Shavers Market

Shavers Market Snapshot

The global shavers market is projected to expand at ~6.7% CAGR and reach ~US$ 56,755.3 Mn by the end of 2033, up from its current estimated market size of ~US$ 29,673.1 Mn in 2023.

Shaver manufacturers are always focusing on technological advancement and product innovation. To stay ahead of the competition, significant firms are always pushing product innovation through R&D. Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble are among the major participants.

Key market participants are increasingly focusing on providing high-performance shavers with extended battery life and other functions. Aside from notable features, product design seems to be another element where players are focusing their efforts to encourage the development of a unique product to offer customers something out of the ordinary.

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Shavers Market Analysis from 2017 to 2022 Vs Market Outlook for 2023 to 2033

The expanded female consumer segment, rising disposable shaver usage, and rising demand for efficient premium grooming products are influencing the worldwide market environment. From 2017 to 2022, the market grew at a 4.9% CAGR. Continuous technological advancements are likely to drive stronger market growth globally in the future years. Partnerships between leading companies and increased demand for simple-to-use goods are projected to boost sales in this market.

Consumers are being encouraged to bring the experience of beauty into their homes via convenience and economic rationality. Sustainable practices and ongoing technological advancements are likely to boost market expansion at a substantial CAGR of close to 6.7% through 2033.

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How is Shift from Store-based Retailing to Online Retailing Impacting Sales?

The growing number of internet merchants have made online buying more popular in recent years. Online merchants have a particular edge over other retailers since they provide specialist items that are not available in traditional storefronts. Furthermore, the fact that internet retailing provides delivery to consumers’ door has a beneficial influence on the online purchasing experience.

Consumers' present hectic and fast-paced lifestyle which has prompted them to shift to internet purchasing. Aside from that, businesses' efforts to give substantial discounts have pushed consumers to move to online shopping. As a result, the growing presence of internet shopping is accelerating the market expansion even further.

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Will High Price of Electric Shavers Hinder Product Adoption?

The consumer preference for high-output items has been significant. The high price of electric shavers is limiting the chance for a larger market, and conventional grooming items are considerably launched that are cheaper, hampered the adoption of electric shavers.

Further, because of the high cost of these items, makers of electric shavers are having difficulty identifying suitable locations for development prospects. On the other hand, it is becoming difficult for them to establish potential consumer demographics for such product types. Besides, increasing preference of baby boomers and elder people for parlours and salons over DIY concept is also hindering the market to some extent.

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Country-wise Insights

How is the Enhanced Digital Ecosystem Network in the U.S. Facilitating Market Growth?

In 2022, U.S. registered a major share of 16.4% in the global shavers market. The high digital penetration in the United States has helped players expand their reach significantly. Because of the developing network of e-Commerce in the United States, the shavers market has seen an increased shift in shaving product sales from offline to online retailing platforms.

Numerous online discounts and offers for grooming items have also boosted shaver sales, propelling the market forward. The availability of internet retailing sites for comparing and assessing product expenditures and topographies have created a simple approach of spending on grooming items. Thus, improving digital environment in the country is projected to favourably support development in shaver use and sales across the United States.

How will Indian Millennials Provide Players with Growth Opportunities?

Millennials constitute the majority of India's population. As millennials focus their end-use choices, they are gradually shifting toward luxury items and devices with sophisticated technology. A sizable proportion of the millennial generation in rural regions sees it as a potential market. Taking advantage of the growing demand for grooming goods in rural areas might result in higher profits for industry participants. As they have grown more beauty aware, millennial customers in India are looking forward to spending more on grooming.

Thus, shifting attitude toward grooming among millennials is projected to support development in the country's adoption of shavers in the future years. Shavers market in India is anticipated to grow at about 11.3% CAGR throughout the forecast period.

Will Customization & Personalization Services Help Shaver Adoption in the U.K.?

Consumers demand customisation and personalisation in grooming equipment, particularly shavers. Customization is not new in the United Kingdom, but it is thought to increase player income. Given the country's expanding personal grooming demands, players have now resorted to supplying customised and customised shavers. Procter & Gamble, for example, provides a customised Gillette razor handle by selecting a team logo of the user's choosing from a restricted number of designs, or a customised design of their own.

Personalization in terms of handles, blades, and design, among other things, is being offered by players, which is helping to increase the country's client base. U.K shavers market is expected to grow at a 2.5% CAGR during the projection period.

Will Aggressive Business Expansion Strategy by Players in China Impact Sales?

Since the past decade, shaver sales have been surging at a steady pace in China. As a result, China shavers market is estimated to grow at a rapid rate of about 11.5% throughout the forecast period. China's economy has been transformed by the rapid growth of business competence and expanding consumer goods demand.

The country is one of the world's major manufacturers of consumer products, greatly outpacing the rest of the world's economy. For more than a decade, China's market has maintained strong development, fuelled by recurrent surges in industrial imports and exports, production, and monetary investments. Consolidation amongst developing firms is expected to drive shaver sales in the country.

Category-wise Insights

Will Electric Shavers Remain a Prominent Selling Category?

As per the analysis, electric shavers accounted for a notable revenue share of 69.6% in 2022. The product category has a substantial share compared to the non-electric category due to increased adoption and high price compared to disposable razors. Furthermore, the electric shaver category is predicted to increase rapidly during the projection period exhibiting the same growth trend.

Are Males Likely to Remain the Prominent End Users?

Rapidly changing lifestyles and urbanisation are important reasons expected to drive shaver usage among both men and women. However, according to the study, men are projected to have a significant value share in terms of end user.

Male consumers’ shaver adoption is predicted to expand at a CAGR of more than 7% during the forecast years. Further, the shavers for female population are also becoming more popular. Females' increasing use of grooming regimens is likely to drive shaver sales across numerous geographies in the future years.

Will Online Sales of Shavers Register Significant Growth?

Supermarkets/hypermarkets category has a significant market share of around 28% in terms of sales channel. Other important sales channels include multi-brand shops and speciality stores.

However, due to increased digital penetration, online sales are likely to develop rapidly throughout the projection period. Rapidly rising online consumer and payment system methods are projected to play a big factor in driving shaver sales through online channels.

Competitive Landscape

Market participants are constantly looking for innovative methods to reduce operational expenses while increasing production. These steps and efforts are being done in response to increased input costs and retailer power. Established businesses examine their operational chains from both the output and input viewpoints. Building new strategic relationships with key players or suppliers to attain new levels of efficiency is likely to assist players reduce operational expenses.

For Instance:

• In 2019, Procter & Gamble Company introduced a heated razor that can warm itself and provide the pleasure of a hot towel with every stroke. With such technological advancements, Procter & Gamble Company tapped into a new base of consumers that are interested in technological advancements.

Shavers Industry Report Scope

Key Segments Covered in Shavers Industry Research

Shavers Market by Product Type:

• Electric Shavers
  • Electric Clippers/Trimmers
  • Rotary Shavers
  • Foil Shavers
• Non-electric Shavers
  • Safety Razors
  • Cartridge Razors

Shavers Market by End User:

• Male
• Female

Shavers Market by Sales Channel:

• Hypermarkets/ Supermarkets
• Specialty Stores
• Multi-brand Stores
• Online Retailers
• Other Sales Channels

Shavers Market by Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)