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Usage of Razors to be Higher among Men in the Coming Years
Valued at $18.0 billion in 2019, the global razor market revenue is expected to increase to $22.5 billion by 2030, at a 2.1% CAGR during 2020–2030 (forecast period). The major factors propelling the demand for such objects are the rising focus on personal grooming and surging disposable income.
Razor Market Segmentation Analysis
The cartridge razors category, based on type, dominated the razor market in 2019. This is attributed to the fact that the blade in these variants is rather easy to replace. Additionally, personal care firms strongly market these products, which is another reason for their high adoption.
During the forecast period, the premium division, on the basis of segment, is expected to witness the highest CAGR, in terms of revenue. With the maturation of the market for mass-segment products, companies are rapidly focusing on those who purchase premium category, to keep themselves afloat.
Supermarkets/hypermarkets were the highest revenue generating distribution channel in the razor market during the historical period (2014–2019). This is because such stores offer a wide variety of products and give customers the option of physically comparing the products offered by different companies.
Till 2030, stainless-steel blade is predicted to hold the larger revenue share, on the basis of blade type. The major reason behind this is that this material is resistant to rust, which increases the shelf life of blades.
The men bifurcation, based on consumer, was the higher revenue generator in the razor market in 2019. This is credited to the fact that men outnumber women and most of them regularly groom their beards.
Geographically, Asia-Pacific (APAC) would observe the fastest growth in the razor market in the coming years. This is because the region is the most densely populated in the world and accounts for a high urbanization rate and increasing expenditure on personal care products.
Subscription-Based Delivery Model Trending in the Market
The major trend in the razor market is the increasing adoption of the subscription-based model, via which blades are delivered to users every week or month. Several industry players, such as The Procter & Gamble Company (P&G) and Dollar Shave Club, are using this strategy to attract customers. For instance, P&G introduced its on-demand service in 2017, via which users get blades delivered at their doorstep simply be texting ‘BLADES’ on the given number. Further, the company acquired Billie Inc., a startup offering women grooming products via subscriptions, in January 2020.
High Focus on Personal Grooming the Major Market Driver
The most prominent factor driving the razor market is the rising focus on personal grooming. With the influence of the Western culture increasing, men are becoming aware about their appearance, with a special focus on hairstyle and beard. This is leading to a rising footfall at male-special salons and spas, where professionals offer advice on grooming. P&G says that 43% males in the age group of 18–24 and 39% in the age group of 25–34 prefer to be clean shaven. Thus, men, especially in the comparatively lower age groups, are driving the demand, by strongly focusing on enhancing their physical appearance.
Rural Regions Provide Market Players Ample Growth Opportunities
Tapping the surging demand for grooming products from the rural regions can potentially lead to great profits for the razor market players. A large chunk of the population in emerging economies, including Sri Lanka, India, Vietnam, Australia, and the Philippines, lives in rural pockets. A lot of such people, for want of spending power and product awareness, use inferior-quality products offered by unorganized companies. But, with modernization and rising social media penetration, the consumers in rural areas are becoming aware of the good-quality variants available in the market, thereby offering industry players a huge growth potential in the coming years.
Market Players Looking at Product Launches as Key Growth Strategy
In the past, the major firms in the razor market have launched several new products as a means to widen their customer base and increase their sales. For instance, in February 2020, P&G introduced the TREO razor, under its Gillette brand, in Canada. Equipped with a safety comb for fewer nicks and cuts and a paintbrush-like handle, it offers caregivers better comfort and control.
Similarly, in July 2018, the Braun Silk-épil 5 SensoSmart and Braun Silk-épil 9 SensoSmart epilators were launched by Braun GmbH. Via their light signal, these products let users apply optimal pressure to epilate, which helps in removing even those hair which cannot be plucked by waxing.
The Procter & Gamble Company, Edgewell Personal Care Company, Dorco Co. Ltd., Societe BIC SA, Super-Max Group, OSCAR RAZOR, Feather Safety Razor Co. Ltd., Harry’s Inc., Koninklijke Philips N.V., Wahl Clipper Corporation, Dollar Shave Club Inc., Malhotra Shaving Products (P) Ltd., MERS Solutions Ltd., Ningbo Kaili Holding Group Co. Ltd., Bombay Shaving Company, Panasonic Corporation, Unilever PLC, KAI Industries Co. Ltd., Conair Corporation, Benxi Jincheng (group) Blades Manufacture Co. Ltd., Jiangsu Liyu Razor Co. Ltd., and Spectrum Brands Inc. are the prominent players in the global razor market.
Market Size Breakdown by Segment
The razor market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Segment
Based on Distribution Channel
Based on Razor Blade Type
Based on Consumer