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Razor Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global razor products market was valued at USD 8.9 billion in 2022 and is projected to expand at a CAGR of 6.7% from 2023 to 2030. The increasing popularity of electric shavers, the development of innovative products, and the rise of metrosexuality are driving the demand for razor products.
The rise of metrosexuality is one of the key factors driving the demand for razor products. The growing popularity of grooming is encouraging more people, especially males, to use razor products. Furthermore, the introduction of new products with better features and technology is also driving the market. For instance, in April 2021, Gillette launched ProFlex, a shaver that features a dual-axis pivot design that adjusts to the curves of the face.
The demand for safety razor products is increasing due to the growing popularity of facial hair styles, such as beards and mustaches. Furthermore, the increasing popularity of organic and natural grooming products is driving the market. For instance, in June 2021, the U.S. based company Rockwell Razors launched a new line of stainless steel razors with adjustable blades, which are designed to be gentle on the skin and reduce irritation.
The increasing demand for men’s grooming products is also supporting the growth of the market. According to a report published by the Beauty & Grooming Retailers Association, in 2021, the men’s grooming market in the U.S. was valued at USD 16 billion and is projected to grow at a CAGR of 6.2%. The rising demand for premium razors for a close and comfortable shave is expected to drive the market.
The increasing demand for razors from the travel and hospitality industry is also driving the market. For instance, in April 2021, Gillette announced the launch of a new range of travel-friendly razors and shaving kits designed to meet the needs of travelers.
The growing demand for online shopping is propelling the growth of the market. The availability of a wide variety of products online is driving the online sales of razor products. Furthermore, online retailers are offering various discounts and offers, which is driving the demand for online sales.
Product Insights
The electric razors segment accounted for the highest market revenue share in 2022, due to its convenience and portability. Moreover, the growing popularity of electric razors among young adults and increasing consumer awareness regarding the advanced features of electric razors such as wet & dry technology, ergonomic design, and longer battery life, are further driving the segment growth. According to Statista, in 2020, the sale of electric razors for men accounted for the majority of razor sales globally.
The disposable razors segment is expected to witness a significant growth over the forecast period. Growing consumer preference for disposable razors due to their low cost and convenience is driving the segment growth. According to an article published by Statista, in 2020, disposable razor sales accounted for nearly 40% of total razor sales globally. Furthermore, the availability of disposable razors in various sizes, designs, and shapes is further boosting the segment growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 40.3% in 2022. This segment is driven by the presence of various brands, product availability, and affordability. Moreover, the rise in consumer preferences for supermarkets & hypermarkets for razor products due to the convenience of buying the product anytime and the availability of a wide range of products are likely to fuel the segment growth in the coming years.
The online segment is estimated to expand at the highest CAGR of 12.6% over the forecast period. The trend of e-commerce has led to a massive transformation in the personal care and grooming industry. Companies are launching websites and apps to increase their brand visibility among consumers. For instance, in December 2022, Nykaa launched NykaaMan.com dedicated to men’s grooming. The website offers a wide range of razor products from various brands. This website is expected to enhance the online sales of razor products.
Type Insights
The disposable segment accounted for the highest revenue share of 46.9% in the year 2022. The growing demand for disposable razors is mainly driven by their low cost and convenience. Disposable razors are easy to use and do not require any maintenance. Furthermore, the increasing trend of body grooming among men, especially in developing countries like India, is likely to boost the demand for disposable razors.
The cartridge segment is anticipated to expand at a CAGR of 8.7% over the forecast period. The convenience and the availability of a range of features offered by the cartridge razors such as quick blade change, pivoting head and lubricating strips are some of the factors driving the demand for these razors. The availability of various cartridge razors such as Gillette Fusion ProShield, Gillette Fusion ProGlide, and Gillette Fusion ProGlide Power are increasing the convenience of the users. Furthermore, the growing trend of online shopping of cartridge razors is also driving the market.
Regional Insights
Asia Pacific is expected to hold the largest share of the razor products market during the forecast period. Increasing disposable incomes, changing lifestyle trends, and rising demand for men’s grooming products are the main factors driving the growth of the razor products market in the region. In addition, the increasing presence of leading players such as Gillette, Edgewell Personal Care, and others has helped to increase the market share of the region over the past few years.
North America is anticipated to be the second-largest regional market for razor products. The increasing demand for convenient and cost-effective products is the primary factor driving the market growth. In addition, the rising number of influencers and bloggers promoting the use of razors is expected to further boost the market demand in the region. For instance, in October 2020, Dollar Shave Club launched a subscription-based razor and blades service in the United States.
Financial Projections
In this section of the razor products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your razor products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a razor products business comes from sales of the product, along with other sources of profit such as sales of accessories, subscription services, and sponsorship. Here you will find a list with a description of each of them.
Projecting Expenses
In this section, all the regular expenses related to keeping the razor products business running will be described. The list of operating expenses includes marketing and advertising costs, wages, maintenance and repairs, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the razor products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Gillette launched the Fusion5 ProGlide razor, a five-blade razor with flexball technology that provides a closer and smoother shave.
– In August 2022, Schick released the Quattro You razor, a four-blade razor with a pivoting head that follows the contours of the face.
– In October 2022, Wilkinson Sword launched the Xtreme3 razor, a three-blade razor with a lubricating strip that helps reduce skin irritation.
Some of the prominent players in the razor products market include:
– Gillette
– Schick
– Bic
– Dorco
– Harry’s
– Personna
– Energizer
– Edgewell Personal Care
– Super-Max
– Wilkinson Sword
Global Razor Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global razor products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Disposable Razors
– Safety Razors
– Electric Razors
– Blades & Cartridges
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation in the global razor products market is expected to yield substantial returns in the coming years. With the increasing focus on aesthetics, ergonomics, performance and convenience, razor product manufacturers have been working on developing innovative products in terms of design, material, and features. For instance, manufacturers are designing razors with enhanced grip, improved blades and fewer blades, more ergonomic handle, and improved battery life.
[Q]: Who are the Key Players in the Razor Products Market?
[A]: The key players in the razor products market are Gillette, The Procter & Gamble Company, Harry’s, Philips, BIC, Edgewell Personal Care, Dorco, Super-Max, and SCA.
[Q]: Which Region Offers the Largest Opportunity for Sales of Razor Products?
[A]: North America is expected to dominate the global razor products market with a value of USD 11.8 billion in 2020. This is attributed to the growing demand for advanced and multi-functional shaving products, easy availability of such products, and the presence of prominent players in the region.
[Q]: What are the factors driving the razor products market?
[A]: The major factors driving the global razor products market are the increasing demand for multi-functional and advanced shaving products, rising awareness about personal grooming, increasing disposable income levels, and the rising trend of facial hair styling.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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