by Shavers are grooming tools used to remove or trim facial and body hair. Electric shavers provide easy and quick shave compared to manual shavers. Moreover, their lightweight and cordless design makes them convenient to use anywhere.
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.
Market key trends:
One of the key trends in the shavers market is the growing popularity of multipurpose shavers. Earlier, shavers were used only for shaving facial hair. However, manufacturers are now introducing shavers that can be used for trimming hair on other body parts such as ears, nose, shoulders, back etc. These multipurpose shavers are gaining traction among male consumers as they provide a convenient all-in-one grooming solution. Their rising demand is expected to propel the growth of shavers market during the forecast period.
Segment Analysis
The shavers market is segmented by product type into rotary shavers and foil shavers. Within these segments, foil shavers dominate the market and are expected to witness a higher growth rate during the forecast period. Foil shavers provide a close and comfortable shave while preventing skin irritation. Technological advancements such as multiple foils and pivoting heads have made them more user-friendly compared to traditional rotary shavers.
Key Takeaways
The Global Shavers Market Demand is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to the increasing demand for convenience products and personal grooming among men.
Regional analysis – North America dominates the global shavers market currently due to rising demand for personal care products. However, Asia Pacific is expected to exhibit the highest growth rate during the forecast period owing to the increasing disposable incomes and growing millennial population in the region.
Key players – Key players operating in the shavers market are R&D. Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble. Koninklijke Philips N.V. leads the market with its Philips Norelco brand offering a wide range of shavers. Product innovation with features such as wet/dry usage and skin protection modes have enabled Philips to maintain its leading position in the market.
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