New York, April 24, 2023 (GLOBE NEWSWIRE) -- 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. The main force behind the market is the rapidly expanding makeup sector. The business is also benefiting from the rising demand for razors and blades.
Personal care goods have one of the fastest-growing markets in the cosmetics industry due to their growing significance in fashion. As more people engage with corporate culture and put importance on appearance, the global market is growing. Therefore, it is expected that spending on personal care products will rise, which will drive the market. Additionally, it is predicted that higher living standards and rising disposable income levels will support the expansion. Shaving product output declined as a result of the factory closures brought on by the COVID-19 pandemic.
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Key Takeaway:
- By product, in 2022, the Shaving market was dominated by the Razors and Blades segment due to its increased usage.
- By Distribution Channel, the Offline segment dominated the largest market share in distribution channel analysis and accounted for the largest revenue share in the Shaving market in 2022.
- In 2022, North America dominated the market with the highest revenue share of 35.0%.
Factors Affecting the Growth of the Shaving Market
There are several factors that can have an impact on the growth of the Shaving Market industry. Some of these factors include:
- Demographics: The target market's age and gender can have an impact on the shaving market's expansion. For instance, conventional shaving products like razors are primarily marketed to men, whereas hair removal products are primarily marketed to women.
- Consumer Preferences: The tastes of consumers for various shaving products can also affect market expansion. For instance, the market's total size may differ depending on how popular electric razors are in comparison to conventional razors.
- Technological: The shaving industry may expand as a result of technological developments like improved electric razor design or new blade materials.
- Economic Factors: Shaving market expansion may be impacted by the condition of the economy. Consumers may be more inclined to choose more infrequent shaving or less expensive shaving products during tough economic circumstances.
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Top Trends in Global Shaving Market
- The emergence of new players: As established players are replaced by newcomers; the shaving market is becoming more crowded. These emerging competitors typically provide innovative products and marketing strategies that appeal to tech-savvy customers.
- Shift Towards Organic and Natural Products: Natural and organic goods are more frequently sought after by consumers in all aspects of their lives, including personal care. A rising market for natural and organic shaving products free of harsh chemicals and synthetic ingredients reflects this tendency in the shaving industry.
- Growth Of Online Sales: E-commerce has revolutionized the retail landscape in many industries, such as shaving. Many brands now provide direct-to-consumer sales through their websites, leading many consumers to turn to online retailers for shaving supplies.
Market Growth
Over the past few years, the global shaving market has increased steadily, and this trend is anticipated to continue in the future. The increasing demand for grooming products, especially among men, is one of the main factors boosting this growth. In the upcoming years, the shaving market is Predicted to keep expanding due to shifting customer preferences, technological advancements, and the development of product accessibility online.
Regional Analysis
In 2022, North America led the global market with a market share of 35.0%, because of the area's growing need for shaving care products. Due to their busy schedules and evolving lifestyles, consumers in this region use comprehensive approaches to beauty care, which has increased demand for personal care goods. The market in Europe is expected to grow quickly over the course of the forecast period as a result of increasing demand for natural and organic ingredients as well as product developments. Additionally, the promotion of various shaving products will likely boost demand even further.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 8.1 billion |
| Market Size (2032) | USD 13.5 billion |
| CAGR (from 2023 to 2032) | 5.4% |
| North America Revenue Share | 35% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Technological Advancements: Technology advancements have led to the creation of fresh and cutting-edge shaving goods like electric razors and trimmers. Because they are more useful and effective than typical shaving tools, these goods are more widely used.
- Changing Fashion Trend: Fashion trends have a big impact on how prevalent shaving products are. For instance, the clean-shaven tendency in business is driving up demand for shaving cream and razors.
- Increasing Disposable Income: Consumers are more willing to spend money on shaving products as disposable income levels increase. The result is a rise in demand for expensive shaving tools.
Market Restraints
- Increasing Popularity of Beards: The popularity of developing beards has increased recently, which has reduced the demand for shaving supplies. More men are opting for beard care items than shaving goods.
- Competition From Alternative Hair Removal Methods: Shaving is merely one way of removing body hair. The demand for shaving supplies is being impacted by the rise of alternative methods like waxing, laser hair removal, and depilatory creams.
- Product Innovation: Although developing and marketing new, cutting-edge products can be costly, consumers are continuously looking for them. Companies that don't innovate run the risk of losing market share to rivals with better goods.
Market Opportunities
- Expansion into emerging Markets: The shaving market has significant growth potential in developing nations where the middle class is growing and has more disposable income. Businesses can benefit from this potential development by extending their operations into these markets.
- Innovation in Product Development: As customers become more discerning and demanding, businesses that innovate and develop novel, distinctive products can stand out in a crowded market. Consumers might be particularly attracted to products that offer additional benefits, like skincare benefits or natural ingredients.
- Expansion into new distribution channels: Businesses now have more opportunities to connect with consumers outside of traditional retail thanks to the growth of e-commerce platforms. E-commerce and other digital platforms can help businesses reach out to new customers and increase visibility.
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Report Segmentation of the Shaving Market
Product Insight
The segment for razors and blades had the largest revenue percentage in the market. The significance of personal hygiene being better understood by consumers is one of the major drivers of the segment's growth over the forecast period. Expendable razors accounted for a sizable portion of this industry. The majority of people shave every day as part of a ritual, particularly those who work in corporations. The need for merchandise is growing along with the widespread use of razor blades.
The segment for beard moisturizers and pre-shave creams will experience the greatest growth over the course of the forecast period due to rising consumer awareness of these products. The primary growth drivers in this sector are accelerating urbanization and changing lifestyles. Growth in the target populace on a global scale will boost product demand.
Distribution Channel Insight
In 2022, the offline sector had the largest percentage of the total revenue in this market. The offline market is highly competitive and founded in developed nations like North America and Europe. As a consequence of the higher continuous offered by offline retailers compared to other channels, customers' desire for shaving products is increasing. In order to attract more customers and increase sales, major companies are also showcasing their products on a variety of offline channels, such as supermarkets, hypermarkets, and general merchandise stores. This is anticipated to accelerate the growth of the offline distribution channel sector.
The online distribution channel is anticipated to grow at the fastest rate. As the use of mobile devices and smartphones increases, online buying has expanded to become a major global platform for shopping. The major drivers of this market segment are the change in consumer purchasing habits and the rise in suppliers retailing online.
Recent Development of the Shaving Market
There have been several recent changes that have affected the shaving business. Due to changing customer preferences and technological advancements, the shaving business is undergoing significant changes. The following are some noteworthy 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.
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Market Segmentation
Based on Product
- Razors & Blades
- After-Shave Emulsion
- Other Products
Based on Distribution Channel
- Offline
- Online
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Consumers can choose from a broad variety of brands and products in the fiercely competitive shaving market. Brands distinguish themselves from one another based on elements like price, quality, creativity, and marketing tactics.
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