The size of the shavers market was above $6,732 million in 2021, and the figure will rise at a rate of 6% during 2021–2030 and reach $11,334 million by the end of this decade.
The growing corporate culture and emphasis on good looks are the main exponential factors for the growth of the industry. What was considered a luxury earlier is now the need of every social event, with the rising living standards. Further, the portability and long durability of these pieces of equipment are attracting people toward these quality appliances.
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| Shavers Market Size and Share Analysis Forecast to 2030 |
The involvement of celebrities in endorsement is another factor for the high demand. The need of the hour for consumer goods companies is to tap the booming popularity of grooming products in semi-urban and rural markets and cater to it effectively, with low-cost options.
The buying capacity of rural market is on the rise and the companies need to understand the market and need to take advantage of the statists of rural industry. Rural consumers are becoming more aware of the quality products giving industry participants more opportunity to grow their product.
With huge population in India and China, these are among the most lucrative players in the grooming industry. As the result, companies are making heavy investments in these countries. Hypermarkets/supermarkets dominated the distribution channel segment, with a share of over 60%, in 2021. This is because of offers and the discounts they provide, along with the ease of shopping.
MEA shavers’ market is driven by the robust growth in the grooming sector. Specifically, the shaver sale has increased as an upshot of Nigeria's growing youth population. Additionally, the snowballing use of internet, endorsements by celebrities have a positive effect on the purchasing behavior of the consumers.
The online channel is also expanding with great pace. This is because of the extensive use of mobile phones, which gives people the convenience of scouting for the favorite products anytime, anywhere. E-commerce also gives shoppers the leverage to buy such shaving products without wasting time in a supermarket.
Europe is the biggest contributor to the shaving product, with the U.K leading the way. The demand for customized shaving products is increasing intensely, which is why manufacturers are working on personalizing the products, to increase their revenue.
Similarly, due to the growing sale of hair removal products, LATAM is becoming the most-promising region, led by the high beauty consciousness in Brazil. Since holistic beauty care approaches are rather popular among Latin Americans, personal care products continue to witness increasing sales. This is credited, in part, to the evolving lifestyles of inhabitants, becoming increasingly busy.
Among men, the need for grooming is increasing because of effective marketing through various channels, like YouTube commercials, influencers, and social media blogs.
