Shaving Market Growth (USD 13.5 billion by 2032 at 5.4% CAGR) Global Analysis by Market.us

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Updated · Jun 14, 2023

Shaving Market Growth (USD 13.5 billion by 2032 at 5.4% CAGR) Global Analysis by Market.us

Market Overview

Published Via 11Press : The shaving market is a vast and diverse industry that caters to the grooming needs of men and women alike. In 2022, the global Shaving market was valued at USD 8.1 Billion and is expected to reach USD 13.5 billion in 2032. This market is estimated to register a CAGR of 5.4% between 2023 and 2032. This growth can be attributed to various factors such as rising disposable income, increasing awareness about personal hygiene, and changing lifestyle trends.

The market is segmented into various categories such as razors, blades, electric shavers, shaving creams, gels and foams, aftershave lotions, and others. Among these segments, the razor segment dominates the market owing to its wide usage among consumers globally. Additionally, technological advancements have led to the introduction of innovative products like laser hair removal devices which are gaining popularity in recent years.

Moreover, the availability of online channels for purchasing personal care products has further boosted the growth of this industry by making it easier for consumers to access their preferred products without having to visit physical stores. Overall, a growing focus on appearance consciousness among consumers worldwide coupled with increasing awareness about sustainable living practices has created significant opportunities for players in this market space.

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Key Takeaway

  • According to the product in 2022 the market for shaving was led by the Razors as well as the Blades segment because of its increasing utilization.
  • Through the Distribution Channel, the Offline segment held the highest market share during the Distribution Channel analysis. It also accounted for the biggest share of revenue for the Shaving market by 2022.
  • The year 2022 was the one in which North America led the market and had the highest share of revenues at 35.0%.

Regional Snapshot

  • North America: North America especially in the United States, has been an important market for shaving and grooming products. This region is home to a huge customer base, with a major concentration on personal grooming and beauty. There are established shaving products and manufacturers, as well as the presence of a robust retail infrastructure adds to growth in the market.
  • Europe: Europe is another major market for shaving items. The countries of Germany and Europe, the United Kingdom, France, and Italy have high demands for shaving items, due to a thriving shaving culture as well as a substantial male populace. The market for shaving products in Europe is distinguished by an array of products, which include high-end and mass-market options.
  • Asia Pacific: The Asia Pacific region has experienced an increase in the shaving industry. Rising disposable incomes as well as changing grooming practices and increasing population growth are all factors that have led to the expansion of the market. States like China, Japan, South Korea, and India are experiencing a rising demand for shaving products, especially in the young population.
  • Latin America: Latin America has become a new market for shaving items. States like Brazil, Mexico, Argentina, and Colombia are home to a significant population and an increasing focus on personal grooming. The market of the region is influenced by an array of international as well as local brands, which cater to a variety of consumer needs.
  • Middle East and Africa: The Middle East and Africa region can also offer opportunities in the market for shaving. Some countries such as Saudi Arabia, the United Arab Emirates, as well as South Africa, have a significant grooming tradition and an increasing men’s population. This market is marked by a desire to purchase premium, luxurious shaving items

Drivers

  • Grooming and personal care trends: Increasing emphasis on personal grooming and appearance is a major driver of the shaving market. As people strive to maintain a well-groomed look, the demand for shaving products, including razors, shaving creams, and aftershaves, increases.
  • Growing male grooming market: The male grooming industry has been expanding rapidly, with men becoming more conscious about their grooming routines. This trend has boosted the demand for shaving products tailored specifically for men, creating new opportunities for market growth.
  • Technological advancements in shaving products: Advancements in shaving technology have resulted in the development of innovative products that offer improved performance, precision, and convenience. Electric razors, multi-blade razors, and disposable razors with enhanced features attract consumers seeking an efficient and comfortable shaving experience.
  • Increasing disposable income: Rising disposable income levels across various regions enable consumers to allocate a higher budget for personal care products, including shaving items. Higher purchasing power contributes to market growth as consumers are willing to invest in premium and higher-quality shaving products.

Restraints

  • Growing preference for alternative hair removal methods: The shaving market faces competition from alternative hair removals methods such as waxing, laser hair removal, and hair removal creams. These alternatives offer longer-lasting results and may reduce the demand for traditional shaving products.
  • Skin sensitivity and irritation: Some individuals experience skin sensitivity and irritation as a result of shaving, which can discourage them from using shaving products. This challenge has led to the development of specialized shaving products for sensitive skin, but it remains a restraint for the overall market.

