NEW YORK, March 25, 2020 (GLOBE NEWSWIRE) -- Western ideals, which are spreading via social media, magazines, and television, are making people more aware of their appearance. This is why people are increasingly focusing on haircare and beard styling to look good. As a result, male-focused spas and salons are becoming rapidly popular, with a large number of men seeking shaving and hair cutting advice from professionals employed at such places.
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All these factors are ultimately leading to the growth of the global razor market, which is projected to value $22.5 billion by 2030. In 2019, the sales of such products were worth $18.0 billion, and the revenue would rise at a 2.1% CAGR during the forecast period (2020–2030). As per The Procter & Gamble Company (P&G), of all the men in the age groups of 25–34 and 18–24, 39% and 43%, respectively, prefer to clean shave.
Electric Shavers to Display the Highest CAGR during Forecast Period
Electric shavers would observe the highest CAGR in the razor market, of 3.1%, during the forecast period, as they offer users more convenience. Additionally, with the growing trend of beard and stubble keeping, especially among youths, electric shavers are expected to continue being popular.
During the historical period (2014–2019), mass-segment variants held the largest revenue share. This is because the majority of the population in the Asia-Pacific (APAC) has a low disposable income, which is why it has to resort to cheap products.
During the forecast period, online channels are expected to observe the fastest growth in the razor market, as they offer customers several facilities, such as all-day ordering, home delivery, easy price comparison, and an array of offers and discounts.
Browse report overview with 93 tables and 78 figures spread through 169 pages and detailed TOC on "Razor Market Research Report: Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/razor-market
Stainless-steel blades were the larger division in the razor market in 2019, as owing to their superior quality, they do not rust, which lets people use them for longer periods.
In 2030, men would dominate the razor market, as the number of men, compared to women, is higher around the world. Additionally, most males practice shaving or beard styling on a daily basis, which accounts for a higher razor adoption among them.
Asia-Pacific (APAC) was the largest razor market during the historical period, and the situation would continue being the same in the coming years. This is attributed to the fact that it is the most populated region on earth, and the urbanization rate in the countries here is quite high. Further, with a rise in their disposable income, regional inhabitants are better able to afford personal care products, including razors.
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Market Players Working Together to Grow and Eliminate Competition
Several razor market players are entering into partnerships with other companies or acquiring the smaller ones to not only give themselves a better chance of growth, but also eliminate the competition as much as possible. Following are some examples of such strategic measures:
- In March 2018, Edgewell Personal Care Company completed the acquisition of Jack Black LLC, a U.S.-based company offering luxury skincare products for men, for an undisclosed amount, in operating cash.
- In September 2019, P&G and TerraCycle Inc. entered into a partnership to enable efficient recycling of razors, sold under the Gillette, Venus, and other P&G brands, in Canada.
The competitive landscape of the global razor market is characterized by The Procter & Gamble Company, Societe BIC SA, Edgewell Personal Care Company, OSCAR RAZOR, Super-Max Group, Dorco Co. Ltd., Feather Safety Razor Co. Ltd., Wahl Clipper Corporation, Harry’s Inc., Malhotra Shaving Products (P) Ltd., Dollar Shave Club Inc., Koninklijke Philips N.V., MERS Solutions Ltd., Panasonic Corporation, Ningbo Kaili Holding Group Co. Ltd., KAI Industries Co. Ltd., Unilever PLC, Bombay Shaving Company, Conair Corporation, Spectrum Brands Inc., Benxi Jincheng (group) Blades Manufacture Co. Ltd., and Jiangsu Liyu Razor Co. Ltd.
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In terms of region, the lipstick market is classified into Europe, Asia-Pacific (APAC), North America, Latin America (LATAM), and Middle East and Africa (MEA). Of these, Europe is estimated to hold largest revenue share in 2018. However, the APAC is expected to register fastest growth during the forecast period. In APAC, with increasing social media influence, and improving female financial independence, the market is rapidly gaining traction in the region.
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