Wet Shave Market

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The Global Wet Shave Market is valued at USD 12.6 Billion in 2022 and is projected to reach a value of USD 23.1 Billion in 2030 at a CAGR (Compound Annual Growth Rate) of 9.1% over the forecast period.

Wet shaving is cutting off hair very close to wet skin. The skin in contact is wet from water and then applied with shaving foam or cream. A razor blade is then swung to perform shaving action to get rid of hair. The global Wet Shave market is expected to grow significantly during the forecast period owing to rising spending on personal care products and continuous innovations in Wet Shave products. Additionally, improved living and rising disposable income will add to the global market. The availability of a wide range of razors combined with an increasing number of shaving products being sold through various distribution channels will increase the footprint of the global Wet Shave market.

A wide range of razors has begun appearing on the market, including straight razors, safety razors, and cartridge razors. These are widely categorized between disposable and non-disposable razors. An expanding e-commerce industry, along with rising design and innovations regarding razor designs, will incrementally impact the global market's growth. Prominent manufacturers have begun introducing shaving creams and gels free from dyes, alcohol, sulfate, and parabens. The introduction of several innovative products are expected to augment the global Wet Shave market during the forecast period. For instance, in 2019, Gillette announced the introduction of the Gillette Heated Razor, which features warming technology that will heat up in a second, providing the comfort of a hot towel during the shaving process.

Prominent players are introducing various ingredients in the formulation of shaving creams, such as stearic acids, triethanolamine, and others. These ingredients provide moisturization and hydration to the skin. An ongoing trend of developing multi-blade rechargeable products is on the rise. These products are being made for users who regularly shave their beards. However, an ongoing trend of growing bears and hairs among the millennial population is expected to cause hindrances for the global Wet Shave market to grow. Additionally, the growing popularity of trimmers will further constrain the market's growth to a certain extent.

Economic Insights

In response to inflation, central banks around the world are expected to raise interest rates. Interest rate increases deviate from historical patterns. According to this, a recessive disease will manifest in 2023. Russia and Ukraine's ongoing conflict began in 2014. Russian troops, on the other hand, made unjustifiable advances when they invaded Ukrainian territory in February 2022. As a result of Russian troops and artillery barrages, civilian casualties on the Ukrainian side have increased. As a result of the ongoing conflict's historic and massive shock to the world's energy and resource markets, the global economy is expected to contract further in the coming years.

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1. Rising Awareness Regarding Personal Grooming and Personal Hygiene: Factors such as a rise in the millennial population have increased awareness regarding personal grooming choices. Additionally, these users are extremely focused on their appearances and personal hygiene. Improvements in standards of living combined with constant product innovations are expected to propel market growth.

2. Increased Focused on Hair Care: Growing consumer concerns and the availability of new, more effective, and safer hair care products are expected to generate surging sales for the global Wet Shave market. An expanding beauty and cosmetic industry combined with increasing concerns of worsening hair due to rising pollution.

3. Widespread Distribution of Products: Hypermarkets are the clear choice for various manufacturers and distributors for selling their products. Additionally, online commerce is picking up speed due to the increasing penetration of smartphones and the rising connectivity of internet choices. Also, factors such as increasing discounts and one-day deliveries are expected to give rise to the footprint of the global Wet Shave market during the forecast period.

4. Manufacturers Using Natural Ingredients to Propel Market Growth: Prominent manufacturers are using natural ingredients and appealing packaging practices to increase their products' sales. Additionally, improved product branding and aggressive marketing strategies are expected to accelerate Wet Shave sales.

Market Segmentation

The global Wet Shave market can be categorized on the following: Gender, Product, Distribution Channel, and Regions. Based on gender, the market can be categorized into male and female. By product, the market can be segmented across disposable razors, non-disposable razors, shaving lotions & creams, razor cartridges, blades, and others. In terms of distribution channel, the market can be fragmented across hypermarkets, supermarkets, independent retailers, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Gender

Men to Dominate Market Share While Women to Grow with the Fastest Growing CAGR

Men will register the largest market share in terms of growth and sales. Men generally practice wet sharing for the removal of their facial hair. Growing awareness regarding self-grooming practices combined with increasing disposable income is expected to impact the market positively. Rising awareness through advertisements, social media blogs, YouTube channels, and influencers is expected to augment segmental growth. The women's gender segment will grow with the fastest growing CAGR during the forecast period owing to practices allowing wet shaving to remove their leg or underarm hair. Studies conducted among women have indicated that an inclination toward wet shaving due to sensitive razors will widen segmental growth.

