The global razor market is projected to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to growing focus on men’s grooming and rising awareness among consumers related to personal hygiene.
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A razor is a bladed tool primarily used in the removal of body hair through the act of shaving. Straight razors, safety razors, disposable razors, and electric razors are various types of razors. Safety and electric razors are the most used types of razors across the globe. Razors are used with shaving cream, shaving brush, and shaving soap. Electric shavers’ such as epilators and trimmers are witnessing a huge demand owing to durability and easy usage. Most razors are made from metal and are heavily packaged. The trend of styling beard have become immensely popular, especially among millennials, which can stimulate the market growth.
Market Trends, Drivers, Restraints, and Opportunities:
Increasing adoption toward subscription-based model instead of regularly buying from nearby stores is expected to propel the market growth. Continuous technological advancements in razors is anticipated to stimulate the growth of the market. Increasing focus toward personal grooming is speculated to boost the market growth during the forecast period. Rising disposable income is driving the demand for razors in the emerging economics such as India and China. The COVID-19 pandemic had imposed lockdown on salons, which in turn, has encouraged consumers to learn the grooming skills. This, in turn, has spurred the market growth. Emerging demand for razors from female consumers is anticipated to create opportunities in the coming years.
Razor Market Segment Insights:
Cartridge segment to account for a large market share On the basis of the products, the market is divided into cartridge, disposable, and electric. The cartridge segment held for a large market share owing to its easy use and cost-effectiveness. Cartridge razor is safe for all skin types and are reusable. Steel and alloy-based blades are incorporated in the cartridge itself, which provides it corrosion-resistant properties. On the other hand the electric segment is expected to witness robust growth during the forecast period owing to development of various electric razors from major companies.
Men segment dominates the market Based on consumers, the market is divided into men and women. The men segment held a dominant position in the razor market. Shaving razors has witnessed a huge demand from dermatology and beauty clinics for various treatments, owing to its inexpensive nature. On the other hand, the women segment is expected to witness robust growth during the forecast period. Increasing number of women preferring home grooming is driving the segment growth.
North America accounts for a significant market share
On the basis of regions, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America held a dominant share of over 30% in 2020, in terms of revenue. Growing awareness about personal grooming is expected to propel the growth of the market in this region. The market in Asia Pacific expected to exhibit a high CAGR owing to increasing awareness about personal hygiene in emerging economies such as India and China.
Competitive Analysis
Major players of the razor market are The Procter & Gamble Company, Koninklijke Philips N.V., Edgewell Disposable Company, Harry’s Inc., Societe BIC S.A., Supermax Limited, Dorco Co. Ltd., P&G, Syska, NOVA ELECTRIC, OSCAR RAZOR, kai corporation, American Cutting Edge, MQ Corporation, and Kaili Group.
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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.
Allied Market Research published a new report, titled, " Razor Wire Market by Type (Concertina, Flattened, Helical, Welded, Blade, and Flat) and Application (Military Application, Perimeter & Border Fencing, Civilian Security, Construction, Prison Security, Industrial Use, Airports Fencing, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026."
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Leading market players analyzed in the report include Razor Ribbon, Konhta Razor Wire Factory, Hebei Wanxiang Concertina Wire, Hebei Jinshi Industrial Metal Co. Ltd.
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Allied Market Research published an exclusive report, titled, “Razor Wire Market by Type (Concertina, Flattened, Helical, Welded, Blade, and Flat) and Application (Military Application, Perimeter & Border Fencing, Civilian Security, Construction, Prison Security, Industrial Use, Airports Fencing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
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