Razor Market Research Report: By Type (Cartridge Razors, Disposable Razors, Electric Razors, Straight Razors, Safety Razors), Segment (Mass, Standard, Premium), Distribution Channel (Supermarkets/Hypermarkets, Department Stores, Convenience Stores, Online), Blade Type (Stainless Steel, Carbon Steel), Consumer (Men, Women) - Revenue Estimation and Demand Forecast to 2030

Market Overview

The global razor market generated an estimated revenue of $17,405.4 million in 2021, and the market size will advance at a CAGR of 2.0% during 2021–2030, primarily due to the rising focus on personal grooming and the surging disposable income of people.

Physical appearance has been a captivating factor for human beings, which relates to self-esteem and self-confidence. The growing consciousness about physical hygiene among women as well as men and the increasing need for on-the-go grooming solutions are further driving the demand for razors. Promotions through celebrity endorsements and advancing technological developments have a greater role in driving the growth of the market.

The razor production was affected by factory closures, as a result of lockdown measures enforced during the COVID-19 pandemic. Furthermore, the disruption of the supply chain led to the shortage of raw materials, which hampered the market growth. Furthermore, customers were taking a more relaxed approach to their grooming procedures, resulting in lower demand for razors. Moreover, as hair-cutting salons, spas, and shops were shut down as a result of government regulations aimed at curbing the spread of the virus, customers turned to the online mode to order and obtain the blades. However, the industry witnessed a significant comeback in the first half of 2021, returning to pre-COVID-19 levels, due to the online channel's backing and it is also expected to witness growth in the coming years.

Cartridge Razors Witnessed Highest Usage Among Consumers

The cartridge razors category, based on type, dominated the razor market, with revenue share of around 40%, in 2021. This is because cartridge blades are relatively easy to replace. Personal care companies are also heavily marketing this product, which contributes to its widespread use. Moreover, the demand for cartridge razors is significantly high in APAC and Europe, with China, India, and Germany accounting for the majority of sales. In the global environment, Gillette cartridge razors are the most popular choice of users.

Whereas, the electric razors category is expected to register the highest CAGR, of around 5%, during the forecast period. This can be attributed to the high demand for electric razors in APAC. Also, easy and convenient usage has triggered the demand for electric razors across the globe. Moreover, the increasing trend of growing beards and stubble as a fashion primarily among youngsters is projected to further propel the growth of the electric razors market during the forecast period.

Hot Revenue Pocket

• Harnessing the surging demand for grooming products in rural areas results in significant revenue for razor manufacturers. Rural areas are home to a major portion of the population in emerging economies such as Sri Lanka, India, Vietnam, China, and the Philippines. Many people use low-quality products offered by disorganized companies due to a lack of spending power and product awareness. Nowadays, consumers in rural areas are becoming aware of good-quality alternatives available in the market, as a result of modernization and expanding social media penetration, providing industry participants with great development potential.
• Moreover, due to the large population base in countries such as India and China, they are expected to emerge as major grooming markets in the coming years. As a result, companies in the grooming industry are investing heavily in these nations, which is expected to result in the growth of the market.

Stainless Steel Category Accounted for Larger Market Share in 2021

On the basis of blade type, the stainless steel category accounted for a larger market share in 2021. This is primarily because stainless-steel blades have a higher build quality and these do not rust easily. Due to these reasons, both manufacturers and consumers are switching to stainless-steel blades. Furthermore, these blades stay sharp for a longer period of time, hence consumers are more likely to choose them. The blade also warms up quickly so that consumers using the product do not feel the cold of the metal on the skin.

Hypermarkets/Supermarkets Category is the Most Adopted Distribution Channel

Among distribution channels, the hypermarkets/supermarkets category accounted for the largest revenue share, of around 40%, in 2021. This is primarily due to the availability of a large range of razor products, which help customers to physically compare and examine before purchase. Whereas, the online distribution channel category is expected to register the fastest growth, with a CAGR of 3.0%, in the forecast period. Greater variety, better sales offer, 24*7 hassle-free shopping, easy price comparison, and home delivery are some factors that propel the growth of the online channel during the forecast period.

Driven by Large Consumer Base, APAC Holds Largest Market Share

The APAC region leads the razor market globally, and it is projected to continue witnessing the same trend in the future. The enormous demand for this product in emerging economies of the region is likely to move the market forward. China, India, and Indonesia are among the most populous countries in APAC, and because of its fast-growing population, high rate of urbanization, and rise in spending power of people on personal care goods, the regional market is expected to witness the highest growth rate during the forecast period.

Furthermore, market players in the region are focused on the value-for-money consumer base, cutting product prices, and offering new yet affordable razors to target them. For example, The Proctor & Gamble Company introduced Gillette Guard, a low-cost razor that enables shaving at an affordable price, in order to attract the Indian mass customers.

To Widen Customer Base, Market Players Involved in Product Launches, Acquisitions, and Partnerships

Major companies in the global razor industry have been involved in product launches, partnerships, and acquisitions to widen their customer presence and increase their products’ sales. For instance:

• In November 2021, Edgewell Personal Care Company acquired a U.S.-based consumer brand company, Billie Inc., to offer a broad portfolio of personal care products for women.
• In October 2021, Philips Norelco teamed with Movember to invest up to $550,000 in the form of more than 850 Philips Norelco shavers and funds to help Movember perform men's health research.
• In February 2021, Gillette launched Planet Kind, which is a new shaving and skincare brand that uses 85% recycled paper, 85% recycled plastic, or infinitely recyclable aluminum in its packaging. A razor handle composed of 60% recyclable plastic is also part of the assortment.

Key Players in Razor Market Are:

• The Procter & Gamble Company
• Edgewell Personal Care Company
• Dorco Co. Ltd.
• Societe BIC S.A.
• OSCAR RAZOR
• Feather Safety Razor Co. Ltd.
• Harry’s Inc.
• Koninklijke Philips N.V.
• Wahl Clipper Corporation
• Dollar Shave Club Inc.

Market Size Breakdown by Segment

The global razor market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.

Based on Type

• Cartridge Razors
• Disposable Razors
• Electric Razors
• Straight Razors
• Safety Razors

Based on Segment

• Mass
• Standard
• Premium

Based on Distribution Channel

• Supermarkets/Hypermarkets
• Department Stores
• Convenience Stores
• Online

Based on Blade Type

• Stainless Steel
• Carbon Steel

Based on Consumer

• Men
• Women

Geographical Analysis

• Asia-Pacific (APAC)
  • China
  • India
  • Japan
  • South Korea
  • Australia,
• Europe
  • Germany
  • U.K.
  • France
  •  Italy
  • Spain
• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Turkey
  • Saudi Arabia
  •  U.A.E.