February 22, 2024
Shavers Market

The Insightful Development of the Shavers Market is Driven by Increased Consumer Demand for Personal Grooming Products

Shavers are essential grooming tools used to trim or remove hair from the face, body and sensitive areas. Manual shavers use a razor blade to cut hairs while electric shavers use oscillating cutters or rotating heads to cut hairs effectively. Shavers are available in various designs and formats to suit different consumer needs like wet/dry, corded/cordless options. They provide a closer, convenient shave without irritation and come equipped with features like pivot action, pop-up trimmers and foil/blade combinations for an effortless shave.

The global shaver market is estimated to be valued at US$296.73.1 Mn in 2023 and is expected to exhibit a CAGR of 13% 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 demand for men’s grooming products. More men are inclined towards personal care and grooming now to look well-groomed and sharp. This has fuelled the demand for various types of shavers like electric, foil and rotary shavers. Manufacturers are launching innovative products catering to men’s specific shaving needs. Increased awareness about the advantages of shavers over blades has also pushed the market growth. Moreover, rising disposable incomes especially in developing nations is enabling consumers to spend more on personal care items today. The market is expected to grow exponentially driven by positive consumer sentiment towards grooming and wellness in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the shavers market is moderately low as it requires high initial investment and expertise to establish manufacturing facilities and brand recognition.

Bargaining power of buyers: The bargaining power of buyers in the shavers market is moderately high as buyers have multiple options to choose from various brands.

Bargaining power of suppliers: The bargaining power of suppliers in the shavers market is moderate as there are multiple suppliers for raw materials.

Threat of new substitutes: The threat of new substitutes in the shavers market is low as there are limited substitutes available for shavers.

Competitive rivalry: The competitive rivalry in the shavers market is high due to the presence of numerous international players.

Key Takeaways

The Global Shavers Market Size is expected to witness high growth.

Regional analysis: The Asia Pacific region dominates the shavers market and is expected to witness the fastest growth during the forecast period due to rising disposable incomes in countries such as India and China.

Key players operating in the shavers market are Fox-IT (Part of NCC Group), Advenica, Owl Cyber Defense, AEP Networks, Waterfall Security Solutions, Nexor, Unisys Corporation, Siemens AG, BAE Systems plc, Thales Group, L3Harris Technologies, Inc., Airbus Defence and Space, Raytheon Technologies Corporation, Fortinet Inc., Palo Alto Networks, Inc.. Fox-IT (Part of NCC Group) specializes in cyber security services and invests heavily in research and development to develop innovative shavers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it