Based on Product

Shaving Lotions to Occupy Largest Market Share Owing to Facilitation of Easy Shaving Applications

Shaving lotions and cream products include pre and post-shaving creams, soaps, gels, foams, and lotions. These products are expected to witness the largest market share in terms of growth as creams or foams facilitate easy shaving action and contain glycerine as an emollient for softening the beard. This further leads to softer and moisturized skin that helps reduce cuts during shaving. Aftershave lotions can help stop bleeds caused during shaving by helping the facial skin heal faster. These factors are expected to contribute to segmental growth. Disposable razors are expected to grow with the fastest growing CAGR during the forecast period owing to their limited or one-time use application.

Based on Distribution Channel

Hypermarkets to Fuel Largest Market Share due to a Convenient Location for Manufacturers and Distributors for Selling Products

The hypermarket segment will account for the largest market share for the global Wet Shave market. Hypermarkets are extremely convenient locations for manufacturers and distributors to sell their products. The major hypermarkets are Carrefour S.A., Tesco PLC., SPAR, Groupe Auchan SA, and Walmart Inc. are reporting. Additionally, consumers can further touch and see the products physically at such stores, which can result in larger segmental growth. Offline retailing is growing in popularity owing to the larger availability of products within hypermarkets. Other segments (including e-commerce, specialty stores, and drug stores) are expected to grow at the fastest CAGR owing to increasing e-commerce platforms.

Based on Region

North America to Register Largest Market Share Owing to Changing Lifestyle of Consumers

The global Wet Shave market is expected to dominate the North American region. Factors such as individuals' changing lifestyles and rising awareness regarding personal grooming choices are expected to contribute sustainably to the market. An ongoing trend related to the hair and beard styles among men and women combined with rising demand for newer kinds of Wet Shave products will add to the market's growth during the forecast period. Additionally, the region comprises large infrastructural facilities related to salons and barbershops that are expected to increase the consumption of such products. According to data provided by the SBDCNet Organization, as of May 2020, there are more than 77,000 beauty salons and more than 4,500 barbershops in the United States alone.

Asia Pacific is expected to grow with the fastest growing CAGR during the forecast period owing to the presence of large production facilities and dominant players in the region. Additionally, expanding personal care and beauty care products is expected to increase the footprint of the Asia Pacific Wet Shave market.

Competitive Landscape

The global Wet Shave industry is expected to be a competitive space due to numerous players residing in the market. The dominant players focus on integrating a wider product portfolio and have established and extensive product portfolio and a higher degree of operational integrations. Additionally, major market players are invested heavily in their research and development operations, leading to the invention of several innovative products deployed across the market.

The key players in the global Wet Shave market include - Procter & Gamble (U.S), Unilever PLC (U.K), Edgewell Personal Care Company (U.S), Beiersdorf AG (Germany), Johnson & Johnson (U.S), Raymond Limited (India), Godrej Consumer Products Limited (India) among others.

Recent Market Developments:

· August 2020: Edgewell Personal Care announced that they were acquiring Cremo Company LLC, a personal grooming products company, to expand their business in the men's grooming segment with various skin care products. These products cater to beard, hair, and shave preparation products.

· June 2020: Société Générale S.A., a disposable consumer goods company, announced that they were launching "Us. Grooming" band, which is expected to consist of various men's and women's grooming line of products, including razors, shaving creams, body lotion, and face lotion.

· April 2019: Gillette Venus, a brand owned by Procter & Gamble, announced that they collaborated with Vera Bradley to develop a designer razor collection for women. Vera Bradley is a U.S.-based designer of women's handbags, travel items, and luggage.

· June 2020: Andis Company, a leading manufacturer of barbering and grooming products, announced the launching of women's dry or Wet Shaver products that can be reused, recharged, and are easily disposable.

Segmentation of the Global Wet Shave Market