Shaving Market Rising With Growth In New Technology Trends Research By 2028Posted by Mrudula Anil Karmarkar on March 1st, 2023 The global shaving market size is expected to reach USD 5.0 billion by 2028, registering a CAGR of 3.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing investments in R&D by various players to develop new shaving products coupled with the increasing demand for personal care products are likely to drive the market growth over the forecast period. Also, increasing income levels play an important role in determining the purchase of shaving products. Demand from consumers for different types of shaving products is leading to innovation in the industry. Numerous players in the market are launching new products to meet the rising and changing consumer demands. The razors & blades segment contributed to the highest revenue share in 2021. Rising awareness among consumers about personal hygiene is a major factor driving the segment growth. Disposable razors accounted for a significant share in this segment. Moreover, personal care companies market these products, which, in turn, drives the industry sales. 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. North America dominated the global market and accounted for the largest market share in 2021. This can be credited to the increasing demand for shaving 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. Asia Pacific is expected to witness the fastest CAGR from 2022 to 2028 due to the increasing demand. 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. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/shaving-market-report/request/rs1 The pandemic had also impacted logistics suppliers and farmworkers. Due to nationwide lockdowns, all the shops and industries were closed, which adversely affected the 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. Shaving Market Report Highlights
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. Companies focus on innovating new products to meet the increasing demand. New players are entering the market owing to low entry barriers and higher market potential. The increasing demand offers an opportunity for product development. Men have envisioned a connection with grooming goods and have grown more health-conscious than before, which has resulted in the creation of small-scale, private-label firms. The leading market participants’ main strategies include new product development and expansion. For instance, Gillette Venus, a Procter & Gamble brand, established a partnership with Vera Bradley to create a razor collection for women in April 2022. List of Key Players of Shaving Market
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