Global Wet Shave Market Anticipated to Reach USD 21 billion by 2025

22-aug-19 The global wet shave market size exhibiting a CAGR of 9.5% over the forecast period, according to a new report. Growing awareness regarding personal grooming and increasing spending on personal care products are some of the major factors that are projected to augment the growth of the market. Moreover, the introduction of several innovative wet shave products, as well as rising number of people becoming a part of the corporate culture, are the factors contributing toward the market growth.

Several manufacturers are adopting strategies such as new product developments and mergers & acquisitions to increase their market penetration as well as gain a competitive advantage. For instance, in May 2019, Edgewell Personal Care Company announced its plans to acquire Harry's, Inc., a U.S.-based manufacturer of wet shave products. Moreover, awareness campaigns undertaken by manufacturers through social media, advertisements, and YouTube channels are likely to augment the demand for wet shaving products.

Razor cartridges product segment was worth USD 2,569.2 million in 2018. Razor cartridge is the detachable part used in cartridge razors. Different types of razor cartridges having lubricating strips that contain menthol, coconut oil, or herbal oil extracts have been introduced to offer smooth shaving experience. The non-disposable razors segment is expected to grow at an estimated CAGR of 9.8% over the forecast period. Non-disposable razors or reusable razors include safety razors, straight razors, and cartridge razors.

In terms of distribution channel, the market has been segmented into hypermarkets, supermarkets, independent retailers, and others. Independent retailers is anticipated to be the fastest-growing distribution channel segment and likely to register a CAGR of 10.8% over the forecast period. E-commerce also plays an important role in the distribution of wet shave products. Wet shave products are sold through several e-commerce websites, manufacturer operated online portals, and online portals operated by numerous retailers.

Increasing investments by major retail companies, especially in emerging countries, are expected to open new opportunities for wet shave manufacturers to distribute and sell their products. In November 2018, Gillette introduced the Gillette SkinGuard Sensitive razor, a clinically proven razor designed especially for men having sensitive skin. In January 2018, Schick, a brand by Edgewell Personal Care Company, launched Schick Intuition f.a.b., a razor with five bi-directional blades specially designed for women.

Further key findings from the report suggest:

• Asia Pacific is projected to emerge as the fastest-growing regional market for wet shave products over the forecast period with growing population in the region, especially in developing countries such as China and India

• Male gender segment dominated the global wet shave market with a revenue share of 71.8% in 2018 as men frequently practice wet shaving for the removal of facial hair

• Blades product segment is expected to register the highest growth rate of 10.2%, in terms of revenue, as blades are widely used as consumables in safety and straight razors and are generally meant for single use

• Hypermarkets emerged as the largest distribution channel segment and accounted for 38.2% of the total market share in 2018

• Key market players include Procter & Gamble, Edgewell Personal Care Company, Unilever PLC, Beiersdorf AG, Johnson & Johnson, Godrej Consumer Products Limited, and Raymond Limited, among others. Other prominent players include Edwin Jagger Limited, Taylor of Old Bond Street, Ludovico Martelli s.r.l., and D.R. Harris & Co. Ltd.

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