Shavers Market is estimated to register a steady CAGR of close to 7% over the forecast period of 2021-2031 - Persistence Market Research

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25 Mar, 2021, 11:30 GMT

NEW YORK, March 25, 2021 /PRNewswire/ -- The concern of stocked up grooming equipment in the ever-growing hectic work schedules and changing lifestyles has been eradicated by the differentiating strategy executed by few more players in the shavers market. The unique subscription business model of delivering shavers, blades, and other grooming equipment has been trending since the last few years. Key players have introduced the on-demand delivery service, through which, customers can subscribe to a monthly or yearly product subscription that will be delivered to their doorstep on a recurring timely basis, thus attracting a large number of customers.

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Moreover, the growing trend of salon franchises is boosting the sales of shavers. These salon franchises have become the grooming destination for a large number of people. Additional amenities such as spa and massage services have also drawn customers toward these salons, and have boosted demand for grooming equipment such as shavers, razors, and clippers.

In light of the above factors, global sales of shavers is expected to top US$ 50 Bn in 2031. According to the revised report by Persistence Market Research, the shavers market is estimated to register a steady CAGR of close to 7% over the forecast period of 2021-2031.

Key Takeaways from Market Study

  • The market is considerably fragmented and vast in nature, resulting in moderate bargaining power of customers due to large number of players. Key shaver manufacturers are involved in marking their presence through different strategies such as target marketing.
  • Electric shavers hold a noteworthy revenue share. With growing significance of convenient grooming, the category is expected to register significant growth.
  • In case of end user, male consumers are the dominating category in the industry, and this segment is anticipated to experience steady growth over the forecast period.
  • Shift in consumer preference from store-based to online-based sales is likely to drive online retailing of shavers and grooming equipment over the coming years.
  • In terms of regional analysis, the market East Asia and South Asia is expected to register a rapid growth. Growth in these regions is expected to be driven by the millennial population.
  • The market in both, China and India, is projected to expand at an impressive CAGR of over 11% through 2031.
  • Due to the COVID-19 outbreak, market growth in 2020 was only 2.9%. However, in 2021, it is expected to increase to over 5%.

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"The grooming industry is taking personalization and customization to another level, with a new concept launched, viz. customers can alter the look, size, color, and handle of a shaver as per convenience," says an analyst at Persistence Market Research.

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Market Competition

The report underlines groundbreaking insights into the competitive scenario of the shavers market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include Panasonic Corporation, Société BIC SA, The Procter & Gamble Company, Koninklijke Philips N.V., Edgewell Personal Care, Conair Corporation, Remington Products Co. LLC (Spectrum Brands Holdings, Inc.), Helen of Troy Limited, Harry's Inc., Dollar Shave Club, The Eltron Company, Wahl Clipper Corporation, Super-Max Limited, Andis Company, Inc., and Ningbo Kaili Holding Group Co., Ltd.

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More Valuable Insights

Persistence Market Research released a new market research on the shavers market, covering global industry analysis of 2016-2020 and forecasts for 2021–2031. The market study reveals compelling insights on the basis of product (electric shavers and non-electric shavers), end user (males and females), and sales channel (supermarkets/hypermarkets, specialty stores, multi-brand stores, online retailers, and other sales channel), across seven major regions of the world.

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