The global razor market size is expected to grow at a prolific speed owing to the increasing demand for grooming and wellness products across the world, observes Fortune Business Insights™ in its report, titled “Razor Market, 2022-2029”.
In recent years, there has been a rising demand for grooming and wellness products around the world due to the increasing consumer awareness about their hygiene and cleanliness, which is projected to drive the growth of this market. Further, the increasing disposable income of the majority of world population has led to the rising demand for branded grooming products such as electric razors, shaving creams, and others, which has resulted in this market’s growth. For instance, Church & Dwight Co. Ltd. introduced an innovative body and leg hair remover razor in order to attract the female population and increase the sale of this type of razor across several regions of the market.
However, the rising usage of fake razors instead of authentic razors is projected to restrict the growth of this market.
The COVID-19 pandemic and the subsequent lockdown restrictions worldwide has severely impacted the consumer goods industry. Further, due to the social distancing norms enforced by the governments across the world, the salons and spa clinics have suffered huge losses in several regions, which have resulted in the decline in the demand for the razors and other grooming products.
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On the basis of product type, this market is divided into cartridge razors, electric razors, disposable razors, and others. Based on distribution channel, the market is classified into hypermarkets/supermarkets, online stores, convenience stores, and others. By end-user, the market is categorized into male and female. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Increasing Number of Salons and Spa Clinics Worldwide to Fuel the Market
There is an increasing awareness about facial hygiene and appearance among the majority of the people in the world, which has resulted in the rising number of salons and spa clinics across the world. This is an important factor responsible for the growth of this market. Further, the changing lifestyle and fashion of the people and the rising urbanization has led to the growing demand for razors and other grooming items, which has fuelled this market’s growth.
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Rising Utilization of Disposable Razors to Boost the North America Market Growth
North America region is projected to witness substantial growth in the razor market share on account of the rising usage of disposable razors in the countries such as the US and Canada. Further, the increasing infrastructural facilities and the urbanization rate in this region are projected to propel this market’s growth.
Asia Pacific region is anticipated to grow rapidly in this market due to the rising number of salons and barber shops in the countries such as India and China. Further, the increasing awareness about the hygiene and cleanliness among the people in this region is projected to fuel this market’s growth.
Rising Production of Innovative Razors by Key Players to Feed Competition
The prominent companies in the razor market are focusing on the increasing production of innovative grooming products such as electric razors, disposable razors, and others in order to attract the customer’s attention towards purchasing of such razors. This has led to an increasing competition among key companies which will help them to expand their business operations and broaden their market footprint.
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April 2019: Harry’s Inc. partnered with The Boots Company Plc to expand their razor business in the offline channel segment through 300 retail stores and to compete with the traditional brand Gillette in the UK.
List of Key Players Covered in the Razor Market Report:
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