The global electric shaver market is growing at a compound annual growth rate (CAGR) of 6.9% and is expected to reach USD 33.72 billion by 2030, representing a 64% increase from its 2023 valuation. This growth is primarily driven by the increasing awareness and emphasis on personal grooming, along with the expansion of e-commerce platforms that offer consumers easy access to a wide range of electric shavers.

Electric Shaver Market Overview

The electric shaver market refers to the production, distribution, and sale of electric shaving devices designed for personal grooming. This industry caters to a diverse range of personal grooming needs by offering efficient and convenient shaving solutions for both men and women. Electric shavers are widely utilized for daily shaving, beard maintenance, and skincare, with a variety of devices available to accommodate different preferences and skin types. The market features various types of electric shavers, including foil and rotary models, each designed to deliver efficient and comfortable shaving experiences.

The market has seen significant advancements in recent years, driven by a combination of technological breakthroughs and evolving consumer preferences. The integration of smart technologies, including Bluetooth connectivity, expanded the capabilities of modern electric shavers. This innovation enables shavers to synchronize with mobile applications, providing users with real-time insights into their grooming habits. These apps offer personalized tips, maintenance reminders, and product recommendations based on the user's shaving patterns.

Leading companies in the electric shaver industry include Procter & Gamble (Braun), Koninklijke Philips N.V., Panasonic Holdings Corporation, Spectrum Brands Holdings, Inc. (Remington), Wahl Clipper Corporation, Andis Company, Conair Corporation, Xiaomi Corporation, Shanghai Flyco Electrical Appliance Co Ltd, Manscaped, and others.

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HIGHLIGHTS OF P&G (BRAUN)

Procter & Gamble (P&G) is an American multinational consumer goods corporation, founded in 1837 and headquartered in Cincinnati, Ohio. The company is the global market leader in the blades and razors market, with major brands in its grooming segment including Braun, Gillette, and Venus. P&G holds a market share of over 60% in the global blades and razors market, primarily driven by its Gillette and Venus brands. Additionally, P&G’s appliances, such as electric shavers and epilators, are sold primarily under the Braun brand in numerous markets worldwide, where they compete against both global and regional competitors. P&G holds nearly 25% of the male electric shaver market and over 50% of the female epilators market.

The company operates through five reportable segments and has a portfolio of daily-use products across ten categories: fabric care, home care, baby care, feminine care, family care, hair care, skin and personal care, oral care, personal health care, and grooming. In 2023, the company saw a 2% increase in net sales, reaching USD 82.06 billion compared to 2022. The fabric and home care segment generated the highest net sales at 35%, followed by the baby, feminine, and family care segment, the beauty segment, the health care segment, and the grooming segment. Net sales from the grooming segment accounted for 8% of the total in 2023.

The increase in net sales was primarily driven by a 9% rise in product prices and a favourable sales mix that contributed an additional 1%. This favourable mix indicates that the company sold a higher proportion of products in regions including North America, where selling prices are higher, compared to regions including Europe, where prices are lower. However, this growth was partially offset by a 5% negative impact from unfavourable foreign exchange rates and a 3% decrease in unit volume compared to the prior year.

P&G’s operating income increased to USD 18.13 billion in 2023, up from USD 17.81 billion in 2022, reflecting a 2% surge from the previous year. Additionally, the company’s research and development costs were USD 2.0 billion in both 2023 and 2022, up from USD 1.9 billion in 2021, marking a 5% increase over this period. Moreover, the geographic breakdown of revenue indicates that North America holds a 50% share in net sales, highlighting the region's significant contribution to the company's overall revenue. P&G's commitment to quality and consumer satisfaction positions it as a dominant player in the personal care industry, with its products widely available across global markets.

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SUMMARY OF ELECTRIC SHAVER INDUSTRY

The electric shaver industry is highly competitive, led by major companies such as Procter & Gamble, Panasonic, Spectrum Brands, Philips Norelco, and others. These firms dominate both the male and female grooming markets with innovative, user-friendly products, ensuring steady growth and market expansion. Their advanced technology, including self-sharpening blades, drives significant sales and maintains their strong market positions. This industry thrives on consumer-centric designs and strategic market operations, solidifying its leadership in personal grooming.

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ABOUT THE AUTHOR

Shyam Gupta is a passionate and highly enthusiastic researcher with more than four years of experience. He assists clients in overcoming difficult business challenges by providing actionable insights through exhaustive research. He has closely monitored several industries, such as Healthcare, ICT & Media, Robotics, and Electric Vehicles. He has a keen interest in writing articles and uses blogs as a medium to share his thoughts. He spends his time reading and painting when not keeping up with industry news. The author can be reached at info@nextmsc.com