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Shaving Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global shaving products market was valued at USD 154.2 billion in 2022 and is projected to grow at a CAGR of 7.8% from 2023 to 2030. Increasing urbanization is propelling the demand for personal care products, including shaving products, and is expected to boost the growth of the market. Male population is increasingly seeking ways to embellish their appearance, and shaving is one of the most common grooming activities. Some market participants are focusing on developing new shaving items such as electric shavers and razors, which are said to be more comfortable and convenient for men.
The high price of conventional shaving products, which is primarily caused by the high cost of ingredients and manufacturing, is expected to restrained the market growth in the near future. For instance, in March 2022, Gillette announced the launch of a new line of products—Shave Tech—which is lower in cost and is made with water, soap, and heat. The launch is expected to give a significant competitive edge to Gillette shave brands in the market.
The growth of the market is being impacted by the increasing incidence of skin diseases in men, which is restraining the demand for razor blades and cartridges. The shaving industry is also facing challenge from the increasing uptake of electric shavers, which is reducing the demand for razor blades.
Product Insights
Across all segments, shaving products are expected to register the highest CAGR of 11.5% during the forecast period. Significant growth dynamics are being witnessed in the razor and blades segment, with the latter witnessing a 23.1% CAGR. The growth of the electric razor segment is largely attributable to the growing popularity of the technology among males, as well as the increasing awareness about environmental sustainability and the health benefits of shaving. Additionally, the growing awareness about skin cancer among males is also expected to drive the demand for shaving products in the near future.
The dermatology/health supplements market is forecast to grow at a CAGR of 5.5% over the forecast period. This growth is attributable to the growing popularity of natural products and the increasing awareness about dietary supplements among consumers. Moreover, the increasing incidence of skin cancer among males is also expected to drive the demand for dermatology/health supplements among consumers in the near future.
Distribution Channel Insights
The shaving products segment is expected to grow at a higher CAGR of 15.1% between 2019 and 2022. One of the reasons for this growth is the increasing trend of men grooming themselves in a more detailed manner. This has resulted in an increased demand for formulations, devices, and accessories that help them shave in the best possible way. The high demand for shaving products is being met by the merchants through an increase in the retail prices of these products.
The personal care retail channel is expected to dominate the shaving products market between 2019 and 2022. This is mainly due to the fact that this is the main channel through which men purchase grooming products. The growth in the online retail segment is expected to act as a minor offset to this growth.
Type Insights
The shaving products market size is anticipated to grow at a CAGR of 5.8% to reach $3.5 billion by 2022. The growth in the Asia-Pacific region is mainly attributed to the growing ageing population, which demands high-quality personal care products. In addition, the increasing trend of men opting for a clean shave is driving the market growth. For instance, Gillette, a leading shaving brands, haslaunched a share program called Blades of Grass sampler wherein the consumer can select any four of the company’s brands and get a pack of blades of the corresponding brands at a discounted rate.
The scissors & shears market is expected to grow at a slower rate of 3.1% during the forecast period. This is primarilyas a result of the technological advancement of multi-blade systems. For instance, Braun, a leading shaver brand, has launched a new system, which introduces seven blades on one foil which allows the user to get a closer shave.
Regional Insights
North America dominated the market, as it accounted for the largest revenue share in 2022. Asia Pacific is expected to grow at a higher rate than the global market, owing to the increasing awareness about hygiene and personal care across the region. Over the past few years, the market has seen a marked shift towards disposable shaving products. This trend is expected to continue, as there is a growing preference for convenience and ease of use among consumers.
Latin America is expected to witness a growth rate of over 12% over the forecast period. This is due to the high growth potential in the region, owing to the increasing population of middle-class households and the growing demand for quality and convenient sanitation products. Over the past few years, several startups have entered the market, targeting the Latin American market. For instance, in March 2021, startup Ambar created the world’s first electric shaver for men in Latin America.
The report covers the following regions:
– North America
– Asia Pacific
– Europe
– Latin America
– Middle East and Africa
– Canada
– Mexico
Financial Projections
In this part of the shaving products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your shaving products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a shaving products business comes from sales of the product. Here you will find a list with a description of each of them and other possible sources of profit such as licensing, trade shows, and social media.
Projecting Expenses
In this section, all the regular expenses related to keeping the shaving products business running will be described. The list of operating expenses includes salaries, rent, utilities, inventory, and marketing expenses.
Key companies & market share insights
Some of the key companies operating in the shaving products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Merck & Co., Inc. launched a new shaving foam calledHydroBlaster.
– In July 2022, L Brands, Inc. announced the launch of its new men’s shaving soap calledRefresh.
– In September 2022, Procter & Gamble Company announced the launch of its new men’s shaving razor calledThe PowerShave.
– In October 2022, Schick Inc. announced the launch of its new men’s shaving razor calledThe Hydro 4 Blade.
Some of the prominent players in the shaving products market include:
– Merck & Co., Inc.
– L Brands, Inc.
– Procter & Gamble Company
– Schick Inc.
– Durabrush
– HBS AG
Global Shaving Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global shaving products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Blades
– Soaps
– Shaving Brushes
– safety Razor
– Trimmers
– Razors
– Accessories
– Color Cosmetics
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Traditional Retailers
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Manual
– Electric
– Automatic
– Pre-shave Products
– Post-shave Products
– Accessories
– Color Cosmetics
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
– Australia & New Zealand
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in shaving products are expected to influence the shaving products market. Shaving products are viewed as necessities by consumers, owing to the increasing popularity of beard-growing and moustache-growing styles. Smartphones and tablets are also increasingly incorporating shaving products into their user interfaces as these devices become more popular.
[Q]: Who are the Key Players in the Shaving Products Market?
[A]: Venus, P&G, Unilever, L’Oréal, Merck & Co. Inc., and Colgate-Palmolive Co.
[Q]: Which Region Offers the Largest Opportunity for Sales of Shaving Products?
[A]:Europe is expected to be the largest market for shaving products, with an enterprise value of $8.5 B (USD) in 2018.
[Q]: What are the factors driving the shaving products market?
[A]: Factors such as an increase in the number of men and women with beards and moustaches, rising disposable income, and the trend of “better living through chemistry” are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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