The global razor market size is projected to touch USD 13 billion by the year 2025, according to a new report by Million Insights. 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.
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.
The major players in the razor market include Koninklijke Philips N.V.; The Procter & Gamble Company; Harry’s Inc.; Supermax Limited; Societe BIC S.A. (BIC); Doroco Co. Ltd.; and Edgewell Disposable Company. 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.
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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. Major players functioning in the market include Koninklijke Philips N.V.; The Procter & Gamble Company; Harry’s Inc.; Supermax Limited; Societe BIC S.A. (BIC); and Edgewell Disposable Company
Million Insights has segmented the global razor market on the basis of product, consumer, distribution channel, and region:
Razor Product Outlook (Revenue, USD Billion, 2015 - 2025)
Razor Consumer Outlook (Revenue, USD Billion, 2015 - 2025)
Razor Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Supermarkets and Hypermarkets
• Convenience Stores
Razor Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia