innovative products with superior performance.
