USD 12.6 billion
Report ID: SQSG30L2053 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 90 | Figures: 76
Wet Shave Market size was valued at USD 12.6 billion in 2021 and is poised to grow from USD 13.75 billion in 2022 to USD 27.59 billion by 2030, growing at a CAGR of 9.1% in the forecast period (2023-2030).
Increasing number of people adopting to corporate culture, rising awareness of personal grooming products, and emphasis on the advanced technology by several key market players are the major factors expected to drive the growth of the global wet shave market over the forecast period. Furthermore, the global market is witnessing a tremendous growth by increasing consumer spending on personal care and rapid boost in the number of innovations of wet shave products worldwide.
In addition, introduction to new and advanced shaving products coupled with the rising adoption of shaving products such as shaving creams, dye free gels, sulfates, and parabens are anticipated to have a significant contribution in the growth of global wet shave market throughout the forecast period. For instance, Gillette, a brand of Procter & Gamble, introduced its new Gillette Heated Razor, with many new and advanced features including warming technology and providing a hot towel while shaving.
Growing e-commerce industry with the increasing popularity of several online platforms such as Amazon and Flipkart coupled with the rising number of innovations in razor designs are also propelling the global wet shave market. Many manufacturers of the global market are continuously increasing their investment in research & development sector for the expansion of their product quality and enhancing their services to provide better experience to consumers around the globe.
US Wet Shave Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.6 billion
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Wet Shave Market is segmented on the basis of product, distribution channel, gender, and region. By product, the Wet Shave Market is sub-segmented into disposable razors, shaving lotions & creams, blades, and others. By distribution channel, the wet shave market is categorized into supermarkets, retail stores, and online. By gender, the Wet Shave Market is bifurcated into male and female. By region, the Wet Shave Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Wet Shave Market Analysis by Product
By product, shaving lotions & creams segment held the largest market share in 2022. High usage of these creams and lotions to facilitate shaving process and contain glycerine which acts like an emollient to soften the beard and make skin more-smooth & moisturized while shaving are the major factors projected to drive the segment growth during the forecast period. Moreover, the rising technological advancement in the shaving products and services coupled with the growing awareness and easy availability of various products in the market are further expected to drive the segment growth and demand in the coming years.
Wet Shave Market Analysis by Distribution Channel
By distribution channel. the supermarkets segment dominated the market and accounted for a significant market share in 2022. Easy availability of various international brands, presence of wide range of products, accessibility of original product checking, and growing number of supermarkets across the globe are the major factors driving the segment growth throughout the forecast period.
In addition, various key market players including Carrefour S.A., Tesco PLC, and Walmart Inc. are continuously growing their on-ground presence with the help of opening new supermarket stores especially in developing regions such as India and China, is also anticipated to have a positive impact on the market in the near future.
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Globally, Asia Pacific dominated the wet shave market and accounted for a healthy market share in 2022 owing to large population base, large production facilities in countries such as China, Thailand, and India, and growing consumer disposable income are the major factors expected to drive the wet shave market in the region during the forecast period.
Furthermore, North America is witnessing fastest CAGR during the forecast period owing to change in fashion trends, shifting consumer preferences towards grooming products, and high technological advancement in the region. Additionally, huge infrastructural facilities related to barbershops and salons as well in several developed countries including United States and Canada is likely to boost the consumption of shaving products in the coming years.
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Wet Shave Market Drivers
Change in Consumer Lifestyles and Urbanization to Improve the Market Growth
Wet Shave Market Restraint
Price Volatility of Raw Materials to Impede the Market Expansion
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Global wet shave market is moderately competitive with the presence of many well-known international and local market players operating around the globe. Major players are mainly focusing on new product launches along with the lowering production cost and enhancing product quality for strengthen their market position. In addition, collaboration, acquisition, partnerships, and strategic alliances are few major business strategies on which major players are implementing for the expansion of their product portfolio and geographical presence.
Wet Shave Market Top Player’s Company Profiles
Wet Shave Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global wet shave market is witnessing a significant growth during the forecast period owing to the prevalence of latest grooming products, easy availability through various supermarkets and retail stores, and rising people from corporate culture. In addition, features and characteristics such as reducing friction, smooth grid over the skin, and rich presence of fragrances are expected to fuel the demand for wet shave in the coming years. However, some side effects of wet shaving including ingrown hairs, itching, and inflamed hair follicles are few factors likely to hinder the global demand over the forecast period.
|Market size value in 2021
|USD 12.6 billion
|Market size value in 2030
|USD 27.59 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wet Shave Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wet Shave Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wet Shave Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wet Shave Market for additional countries.
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