The global razor market is witnessing growth and is projected to reach USD 20,866.6 million by 2030; this is mainly because of the increasing emphasis on personal grooming and the rising per-capita income of people.
In recent years, on the basis of type, the cartridge razors category led the razor industry, with a revenue share of around 40%. This is mainly because cartridge blades are comparatively easy to replace. Personal care businesses are also deeply marketing this item, which contributes to its extensive use.
Moreover, the requirement for cartridge razors is significantly high in Europe and APAC, with Germany, China, and India accounting for the majority of sales. In the worldwide environment, Gillette cartridge razors are the utmost common choice of users.
In recent years, based on blade type, the stainless-steel category accounted for a larger industry share. This is mainly because stainless-steel blades have an advanced build quality and such do not rust simply.
Because of such factors, both builders and customers are shifting to stainless-steel blades. Additionally, such blades stay sharp for a lengthier period of time, thus customers are more likely to choose them. The blade also warms up rapidly so that customers using the item do not feel the cold of the metal on the skin.
In recent years, hypermarkets/supermarkets have dominated the distribution channels, capturing approximately 40% of the revenue share. This is mainly because they offer a wide selection of razor products, allowing customers to physically assess and compare them before buying.
Meanwhile, online distribution channels are anticipated to exhibit the most rapid growth, with a projected CAGR of 3.0% during the forecast period. Factors such as a broader product range, enhanced sales promotions, convenient 24/7 shopping, effortless price comparison, and home delivery services are driving the expansion of online channels in the forecast period.
The APAC region dominates the razor industry worldwide, and the region is also projected to remain dominant in the future as well. The huge need for this item in developing countries of the region is expected to move the industry forward. Indonesia, China, and India are among the most populous nations in APAC, and due to their fast-rising populace, high rate of development, and growth in expenditure power of individuals on personal care products, the regional industry is projected to experience the highest development rate over the projection period.
Additionally, industry companies in the region are focused on the value-for-money consumer base, cutting item costs, and providing new yet reasonable razors to target them. For instance, The Proctor & Gamble Company introduced Gillette Guard, a low-priced razor that allows shaving at a reasonable cost, in order to appeal the Indian mass customers.
