The shavers market size was valued at $6.2 billion in 2020, and is projected reach $8.8 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028. The foil segment accounted for the highest share of the global market in 2020, and is expected to retain its dominance throughout the forecast period.
Shavers also known as electric blades or electric razors are either powered by electricity or battery, consisting of rotating or oscillating blade used to cut beard and hair on the body. Electric shavers are available for both men and women in plethora of shape and size. The shavers market has witnessed robust growth in the past years, and is poised to grow with moderate CAGR during the forecast period.
According to the in-house research, the men’s personal care market is expected to be valued at US$166 billion by 2022. Men having been taking keen interest in maintaining their looks and appearance. For which they take extra efforts and even buy products that support their cause. Even when it comes to maintaining beard, they are specific about the style and other key factors that need to be taken care off. This has triggered demand for different types of beard grooming products among the male population. The rise in trend of concerns over facial aesthetics specifically in European and North America has witnessed the increased traction of shavers other beard grooming products. Thus, rise in beauty-conscious customer among male population has triggered the demand for personal care products, including shavers market.
However, beards have been popular for the past few years and many men have adopted facial hair spectrum. In the recent time, it has been witnessed that the number of men with the beard has increased. Beards are now more popular among young men. The fashion of growing beard dissuades market expansion for shaver market. Nowadays, majority of consumers from student to working professional are following the trend of beard. The changing consumer trend might restrict the market expansion in coming years.
The global market is segmented on the basis of type, demographics, nature, sales channel, and region. Based on type, the global market is segmented into foil and rotary. On the basis of demographics, the global market is bifurcated into men and women. By nature, the market is studied across corded and cordless. By sales channel, it is segmented into offline channels and online channels. The global market is also studied across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, the global market is bifurcated into foil and rotary. The foil segment leads in terms of the market share, and would remain dominant throughout the forecast period, owing to very close shave it offers. However, the rotary segment is likely to grow with higher CAGR during the forecast period.
Rotary segment would exhibit the highest CAGR of 5.5% during 2021-2028.
Based on demographics, the global market is studied across men and women. In global perspective, the men segment leads in terms of market share. However, with the rapid adoption of epilators in both developed and developing region, the women segment is poised to gain market share in the upcoming years. Nevertheless, high product launches from the engaged stakeholders for both the segments is likely to be witnessed in the upcoming years.
WoMen segMent would exhibit the highest CAGR of 5.2% during 2021-2028.
Based on nature, the global market is bifurcated into corded and cordless. The cordless segment leads in terms of market share and will continue to retain its dominance throughout the forecast period. Cordless shavers are highly portable and are much convenient as compared to its counterpart.
Cordless segment would exhibit the highest CAGR of 4.9% during 2021-2028.
Based on sales channel, the global market is segmented into online channels and offline channels. The offline channels segment leads in terms of shavers market share; however, with the emergence of e-commerce platforms such as Amazon, Wallmart, Flipkart, and Target, the online channels along with manufacturers direct to consumer channels are gaining high traction amidst the pandemic.
By Sales Channel
Online channels segment would exhibit the highest CAGR of 5.4% during 2021-2028.
The report focuses on the global shavers market growth prospects, restraints, and opportunities of the global market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the shavers market.
Asia-Pacific region would exhibit the highest CAGR of 6.7% during 2021-2028.
Some of the major players profiled in the report include Koninklijke Philips N.V., Havells India Limited, The Procter & Gamble Company, Panasonic Corporation, Wahl Clipper Corporation, Spectrum Brands Holdings, Inc., Conair Corporation, XIAOMI Corp-W, Shenzhen SweetLF Technology Co., Ltd, and Zhejiang Runwe Electric Appliance Co., Ltd.
COVID-19 Impact Analysis
- The shavers industry is positively impacted due to the pandemic, owing to lockdowns and widespread restrictions.
- Initially the COVID-19 pandemic has had a significant impact on the supply chains of the engaged stakeholders in the market; however, by second half of the year 2020 disruptions were rectified.
- The online sales channels have gained high traction in the last year as a result players operating in the industry are strengthening their digital presence.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging shavers market trends and opportunities.
- The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing shavers market opportunities in the market.
- The shavers market forecast is offered along with information related to key drivers, restraints, and opportunities.
- The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth
Shavers Market Report Highlights
By SALES CHANNEL
Key Market Players
SPECTRUM BRANDS HOLDINGS, INC., HAVELLS INDIA LIMITED, KONINKLIJKE PHILIPS N.V., SHENZHEN SWEETLF TECHNOLOGY CO., LTD., PANASONIC CORPORATION, ZHEJIANG RUNWE ELECTRIC APPLIANCE CO., LTD., CONAIR CORPORATION, THE PROCTER & GAMBLE COMPANY, XIAOMI CORP-W, WAHL CLIPPER CORPORATION
Men are now, more than ever, deeply invested in the personal care products and associated categories, owing to the advent of large advertising along with the proliferation of retail sales. Furthermore, continuous product innovation, widespread promotion and advertising along with social media marketing have resulted in increased adoption of shavers in the last few years. Nevertheless, greater convenience of shavers as compared to its counterparts have created new growth avenues for the market expansion; however, the shavers market faces stiff competition from their counterparts such as manual razors and trimmers. However, the high degree of convenience provided by the shavers is likely to remain core competency of the product in the upcoming years as well. With novel product innovation along with increasing disposable income, new products for women segment, and expansion of retail sales channels, the demand for shavers likely to remain consistent in the upcoming years as well.
The shavers market remains consolidated with presence of few regional players. In order to stand apart from competitors, players are venturing toward brand building and offering high-quality products at premium prices. Launching advanced product with better maneuverability, convenience, and ergonomically fit remains key strategies of the players operating in the highly competitive market.