What are Major Factors Expected to Fuel Progress of Razor Market in Asia-Pacific (APAC) in Future?

The biggest trend presently being witnessed in the razor market is rising adoption of subscription-based models all around the world, wherein the blades are delivered to the customers on a weekly or monthly basis. This strategy is being increasingly adopted by several razor blade producing companies such as Dollar Shave Club and The Proctor & Gamble Company (P&G) for attracting customers and expanding their user base. For instance, in 2017, P&G launched its on-demand service through which the customers would get the blades delivered to their homes by simply texting ‘BLADES’ on the given number.

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The global razor market is predicted to increase from $18.0 billion to $22.5 billion from 2019 to 2030, progressing at a CAGR of 2.1% during the forecast period (2020–2030). There are various types of razors available throughout the world — disposable razors, safety razors, straight razors, cartridge razors, and electric razors. Amongst these, the cartridge razors are expected to record the highest sales in the coming years, owing to the easily replaceable quality of the blades used in these products.

Globally, the Asia-Pacific (APAC) region is expected to observe the fastest growth in the usage of razor in the immediate future. This is mainly attributed to the fact that the APAC region is the most densely population region in the world and many countries in the region are observing rapid urbanization. In addition to this, the expenditure on personal care products is increasing rapidly in this region, which is in turn, boosting the sales of razors in the region.

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Hence, it can be concluded that due to the rising preference of men toward personal grooming and the increasing disposable income of the people in several countries, the demand for razors will skyrocket throughout the world in the coming years.

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Razor Market to Observe Strong Development by 2024

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.

On the basis of segment, the global razor market has been classified into mass, standard, and premium. Among these, the market for mass segment held the largest revenue share in the year 2018. Disposable razors, straight razors, and a hefty part of cartridge razors lie under mass segment. Moreover, most of these razors are cheap and easy to use which makes them the preferred choice for its mass consumer base. APAC is the largest market for mass products which can be attributed to the low per capita income of the countries including India, South Korea, Indonesia, and others.

Moreover, on the basis of razor blade type, the global razor market is segmented into stainless steel and carbon steel blades, of which stainless steel blades recorded the dominating share in the market. Carbon steel blades are prone to rust, while stainless steel blades are superior in terms of built quality. This is one of the major factors that the consumers are adopting the use of stainless steel blades over carbon steel blades. Also, women consumers are switching to stainless steel blades from plastic razors, since the stainless steel is used in safety razors, and lasts longer when compared to the other types.

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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.

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.

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.

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