June 18, 2024

The Shavers Market is Estimated to Witness High Growth Owing to Increasing Demand for Personal Grooming Products

Shavers are electric personal care products used for shaving. Traditional razors have evolved into multi-blade system razors, body grooming trimmers, and electric shavers with options for wet and dry shaving. Shavers offer convenience and precision for trimming beards, sensitive areas, and body hair removal. They come equipped with advanced blades and lithium-ion batteries for prolonged usage on-the-go.

The global shavers market is estimated to be valued at US$ 34183.42 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Advancements in shaver technology have created multifunctional products for both wet and dry shaving needs. Electric shavers integrated with pivoting heads, flex discs, and skin-friendly blades provide a close and comfortable shave. Their compact designs and long-lasting batteries make them a preferred option for daily usage. Rising working population and urbanization have boosted purchasing power leading to higher disposable incomes for discretionary spending on personal care products.

SWOT Analysis
Strength: The Shavers market has a large consumer base due to widespread personal grooming preferences. The presence of electric shavers and men’s trimmers provide greater convenience to users compared to manual shavers. Manufacturers offer a wide variety of products at different price points to cater to different consumer requirements.
Weakness: Fluctuations in raw material prices can negatively impact the profit margins for shaver manufacturers. Frequent technological advancements require companies to invest heavily in research and development to bring innovative products. The market also faces threats from counterfeit products.
Opportunity: Growing demand from developing economies presents an opportunity for market expansion. Emerging trends around personal grooming among women also widen the potential customer base. Product innovation focusing on comfort, portability and battery life can help companies attract new customers.
Threats: Stiff competition from local and international brands increases pricing pressures. Changing consumer preferences towards alternative hair removal methods like waxing and laser treatments are a challenge. Stringent government regulations regarding product quality and safety compliance result in increased cost of compliance.

Key Takeaways
The Global Shavers Market Size  is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America currently holds the largest share of the overall market due to high personal grooming awareness and spending power. The Asia Pacific region is expected to grow at the fastest pace led by expanding middle-class populations in countries like 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.

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