Global shaver market to reach $ 8.8 billion by 2028: Allied
Portland, OR, September 16, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the razor market generated $ 6.2 billion in 2020 and is expected to reach $ 8.8 billion by 2028, with a CAGR of 4.6% from 2021 to 2028. The report provides a detailed analysis of the changing dynamics market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The paradigm shift from wet shaving to dry shaving, increasing number of beauty-conscious customers among male population, and multiple benefits of electric razor are driving the growth of the global shaver market. However, the presence of a cost-effective substitute and the trend of long beards among consumers restricts the market to some extent. On the other hand, the increase in social media marketing and the trend towards premiumization present new opportunities in the future.
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- The outbreak of the COVID-19 pandemic has caused disruption throughout the supply chain, leading to difficulties in sourcing raw materials and finished products.
- However, the disruptions were rectified in the second half of 2020, so the market quickly recovered.
- Online sales channels have grown in popularity over the past year. And as a result, players operating in the industry are strengthening their digital presence.
The report offers detailed segmentation of the global shaver market on the basis of type, demographics, nature, sales channel, and region.
On the basis of type, the sheet polymers segment held the highest market share in 2020, holding nearly three-quarters of the total market share, and is expected to maintain its leading status during the forecast period. However, the rotary segment is expected to register the highest CAGR of 5.5% from 2021 to 2028.
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Based on demographics, the male segment held the largest market share in 2020, holding around three quarters of the total market share, and is expected to maintain its leading status during the forecast period. However, the female segment is expected to register the Highest CAGR 5.2% from 2021 to 2028.
Based on region, North America contributed the highest revenue share in 2020, holding nearly two-fifths of the total market share, and is expected to retain its dominant share by 2028. However, Asia-Pacific is expected to exhibit the fastest CAGR of 6.7% during the forecast period.
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Major global shaver market players analyzed in the research include Koninklijke Philips NV, Havells India Limited, The Procter & Gamble Company, Panasonic Corporation, Wahl Clipper Corporation, Spectrum Brands Holdings, Inc., Conair Corporation, XIAOMI Corp-W, Shenzhen SweetLF Technology Co., Ltd. and Zhejiang Runwe Electric Appliance Co., Ltd.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.