Opportunities

  • Rising demand for organic and natural shaving products: Increasing consumer awareness about the potential side effects of certain chemicals in shaving products has driven the demand for organic and natural alternatives. The market presents opportunities for manufacturers to develop and market eco-friendly and skin-friendly shaving products.
  • E-commerce and online retailing: The growing popularity of e-commerce platforms and online retailing has opened new avenues for the shaving market. Online channels offer convenience, a wide range of product options, and targeted marketing opportunities, allowing companies to reach a larger consumer base and expand their market presence.

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Challenges

  • Intense competition: The shaving market is highly competitive, with the presence of both established companies and new entrants. The competition leads to pricing pressure and the need for continuous product innovation and marketing efforts to differentiate from competitors.
  • Impact of cultural norms and fashion trends: Cultural norms and fashion trends can influence the demand for shaving products. For example, in some regions, facial hair styles and grooming preferences may shift towards beards and mustaches, affecting the demand for traditional shaving products.
  • Sustainability concerns: The growing focus on sustainability presents a challenge for the shaving market. The use of disposable razors and excessive packaging contribute to environmental waste. Manufacturers need to address sustainability concerns by adopting eco-friendly practices and offering reusable or recyclable shaving products.
  • Regulatory considerations: Shaving products are subject to regulations related to product safety, labeling, and ingredients. Compliance with regional and international regulations can pose challenges for manufacturers, particularly when entering new markets.

Top Key Players

  • Beiersdorf AG
  • Church & Dwight Co, Inc.
  • Reckitt Benckiser Group Plc
  • Procter & Gramble
  • Oriflame Holding AG
  • GiGi
  • Koninkliijke Philips N.V.
  • Syska India Ltd.
  • Harry’s Inc.
  • Societe BIC S. A.
  • Other Market Players

Key Segments

Based on Product

  • Razors & Blades
  • After-Shave Emulsion
  • Other Products

Based on Distribution Channel

  • Offline
  • Online

Top Impacting Factors

  • Changing Consumer Preferences: Consumer preferences play a significant role in shaping the shaving market. Shifts in grooming habits, fashion trends, and personal care routines influence the demand for different types of shaving products, such as manual razors, electric razors, shaving creams, and grooming accessories.
  • Male Grooming Trends: The growing emphasis on male grooming and personal care has been a major driver of the shaving market. Men are increasingly investing in grooming products to achieve a well-groomed appearance. The popularity of beards, stubble, and different facial hair styles also impacts the demand for specific shaving products and accessories.
  • Technological Advancements: Advancements in shaving technology have a significant impact on the market. Innovations in blade technology, lubricating strips, ergonomic designs, and electric razor features improve shaving performance, convenience, and user experience. Consumers are often drawn to products with enhanced functionality and improved shaving results.
  • Influence of Social Media and Celebrity Endorsements: Social media platforms and celebrity endorsements play a vital role in shaping consumer preferences in the shaving market. Influencers, celebrities, and online communities can create trends and promote specific shaving products, leading to increased brand awareness and product adoption.
  • Growing Awareness of Sustainability: The rising awareness of environmental sustainability has impacted the shaving market. Consumers are seeking eco-friendly and sustainable shaving products that minimize waste and reduce their environmental footprint. This has led to the popularity of reusable razors, recyclable packaging, and the demand for natural and organic shaving products.

Recent Developments

  • Electric shavers: The appeal of electric shavers has considerably risen in recent years. New versions from a lot of businesses are coming out with cutting-edge capabilities like wet/dry functionality, various speed settings, and longer battery life.
  • Sustainable Products: Eco-friendly and sustainable products are becoming more and more popular in the shaving industry. Many companies are introducing products made from environmentally benign materials like bamboo, using recyclable packaging, and reducing their carbon footprint.

Report Scope

Report Attribute Details
The market size value in 2022 USD 8.1 Bn
Revenue Forecast by 2032 USD 13.5 Bn
Growth Rate CAGR Of 5.4%
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

Frequently Asked Questions 

Q: What is the current size of the Shaving Market?

A: The Global Shaving Market size is USD 8.1 Bn in 2022.

Q: What is the projected growth rate for the Shaving Market?

A: The Shaving Market is expected to grow at a CAGR of 5.4% from 2023 to 2032.

Q: What are some of the key players in the Shaving Market?

A: Some of the key players in the Shaving market include Beiersdorf AG, Church & Dwight Co, Inc., Reckitt Benckiser Group Plc, Procter & Gramble, Oriflame Holding AG, GiGi, Koninkliijke Philips N.V., Syska India Ltd., Harry’s Inc., Societe BIC S. A., Other Market Players.

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