Razor market is expected to reach $20.2 billion by 2024, registering a CAGR of 2.3% during the forecast period, the market is buoyed by several factors, predominantly by increasing focus toward men’s personal grooming, and rising disposable income of the population, especially residing in developing countries such as India and China, finds P&S Intelligence.
Insights on market segments
Based on type, global razor market is categorized into cartridge, disposable, electric, straight, and safety razors. Among these, cartridge razor category accounted for largest revenue share in 2018. Asia-Pacific (APAC) and Europe were the largest regions for cartridge razor market, wherein China, India, and Germany accounted for major demand. Increased marketing campaigns by companies is one of the major factors being observed in the market during 2014-2018. Apart from this, the ease of replacing blade is another factor for its high growth. Gillette’s cartridge razors were the most preferred choice by the consumers in the razor market.
Browse report overview with 92 tables and 61 figures spread through 145 pages and detailed TOC on "Razor Market by Type (Cartridge Razors, Disposable Razors, Electric Razors, Straight Razors, Safety Razors), by Segment (Mass, Standard, Premium), by Razor Blade Type (Stainless Steel, Carbon Steel), by Consumer (Men, Women), by Distribution Channel (Supermarkets/Hypermarkets, Department Stores, Convenience Stores, Online), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Mexico, Turkey, Saudi Arabia, U.A.E.) – Market Size, Share, Development, Growth and Demand Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/razor-market
Increasing lucrative opportunities in rural market
In APAC, countries such as India, Sri Lanka, Australia, Vietnam, and Philippines have large population living in rural areas. For instance, in India, 66% of the total population lives in rural areas. Similarly, it has been recorded that approximately 31% Australian population lives in remote or rural areas. Consumers residing in rural areas of developing countries use cheap quality razors and blades.
However, with modernization and increasing penetration of social media platforms, a shift in consumer behavior within rural areas is being exhibited. The marketing campaigns targeted at low-end consumers in these areas, along with growing awareness regarding the use of razors is creating a huge opportunity for razor manufacturers in rural parts of a number of developing countries.
Razor Market Competitiveness
The global razor market is highly competitive on a global basis, with the presence of large manufacturers operating globally, and new entrants attempting to disrupt the market competing for consumer acceptance and limited retail shelf space. Competition is based upon factors such as brand perception, product performance and innovation, customer service, and price.
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In terms of revenue, the top three players in the global razor market includes The Procter & Gamble Company, Koninklijke Philips N.V., and Edgewell Personal Care Company. Apart from these players, other key players such as Harry’s Inc., Societe BIC S.A. (BIC), Supermax Limited, and Dorco Co. Ltd., are focusing on product innovation to gain higher market share.
