The global razor market was USD 11.73 billion in 2022 and is likely to reach USD 15.99 billion by 2031, expanding at a CAGR of 3.5% during 2023 – 2031. The growth of the market is attributed to growing focus on men’s grooming and rising awareness among consumers related to personal hygiene.
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:
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Increasing adoption toward subscription-based model instead of regularly buying from nearby stores is expected to propel the market growth.
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Continuous technological advancements in razors is anticipated to stimulate the growth of the market.
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Increasing focus toward personal grooming is speculated to boost the market growth during the forecast period.
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Rising disposable income is driving the demand for razors in the emerging economics such as India and China.
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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.
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Emerging demand for razors from female consumers is anticipated to create opportunities in the coming years.
Scope of the Report
The report on the razor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Razor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Cartridge, Disposable, and Electric), Consumer (Men and Women).
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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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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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.
Segments
The global razor market has been segmented on the basis of
Products
- Cartridge
- Disposable
- Electric
Consumer
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
- 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
- Kaili Group.
Competitive Landscape
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.
Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.
In October 2018, Dorco acquired more than 10% stake in the startup LetsShave Private Ltd. in India to strengthen its footprint in Asia Pacific.
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