Around the world, people are becoming increasingly conscious about their appearance, especially with regard to body and facial hair. Additionally, the disposable income is increasing, which is allowing people to spend more on personal and beauty care products. As a result of these factors, the global razor market is expected to reach $22.5 billion in 2030, from $18.0 billion in 2019, witnessing a CAGR of 2.1% during the forecast period (2020–2030).
Razor Market Segmentation
In 2030, the cartridge razors category would hold the largest revenue share in the razor market, as customers find it quite convenient to replace the blades in such products. Additionally, the customers of such products are also influenced strongly by the marketing strategies employed by manufacturers.
During the forecast period, the women bifurcation is predicted to observe the higher revenue CAGR, as a result of the rapid adoption of Western lifestyle habits and swift urbanization in emerging economies. Further, with a rising number of females entering the workforce and the consciousness about beauty being high among them, they would continue to purchase razors in heavy numbers.
Asia-Pacific (APAC) was the largest razor market in 2019, on account of the extremely high population here. Further, the region is witnessing large-scale urbanization, and people, with an increase in their disposable income, are spending more than ever on personal care and grooming products.
Market Players Strongly Focusing on Product Launches for Growth
The key players in the razor market are targeting a widening customer base with improved and new products, in a bid to gain an edge over their competitors. For instance, in January 2019, Koninklijke Philips N.V. made its Series 7000 shaver, with artificial intelligence, available for purchase. This product offers a specific shave plan, as per the shaving technique of individual men.
In the same vein, in October 2018, the Flamingo shave set was launched by Harry’s Inc. Apart from a handle and blades, it also consists of a wax kit, shaving gel and body lotion. The entire product kit, designed for females, is priced under $20.
The major global razor market players are Edgewell Personal Care Company, The Procter & Gamble Company, Societe BIC SA, Dorco Co. Ltd., OSCAR RAZOR, Super-Max Group, Harry’s Inc., Feather Safety Razor Co. Ltd., Wahl Clipper Corporation, Koninklijke Philips N.V., Malhotra Shaving Products (P) Ltd., Dollar Shave Club Inc., Ningbo Kaili Holding Group Co. Ltd., MERS Solutions Ltd., Panasonic Corporation, Bombay Shaving Company, KAI Industries Co. Ltd., Unilever PLC, Benxi Jincheng (group) Blades Manufacture Co. Ltd., Conair Corporation, Spectrum Brands Inc., and Jiangsu Liyu Razor Co. Ltd.