Shavers market Is Estimated To Witness High Growth Owing To Changing Consumer Preferences And Rising Disposable Income
The Shavers market is estimated to be valued at USD 3.50 billion in 2024, exhibiting a CAGR of 6.8% over the forecast period (2024-2031). The market is witnessing high growth owing to changing consumer preferences towards personal grooming products and growing demand for electric shavers. Furthermore, rising disposable income especially in developing economies is encouraging consumers to spend more on premium personal care products.
The global shavers market is primarily driven by two key factors. First, the increasing demand for electric shavers owing to their convenience and ease of use compared to manual shavers. Technological advancements in electric shavers such as waterproof features, advanced blade systems, longer battery life, etc. are fueling their adoption globally. Second, the rising focus on masculine grooming and personal care among men is propelling the sale of shavers. Male consumers are increasingly spending on styling, shaving, and skin care products to enhance their physical appearance.
Growing male grooming industry is driving the global shavers market
The male grooming industry has witnessed strong growth over the past few years. There is rising awareness among men about personal care and hygiene. Facial hair removal and body shaving have become an important part of daily grooming routines for men. This has significantly boosted the demand for various shavers including electric and manual razors. Manufacturers are introducing innovative products with improved features targeting male consumers. They are focusing on product design, functionality, and performance to attract more customers. Various marketing campaigns are emphasizing on the importance of shaving and body grooming for men. This has positively impacted the sales of shavers worldwide.
Increasing demand for personal care products is fueling market growth
People nowadays are more conscious about their personal appearance. There is a rising preference for personal care and aesthetic look. Facial hair and body hair removal have become common practices for both men and women. Shavers provide an easy and efficient solution for hair removal. Different types of shavers like disposable razors, electric razors and trimmer are available as per user needs and preferences. Market players are launching a wide range of shavers with unique features to meet the requirements of diverse customer segments. Affordable pricing of shavers has also increased their accessibility. Growing expenditure on personal care and cosmetic products is supporting the sales of shavers globally.
Fluctuating raw material prices can restrain the market
Shavers manufacturing involves the use of a variety of raw materials including stainless steel, plastic, and electronic components. The prices of key raw materials used in shavers undergo fluctuations depending on market demand and supply forces. Changes in global commodity prices directly impact the manufacturing cost of shavers. Any significant rise in raw material costs compels the manufacturers to increase the prices of shavers. This makes shavers less affordable for price sensitive consumers, especially in developing markets. Fluctuating raw material prices can restrain the revenue growth of shaver manufacturers. Companies need to effectively manage procurement costs to minimize the influence of this restraint.
Availability of counterfeit products in the market
The global shavers market has witnessed emergence of several counterfeit products in the recent years. Piracy and infringement are serious challenges faced by established brands. Counterfeit products are available at extremely cheap rates and affect the sales of genuine products. This poses serious quality and safety issues for consumers. Fake products provide unreliable performance and can damage skin. Lower quality parts used in counterfeits have much shorter life. Proliferation of counterfeits diminishes brand value and customer trust over time. Strong action needs to be taken against such illegal practices to safeguard consumer interests as well as rights of original equipment manufacturers.
Growing E-commerce to present new opportunities
E-commerce has revolutionized the process of buying various products including shavers. Online platform offers huge growth prospects for shaver brands and retailers. It provides easy access to products sitting in the comfort of home and attractive deals. Major e-tailers offer wide assortments from top brands. Digital and mobile commerce are gaining prominence as customers increasingly rely on internet for shopping. Companies can leverage the popularity of e-commerce to expand their geographical reach, especially in markets where bricks-and-mortar retailing is inefficient. Online marketing programs help brands to engage more customers. E-commerce presents significant opportunities for industry players to boost their sales and revenues.
Increasing demand for personalized shavers
With growing focus on personal care, there is rising preference for shavers catering to specific skin and hair types. Manufacturers are introducing shavers with customization solutions like interchangeable shaving heads and blades. This allows users to choose attachments suitable for their shaving needs like facial hair, body hair, or sensitive areas. Personalized electric shavers with varied settings related to speed, strokes per minute, etc. deliver a more comfortable shave. Digital shavers connect through apps enabling customized shaving routines. Customization increases product relevance and drives repeat purchases of spare parts. Meeting the demand of personalized shavers is an opportunity for companies to efficiently target niche market segments.
Link: https://www.coherentmarketinsights.com/market-insight/shavers-market-3691
Key Developments
- In January 2024, Panasonic unveiled the Palm Shaver and New MULTISHAPE attachments at CES 2024.
- In February 2024, Gillette made a bold move into the super-premium razor category with the launch of its one-of-a-kind razor..
- In 2023, Bombay Shaving Company launched its new Sensi Range of Razors, a significant addition to its product portfolio.
- In 2023, Xiaomi Uniblade Trimmer with a rotary dial was launched in India
Key Players
Panasonic Corporation, Conair Corporation, Koninklijke Philips N.V., The Procter &, Gamble Company, Energizer Holdings, Inc., Spectrum Brands Holdings, Inc., Wahl, Clipper Corporation, Super-Max Limited, SOCIÉTÉ BIC SA, ELEHOT STORE, HATTEKER, Havells India Ltd., SweetLF, VGR shaver, Razorline Manufacturing, Pearlshaving, Supreme Shavers India Pvt. Ltd., Shaver Manufacturing, and Kai India
