Electric Shavers Segment is the largest segment driving the growth of the Global Shavers Market
Shavers are personal care products used to trim or remove facial and body hair. They provide a close, smooth shave and save time for users compared to traditional blade razors. Shavers come in both electric and non-electric variants to suit different user needs and hair types.
Market key trends:
One of the key trends in the shavers market is the growing preference for electric shavers over traditional blade razors. Factors such as convenience, cost-effectiveness and safety are driving this shift. Electric shavers provide a hassle-free shave without risks of cuts or nicks from blades. They also reduce time spent on shaving. Additionally, these shavers produce less waste compared to disposable razors. With innovations improving battery life and functions, electric shavers are becoming more popular among both male and female consumers globally.
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.
SWOT Analysis
Strength: Shavers market benefits from the strong brand presence and widespread distribution network of leading players such as Philips, Panasonic and Procter & Gamble. Advanced features such as wet/dry blades, precision trimming, and adjustable combs offer convenience to users.
Weakness: Traditional shavers require regular replacement of blades that increases maintenance costs for users over time. Customers may switch to alternatives like electric trimmers or beard care products that require less frequent maintenance.
Opportunity: Rising male grooming trends and increased focus on personal care among younger population opens up opportunities for launch of innovative shaver technologies, subscription-based blades programs and male grooming-focused startups.
Threats: Stiff competition from local and private label brands offering low cost products impacts pricing strategies of established players. Shift towards no/minimal shaving preferences among some customers acts as a threat.
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 focus on personal grooming and male styling among consumers worldwide.
North America dominates the global shavers market, with the US accounting for major share. Growing male grooming trend and demand for innovative electric shavers is fueling market growth. However, Asia Pacific is expected to witness fastest growth during the forecast period with China and India emerging as highly lucrative markets.
Key players operating in the shavers market are R&D. Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble are among the major participants. Leading companies focus on building brand loyalty through innovative product launches and increased marketing initiatives. Moreover, acquisitions and partnerships with online retail platforms are some of the key strategies being adopted.
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