Why is Global Razor Market Predicted to Boom in Future?

The growing preference for personal grooming and rising disposable income are driving people around the world to purchase razors. Resultingly, from $18.0 billion in 2019, the razor market is expected to experience a 2.1% CAGR during 2020–2030 (forecast period), to reach $22.5 billion by 2030. Such instruments comprise a blade, an apparatus that holds the blade, and a handle. These have been some of the oldest tools used by people, starting from when early humans used sharpened stones to groom themselves.

Under the type segment, the categories are disposable razors, cartridge razors, straight razors, electric razors, and safety razors. In 2019, cartridge razors contributed the highest revenue to the market, majorly due to the wide preference for these products in Germany, China, and India. Extensive marketing by manufacturers and the ease with which the blade in cartridge razors can be replaced have fueled their popularity. The electric razor category would advance the most rapidly during the forecast period, as these products are easy to use and support the trend of growing beards.

The razor market is divided on the basis of distribution channel into department stores, supermarkets/hypermarkets, online, convenience stores, and others. The market was dominated by the supermarkets/hypermarkets division during the historical period (2014–2019), as the wide variety of products available at such places allows people to physically see and compare them. The highest CAGR during the forecast period is predicted to be witnessed in the online division, owing to the benefits provided by e-commerce portals such as better offers, greater variety,easy price comparison, 24*7 hassle-free shopping, and home delivery.

Request to Get the Sample Pages: https://www.psmarketresearch.com/market-analysis/razor-market/report-sample

Subscription-based sales are trending in the industry, as this model ensures a regular delivery of razors and blades to the customer for a set price. Among the companies in the industry attracting customers via the subscription-based model are The Procter & Gamble Company and Dollar Shave Club. The former company has a dedicated number on which customers simply need to text “Blades” to have them delivered at their doorstep. Moreover, P&G was planning to acquire a seller of female grooming products on the subscription model, namedBillie Inc., in January 2020.

The strongest factor helping in the expansion of the razor market is the increasing preference of the populace for personal grooming. With the growing influence of the Western culture, men everywhere are cutting their hair and shaving more often. This is why a number of male-centric spas and salons have come up around the world, offering men advice on beard and hairstyling. As per several surveys, shaving is one of the most-regularly followed regimens among men, with a large number of males preferring to be clean-shaved.

The rising preference for shaving among females is a key opportunity area for razor market players. Up till some time ago, a large number of women in Africa, Latin America (LATAM), and Asia-Pacific (APAC) shaved optionally, but, with the increasing influence of the beauty sector and Western culture, more women are taking to regular shaving. Another major reason behind women removing the unwanted hair on their body more often than before is that more of them are employed now, and looking good is considered a key success parameter for working people.

Presently, APAC is the largest razor market, and it would also experience the fastest growth during the forecast period. It is home to the most people on earth, which is why the demand for personal care and grooming products has always been high here. Additionally, the rapid urbanization is leading to economic prosperity, which is, in turn, allowing more people to spend more than before on grooming and personal care products.

Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=razor-market

Therefore, with the growing Westernization, the demand for grooming products, including razors, will continue to increase.

P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow us on LinkedIn: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.