The global Razor Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- The Proctor & Gamble Company
- Koninklijke Philips N.V.
- Syska India Ltd.
- Edgewell Disposable Company
- Harry’s Inc.
- Societe BIC S.A. (BIC)
- Supermax Limited
- Dorco Co. Ltd.
- Braun AG
- Nova
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Growth Drivers:
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. 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. This reason has resulted in manufacturers coming up with numerous strategies like pitching attractive discounts to boost the product sales.
Consumer Outlook:
- Men
- Women
Product Outlook:
- Cartridge
- Disposable
- Electric
Distribution Channel Outlook:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
The offline distribution channels like hypermarkets and supermarkets along with regular convenience stores have a larger share in the market globally when compared to online distribution channels. While hypermarkets and supermarkets held 30.6% of share in 2018, convenience stores held 28.7% of share in the same year. A wide range of products and brands are available via these offline distribution channels and they allow consumers to check the quality of the products. Further, offline store allow consumers to compare the product with other substitutes present before taking a buying decision.
The online distribution channel is anticipated to grow at a CAGR of 3.9% over the forecast period. Emergence of various online 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 and discounts and easy to access, are the prime factors driving product sales via online distribution channels.
Regional Outlook:
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 key manufacturers like P&G and others. The availability of a wide-range of technologically advanced products and increasing awareness of consumers regarding personal grooming are 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 growth of the regional market.
Asia Pacific is anticipated to be the fastest developing regional market over the forecast period owing to increasing spending of consumers on personal care products including reasonable hair removal equipment. Increasing beauty consciousness in developing economies like China and India is projected to create growth opportunities.
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