The global razor market size is projected to touch USD 13 billion by the year 2025. It is anticipated to grow at a CAGR of 3.5% through the forecast period of 2019-2025. Increasing awareness of consumers regarding personal hygiene and a rapidly increasing market of men’s grooming products have been driving the product demand over the years.
Electric shavers are anticipated to grow at the fastest CAGR of 4.3% over the forecast period. Availability of both local and international brands, from Braun and Philips to Indian brands like Nova and Syska, is the major factor driving this segment. In countries such as U.S., Germany and U.K. the personal care industry is fast-growing and the demand for such products is expected to increase in both genders.
Disposable razors held a market share of 33.6% in 2018 and the demand for this product would continue growing owing to increasing usage of the product in developing countries like Brazil, India and Sri Lanka. Availability of domestic brands and reasonable price of the product are the major factors driving the product demand in these countries.
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In consumer segment, men dominated the market, while women segment is anticipated to grow at a CAGR of 3.9% over the forecast period. Growing consciousness of women regarding beauty and personal care along with strong influence of changing fashion trends are some of the major factors driving this consumer segment. Consumer preference in dermatology and beauty clinics for various treatments is increasing owing to wide usage of shaving razors as they offer a non-surgical and cheaper alternative. For example, Gillette Venus is a popular razor choice among Indian women for regular use since its inception.
The online distribution channel is anticipated to grow at a CAGR of 3.9% over the forecast period. Strongly established consumer base of online apps and stores like Nykaa, Amazon and Purplle has contributed significantly to the growth of this segment. Increasing number of internet users, availability of wide range of products, striking offers & discounts and easy to access, are the prime factors driving product sales via online distribution channels.
North America ruled the razor market with 32% share, in 2018 and is projected to grow steadily over the upcoming years due to the presence of eminent manufacturers like P&G. The availability of a wide-range of technologically advanced products and increasing awareness of consumers regarding personal grooming has resulted in driving the product demand in this region. Increasing use of electric trimmers across salons and homes in U.S. for quick and effective results is one of the major factors attributing to the dominance of the regional market.
A number of leading brands have started offering subscription services to keep up with the ongoing trends in the industry. These services include promoting technologically advanced razors along with lower-end products. Some companies have also adopted go-to strategies like extending their product line to earn profit. For example, Harry’s started making products for feminine body hair care after serving men’s grooming products for a long time.
Further key findings from the report suggest:
- Cartridge razors held 38% of the total market share in 2018 and is anticipated to show significant growth over the forecast period
- North America held the largest market share amongst all the regions and is estimated to be worth of USD 4.1 billion by 2025
- Asia Pacific region is projected to be the largest and fastest developing market, growing at a CAGR of 4.2% over the forecast period
- Rising preference towards affordable hair removal solutions in countries like Brazil, India and China has been driving the product demand. Rising buying power of consumers in this region is also significantly contributing in driving the market growth
- The presence of domestic and international players makes the market highly competitive in nature.
Global Razor Market: Key Players
Koninklijke Philips N.V.; The Procter & Gamble Company; Harry’s Inc.; Supermax Limited; Societe BIC S.A. (BIC); and Edgewell Disposable Company
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The global razor market size is expected to reach USD 13.0 billion by 2025, according to a new report by Radiant Insights, Inc, registering a 3.5% CAGR during the forecast period.
Electric shavers are expected to witness the highest growth over the forecast period, registering a 4.3% CAGR from 2019 to 2025.
Shaving razors offer a non-surgical and cheap alternative, which has increased consumer preference in dermatology and beauty clinics for various treatments.
Increase in the usage of electric trimmers across homes and salons in U.S. for rapid and effective results is one of the key factors contributing to the dominance of the regional market.
Key players operating in the market include The Procter & Gamble Company; Koninklijke Philips N.V.; Edgewell Disposable Company; Harry's Inc.; Societe BIC S.A. (BIC); Supermax Limited; and Dorco Co. Ltd.
Further key findings from the report suggest: • Cartridge razors constituted a share of 38.00% in the total market in 2018 and the segment is projected to exhibit significant growth over the coming years • In terms of region, North America held the largest share and is projected to value USD 4.1 billion by 2025 • APAC is the fastest growing regional market, exhibiting a 4.2% CAGR over the forecast period • Higher preference for cheaper hair removal solutions in countries such as China, India, and Brazil has given product demand a major boost.
The market growth is propelled by various factors like growing focus of men on their personal grooming and increasing awareness of consumers regarding personal hygiene.
Availability of domestic brands and the nominal price of the product are the major factors driving the product demand in these countries.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/global-razor-market/request-sample The key driving factors responsible for the growth of Razor market : Consumer consciousness regarding the environment is driving the producers to manufacture products using recyclable and environment-friendly materials and avoid making razors from heavy metals.
However, sporting a beard has become extremely popular amongst millennials and this factor has been adversely impacting the market.
Gillette reported that over the last decade the average number of times men shave every month has dropped down from 3.7 to 3.2.
For example, Gillette Fusion ProGlide (with Flexball) is by far the most popular and widely used product in the cartridge razor market, as stated by company sources.
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The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
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