Razor Market is expected to grow at a 3.5% CAGR by 2019-2025
[23 july 2019] The global razor market size is expected to reach USD 13.0 billion by 2025, registering a 3.5% CAGR during the forecast period. A booming market for men's grooming products and increased awareness among consumers related to personal hygiene have driven product demand over the years.
Electric shavers are expected to witness the highest growth over the forecast period, registering a 4.3% CAGR from 2019 to 2025. Availability of local and international brands, from Philips and Braun to Indian brands like Syska and Nova, is the primary factor driving this segment. In countries like U.K., U.S. and Germany where the personal care industry is booming, demand for such products is bound to grow irrespective of gender.
Disposable razors accounted for a significant share of 33.6% in 2018 and demand for the same will continue to grow thanks to steady usage in developing countries such as India, Sri Lanka, and Brazil. Low price and availability of domestic brands are key factors driving product demand in these countries.
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While men accounted for the dominant share in the overall market, the women consumer category is expected to witness the highest growth over the forecast period, registering a 3.9% CAGR. Growing beauty consciousness among the female population and strong influence of changing fashion trends are factors driving this consumer category. Shaving razors offer a non-surgical and cheap alternative, which has increased consumer preference in dermatology and beauty clinics for various treatments.
The online distribution channel segment is expected to register a CAGR of 3.9% from 2019 to 2025. Strong established customer base of online stores and apps such as Nykaa, Purplle, and Amazon has significantly contributed to the growth of this segment. Rise in number of internet users, 24/7 availability of products on these platforms, high availability of discounts and offers, and ease of access, are major factors driving product sales through online channels.
The North America market held the largest share of over 32.0% in 2018 and is anticipated to witness steady growth over the next few years owing to the presence of large manufacturers such as P&G. The availability of technologically advanced products in the market and growing awareness regarding grooming has led to high product demand in this region. Increase in the usage of electric trimmers across homes and salons in U.S. for rapid and effective results is one of the key factors contributing to the dominance of the regional market.
Key players operating in the market include The Procter & Gamble Company; Koninklijke Philips N.V.; Edgewell Disposable Company; Harry's Inc.; Societe BIC S.A. (BIC); Supermax Limited; and Dorco Co. Ltd. These companies have been generating significant revenue in the market, resulting in steady growth. For instance, as per a P&G report for 2017, the net revenue earned by Gillette alone was USD 65.10 billion, with an estimated 9.0% sales in the shave care category.
Check out Full Report with TOC at: https://www.radiantinsights.com/research/razor-market Further key findings from the report suggest:
• Cartridge razors constituted a share of 38.00% in the total market in 2018 and the segment is projected to exhibit significant growth over the coming years
• In terms of region, North America held the largest share and is projected to value USD 4.1 billion by 2025
• APAC is the fastest growing regional market, exhibiting a 4.2% CAGR over the forecast period
• Higher preference for cheaper hair removal solutions in countries such as China, India, and Brazil has given product demand a major boost. This can also be attributed to rising purchasing power of consumers in these regions
• The razor market is highly competitive in nature with the presence of several international and domestic players in the market. These include The Procter & Gamble Company; Koninklijke Philips N.V.; Edgewell Disposable Company; Harry's Inc.; Societe BIC S.A. (BIC); and Supermax Limited.
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