NEW YORK, April 22, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, razor market is expected to reach $20.2 billion by 2024, registering a CAGR of 2.3% during the forecast period. The market is buoyed by several factors, predominantly by increasing focus toward men’s personal grooming, and rising disposable income of the population, especially residing in developing countries such as India and China.
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Based on type, global razor market is categorized into cartridge, disposable, electric, straight, and safety razors. Among these, cartridge razor category accounted for largest revenue share in 2018. Asia-Pacific (APAC) and Europe were the largest regions for cartridge razor market, wherein China, India, and Germany accounted for major demand. Increased marketing campaigns by companies is one of the major factors being observed in the market during 2014-2018. Apart from this, the ease of replacing blade is another factor for its high growth. Gillette’s cartridge razors were the most preferred choice by the consumers in the razor market.
On the basis of segment, the global razor market has been classified into mass, standard, and premium. Among these, the market for mass segment held the largest revenue share in the year 2018. Disposable razors, straight razors, and a hefty part of cartridge razors lie under mass segment. Moreover, most of these razors are cheap and easy to use which makes them the preferred choice for its mass consumer base. APAC is the largest market for mass products which can be attributed to the low per capita income of the countries including India, South Korea, Indonesia, and others.
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Moreover, on the basis of razor blade type, the global razor market is segmented into stainless steel and carbon steel blades, of which stainless steel blades recorded the dominating share in the market. Carbon steel blades are prone to rust, while stainless steel blades are superior in terms of built quality. This is one of the major factors that the consumers are adopting the use of stainless steel blades over carbon steel blades. Also, women consumers are switching to stainless steel blades from plastic razors, since the stainless steel is used in safety razors, and lasts longer when compared to the other types.
In APAC, countries such as India, Sri Lanka, Australia, Vietnam, and Philippines have large population living in rural areas. For instance, in India, 66% of the total population lives in rural areas. Similarly, it has been recorded that approximately 31% Australian population lives in remote or rural areas. Consumers residing in rural areas of developing countries use cheap quality razors and blades.
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The global razor market is highly competitive on a global basis, with the presence of large manufacturers operating globally, and new entrants attempting to disrupt the market competing for consumer acceptance and limited retail shelf space. Competition is based upon factors such as brand perception, product performance and innovation, customer service, and price.
In terms of revenue, the top three players in the global razor market includes The Procter & Gamble Company, Koninklijke Philips N.V., and Edgewell Personal Care Company. Apart from these players, other key players such as Harry’s Inc., Societe BIC S.A. (BIC), Supermax Limited, and Dorco Co. Ltd., are focusing on product innovation to gain higher market share.
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