The global shavers market size is expected to reach $11,334.0 million by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
The primary growth factors for the worldwide shaving market are the rising disposable incomes, growing housing industry, and increasing urbanization levels. The demand for hair removal products is also being driven by men and women's rising awareness of appearance and some changes in their shaving practices. Male body hair reduction and female facial shaving are a few examples of these trends. During the projection period, the underserved rural markets in developing nations, rising female consumer population, and advancing shaver technology are projected to offer the market considerable.
The presence of many shaver manufacturers and the growing popularity of private label brands increase the intensity of competition in the shavers industry. The industry's modest growth rate produces a medium level of competitive intensity. However, the strong development rate in emerging countries intensifies rivalry. As a result, established producers are at a moderate risk from new competitors. Moreover, the established players are attempting to raise their shavers market share via product launches, mergers and acquisitions, and capacity expansions.
The market for cordless shavers will continue to expand rapidly over the forecast period. Compared to their counterparts, cordless shavers are far more portable and practical. They are preferred by people who enjoy traveling and taking their haircare routine along with them. The key driver for cordless shaver demand is the development of models with longer battery lives.
Electric shavers employ a spinning or oscillating blade to cut beards and body hair. Electric shavers for both men and women come in a wide range of sizes and shapes. Due to consumers' growing desire for effort reduction while grooming, electric shavers are in high demand. Thus, a significant aspect that is favorably affecting the shavers market growth is the increase in the number of consumers who utilize this product, as well as the increasing advertising of these accessories via social media and celebrity endorsements.
Moreover, foil and rotary are major types of electric shavers, among which foil variants are extensively used by customers. It avoids skin irritation caused by razor blades since the foil head shields the skin from direct touch with the blade. Because a foil shaver spins quicker than a rotary shaver, it cuts hair faster. They provide a closer shave since the foil shaver has various designs on each foil that are designed to cut every hair type with a single pass.
A foil shaver is not overly harsh on the skin and is often easy to use and less irritating than many other types of shaving equipment. Because of their rotating blades, foil shavers work quickly. They are ideal for scruffy or scissor-trimmed beards, and many of them are washable and may be used wet or dry. Customers can clean it with a simple brush, or it can be rinsed.
Some of the key players in the market are Panasonic Corporation, Conair Corporation, Koninklijke Philips N.V., The Procter & Gamble Company, Edgewell Personal Care Company, Spectrum Brands Holdings Inc., and Wahl Clipper Corporation.