Market Challenges: High price of advanced shavers

The high price of advanced shavers is significantly restraining the growth of the global shavers market. With the introduction of modern shavers equipped with latest technologies like wet/dry usage, pivoting heads, LED displays and many more, their prices have also increased substantially. Most of the premium electric shavers from top brands are available in the price range of $100-$300. This puts them out of reach for price sensitive consumers in developing nations and those on lower income groups even in developed countries. Secondly, factors like economic slowdown during Covid pandemic and rising inflation across the world have further squeezed household budgets. People are becoming value conscious and reluctant to spend large sums on shavers when basic models do the job adequately at much lower costs. Affordability is a major concern especially in the current scenario where disposable incomes have come under pressure. Many users prefer to stick to cheaper disposable razors rather than shelling out a few hundred dollars on an expensive electric shaver upfront.

Market Opportunities: Emergence of green products

The emergence of green products provides significant opportunity for growth in the global shavers market. Consumers are increasingly concerned about sustainability and the environmental impact of their purchases. They want options that are made from renewable, recycled, and recyclable materials that reduce waste. A recent survey by the United Nations Environment Programme suggests over 70% of global consumers want companies to provide more environmentally friendly products. Shavers brands that embrace this consumer demand for sustainable solutions will be well positioned for future market leadership. Transitioning blade production and packaging to use renewable plastics, recycled metals, and bio-based polymers can capture this consumer interest while reducing environmental footprint. Marketing these “green” shavers as sustainable, planet-friendly choices will appeal greatly to younger generations in particular. Several companies have already begun implementing improvements in product design and materials sourcing to respond to this demand for eco-friendly offerings.