TAGS: Sustainability / Natural Cosmetics Skin Care Toiletries
According to Grand View Research, the global shaving market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2022 to 2028.
Factors Fueling the Growth
The market is majorly driven by the rapidly expanding cosmetic industry. Also, the rising demand for razors & blades is propelling the industry's growth. Personal care products are one of the most growing segments in the cosmetics industry as they have become an important part of fashion.
The worldwide market is growing as a result of a rising number of individuals being involved in corporate culture and placing a value on personal grooming. Thus, increased expenditure on personal care products is expected to fuel the market growth.
Furthermore, the growth is predicted to be aided by a higher quality of living and rising disposable income levels. The closure of factories owing to the COVID-19 pandemic resulted in a decrease in shaving products manufacturing. This affected the overall industry. Due to the worldwide shutdown, all online platforms, retailers, and retail establishments were closed.
This restricted the trade of these items, which, in turn, hampered shaving product sales across the globe. The global market is expected to witness strong growth post-pandemic as shaving products have become a necessity in every household. The pandemic had also impacted logistics suppliers and farmworkers. Due to nationwide lockdowns, all the shops and industries were closed, which adversely affected sales.
Increasing demand for chemical-free and
organic shaving products is expected to be the key trend transforming the global market. Due to increased consumer knowledge of the detrimental effects of some chemical compounds often used in shaving creams and other grooming products, the demand for organic, clean-label, and natural products has increased in the global market. The emergence of the premiumization trend in organic shaving products, along with the rising influence of clean-label components, is further contributing to the market growth.
Chemicals in excessive quantities can have an adverse impact on the skin, thus manufacturers are focusing on replacing them with organic and natural components. In addition, to improve the shaving experience, manufacturers are introducing products with unique aromas and ingredients like cocoa butter and activated carbon. This factor is predicted to increase product demand over the forecast timeline.
Increasing awareness regarding the importance of shaving care products is another factor driving the market. Demand from consumers for different types of shaving products is leading to innovation in the industry. However, factors, such as the trend of keeping full bread and the popularity of electronic trimmers, may hinder market growth over the forecast period.
Related Read: Men’s Skin care: Formulate Better Products via Customized Ingredients Selection
Product Insights
The razors & blades segment captured the largest revenue share of around 75% in the global market in 2021. Rising awareness among consumers related to personal hygiene is a major factor driving the segment growth over the forecast period. Disposable razors accounted for a significant share in this segment. For most people, particularly those who work in corporations, shaving has become a part of their daily ritual. In addition, the increasing use of razor blades is driving up the product demand.
The beard moisturizers, and pre-shave creams segment will register the highest growth over the forecast period due to rising awareness among consumers about these products. Rapid urbanization and changing lifestyles are major factors driving this segment's growth. The rising target population globally will also fuel the product demand.
Moreover, rising awareness about personal grooming among men is likely to drive the product demand. Beard moisturizers and pre-shave creams include glycerin, which serves as an emollient to soften the beard, making the skin smooth and hydrated and assisting in the elimination of shaving cuts. Aftershave creams can help the facial skin recover faster and decrease bleeding caused by shaving.
Distribution Channel Insights
The offline segment accounted for the highest share more than 74.5% of the global market revenue in 2021 owing to its increasing sales. The offline industry is highly competitive and mature in developed economies like North America and Europe. The demand for shaving products is growing among customers due to more sustainability offered by offline stores than in other channels.
In addition, to attract more consumers and drive sales, key players are showcasing their products on various offline channels, such as mass retail stores, hypermarkets, and supermarkets, among others. This is expected to drive the growth of the offline distribution channel segment.
The online distribution channel segment is estimated to register the fastest CAGR from 2022 to 2028. With the increasing penetration of mobile devices and smartphones, online shopping has emerged as a major shopping platform globally. The segment is majorly driven by the change in consumers' buying behavior and rising suppliers selling online.
E-commerce and online portals have become key distribution channels for trade and sale of shaving products recently. Shaving products are available on a variety of e-commerce websites, including Amazon, eBay, and Flipkart, as well as websites that specialize in a certain geographic area. The selling of shaving products is further aided by online portals run by a number of businesses.
Regional Insights
On the basis of geographies, the market has been further divided into North America, Europe, Asia Pacific, Central & South America, Middle East & Africa. North America dominated the global market and accounted for the largest market share of more than 35.00% in 2021. This can be credited to the increasing demand for shaving care products in this region. The busy and changing lifestyle of consumers in this region has led to the increased demand for personal care products as many consumers are using holistic approaches for beauty care.
Due to the rising demand for organic and natural components, as well as product developments, the Europe market is predicted to rise rapidly over the forecast period. Furthermore, the marketing of various shaving products is likely to boost the demand further. Asia Pacific is expected to witness the fastest CAGR from 2022 to 2028. This can be credited to the increasing demand for shaving products in this region. An increase in disposable income levels in countries like China and India is further driving the segment growth. In addition, increasing awareness regarding personal hygiene is also responsible for market growth in the Asia Pacific.
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Source: Grand View Research
