Razor Market To Generate Revenue Worth $20,866.6 Million by 2030

The increasing focus on personal grooming and the rising disposable income of people are the key factors that positively impact the growth of the market. Due to these factors, the global razor market is projected to generate $20,866.6 million revenue by 2030, advancing at a CAGR of 2.0% during 2021–2030.

The coronavirus has spread throughout the world, and most countries implemented lockdown measures to prevent the infection from spreading further and to protect public health. Except for essential services, all commercial and industrial operations were completely shut down in 2020, resulting in an economic crisis in the world. Manufacturing of razors and production activities were halted, causing the business to slow down, and inactive commerce and transportation completely disrupted the supply chain, resulting in significant losses for companies. However, following the pandemic, customers' purchasing preference has switched from offline to online channels. The internet's widespread usage, online purchasing platforms, and changes in customer buying behavior as a result of COVID-19 are likely to increase the sales of razors in the coming years.

Cartridge Razors To Hold Largest Market Share Throughout Forecast Period

The razor market is categorized into disposable razors, electric razors, cartridge razors, safety razors, and straight razors, on the basis of type. Of these, the cartridge razors are expected to hold the largest revenue share in the market in the coming years. This is because cartridge razor is easy to replace and thus it is preferred by consumers across the world. The personal care and wellness companies are also supporting the product and are heavily marketing this product.

Further, on the basis of blade type, the market is categorized into stainless steel and carbon steel. Between the two, the stainless steel category held a larger market share in 2021. This is because stainless-steel razor blade does not irritate the skin and is convenient to use. Also, it does not rust easily, hence it can be used for a longer period of time.

Due to the surging urbanization, the rising consumer knowledge about personal hygiene, and the development of new distribution channels in countries like India and China, the market in APAC is predicted to grow at the highest rate, globally. The growth and widespread penetration of supermarkets, hypermarkets, retail chains, and small retail establishments have made razors more readily available in emerging markets. The large population base in emerging economies of APAC is another primary factor driving the demand for razors in the region.

Product Launch Is the Strongest Strategic Measure Taken by Market Players

Players in the razor industry have been introducing new products to enhance their market presence. For instance, in July 2021, Philips introduced the BT1000 range of beard trimmers with skin-friendly blades, to meet the grooming needs of Gen Z males.

Similarly, in February 2020, Gillette introduced a razor “Gillette TREO” for shaving, which is equipped with a safety comb to help protect against nicks and cuts and, unlike traditional razors, has a handle like a paintbrush that offers better control and comfort to caregivers in Canada.

Some of the major players operating in the global razor market include Edgewell Personal Care Company, The Procter & Gamble 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, and Dollar Shave Club Inc.