DUBLIN--(BUSINESS WIRE )--The "Razor Market Research Report: By Type, Segment, Distribution Channel, Razor Blade Type, Consumer - Industry Share, Growth, Trends and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900