In 2021, the U.S. razor market generated $2,753.4 million revenue, and it is expected to advance at a rate of 0.96% from 2021 to 2030, and reach $3,001.9 million by 2030, attributed to the strong presence of the key manufacturers in the country. For instance, the razor industry is dominated by Gillette, owned by Procter & Gamble company. Moreover, the growing interest of the younger population in male grooming to enhance the look is expected to rise in the coming years, resulting in market proliferation.
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| U.S. Razor Market Size and Share Analysis Forecast to 2030 |
The cartridge razor category, under the type segment, captures the highest U.S. razor market revenue, accounting for 40% share, amounting to $1.2 billion, attributed to the rising popularity of the cartridge razors facilitated by increased convenience and faster operation. It is easier to replace as it is less prone to cuts. Another major factor behind the rapid growth of cartridge razors is their effective marketing.
Electric razors are predicted to witness the fastest growth in the U.S. razor market, advancing at a rate of 4% from 2021 to 2030. It is attributed to its various benefits such as longevity and lower overall usage costs and a rising trend of growing beards. A big chunk of the U.S. population prefers electric razors, for instance around 80.22 million people used electric and battery shavers in 2019, and the number is expected to reach around 85.6 million by 2023.
The mass category acquires significant revenue in the U.S. razor market, accounting for a 50% share, and it is expected to retain the same position in the coming years. It is attributed to its properties such as being disposable, safe usage, and straight shape, and it is made up of inexpensive materials, including injection-molded polycarbonate. Single blade razors contribute to the major part of the mass category and thus become a default choice for people having irritated skin, dryness, or acne.
The rising concern of the population toward personal grooming expands the U.S. razor market. Both men and women are becoming more aware of personal grooming nowadays, with their growing interest in haircare and look enhancement. Moreover, the rising focus on personal grooming is witnessed in men, as they have started to visit male salons and spas more frequently to get professional advice for haircuts and shaves.
As per The Procter & Gamble Company, shaving dominates the men’s grooming segment, and it is expected to follow the same trend in the near future. Moreover, the female population also uses razors to remove hairs from the underarms and legs to smoothen them as a part of their personal grooming. Therefore, the increased demand for personal grooming products expands the market.
The rise in competition among the major razor providers is expected to boost the U.S. razor market, attributed to the growing focus of razor companies to develop new products and technological advancements to stand out in the market. For instance, Planet Kind, launched by Gillette has utilized 85% recycled plastic and 85% recycled paper or infinity recyclable aluminum. The razor handle is also made of 60% recycled plastic.
Therefore, the strong presence of top players in the country and the growing focus of the young population on personal grooming leads to a market boom.
