Razor Market Overview
The global razor market is estimated at a value of $17.5 billion in 2018, and is poised to register a CAGR of 2.3% during 2019-2024. Factors including overall growth in men’s grooming industry, increasing social media influence, growing e-commerce market, and personalized marketing automation trend are augmenting the market growth across the globe.
On the basis of distribution channel, the global razor market has been categorized into supermarkets/hypermarkets, department stores, convenience stores, online, and others; wherein others include drug stores, grocery stores, and beauty specialists. The market for online category is projected to register fastest CAGR, during the forecast period. Additionally, millennials represented a considerable percentage of the total market growth in the historic period, attributed to the highly online connected population segment that is more disposed toward purchasing products via online channel.
With growing awareness regarding increased convenience, and growing accessibility with lower prices, consumers across the globe are rapidly adopting online channel to make purchases for their regular-use products. Though, majorly consumers primarily opting to buy razors from supermarkets/hypermarkets, convenience stores, and others; however, the market is exhibiting increased sale of razors via online channel. Thus, with improving e-commerce sector growth, the razor market growth prospects also propelling with each year.
Asia-Pacific (APAC) has been one of the largest consumers of razors during the historic period. In APAC, India is the fastest growing country in terms of GDP as well as consumer disposable income. In India, Gillette (a brand of The Procter & Gamble Company) in non-electric razor market and Philips in electric razor market are the highest preferred brands by the consumers. Moreover, the region is projected to display the fastest growth during the forecast period. Improved marketing and advertising campaigns are also creating further momentum in the APAC razor market.
Also, growing demand for personalized razors, to target different consumer segments created a momentum in the India razor industry. For instance, The Procter & Gamble Company offered different razors in terms of design complexity, cost, single blade/extra blades, requirement of running water, among others, for the different consumer segments in APAC.
Razor Market Dynamics
Increasing focus toward personal grooming is a key factor driving the global razor market across the globe. Nowadays, with rise in western culture, men population are becoming more aware about grooming and are paying more attention to their looks, with surging focus on haircare and shaving. With increasing focus toward personal grooming, more male consumers are preferring male focused salons or spas to get better advice from professionals for their shave and haircut.
Additionally, according to a research by The Procter & Gamble Company, shaving accounts for the largest segment of the men’s grooming category, with around 43% of men aged 18 to 24 years and 39% of men aged 25 to 34 years old preferring clean shaving. The interest in shaving and male grooming would continue to rise in the coming years, and is predominantly driven by the younger populace. The rising interests of male population to improve their physical allure is driving the growth of personal grooming products. Hence, with increasing focus of men toward personal grooming, the market for razors is exhibiting positive growth.
With increasing urbanization, the appearance of razors has also become significant which is consequently fueling the growth of beauty and grooming products. This includes electric and non-electric razors, which are the most inherent grooming products in day-to-day life. The evolution of hybrid razors, which is a combination of razor and trimmer, serves the purpose for consumers demanding both types. The increasing flexibility of foil shavers is grabbing the attention of customers, who want close shave with high flexibility in shaving.
Additionally, Lithium-ion (Li-ion) technology-based shavers are also offering advantages to customers, and is largely trending in razor market. Further, Skarp laser razor is a recent advancement in shaving technology that uses a compact laser to burn hair rather than cutting it. This razor is used to reduce both irritation and waste that is produced by disposable razor blades. Hence, increasing technological advancement is trending in razor market globally.
Razor Market Competitive Landscape
Global razor market is highly competitive with the presence of several key players operating in the market. Companies/brands including Dollar Shave Club (Unilever Group) and Harry's Inc., disrupted the market in terms of heavy competition due to which the top companies including The Procter & Gamble Company (Gillette) reduced the prices of their razors, significantly. This has led to lower revenues for razor market.
Some of the key players operating in the razor market include 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., Koninklije Philips N.V., and Wahl Clipper Corporation.