Due to the increasing disposable income and the rising consciousness amongst men about appearance and personal grooming, especially with regards to facial and body hair, the global razor market attained a valuation of $18.0 billion in 2019. The market is also predicted to advance at a CAGR of 2.1% from 2020 to 2030 and generate a revenue of $22.5 billion in 2030, as per the estimates of the market research firm, P&S Intelligence.
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The increasing influence of the Western culture and the soaring advertisements in popular media about grooming are the main reasons behind the surging awareness amongst men about personal grooming and appearance, especially with regards to beard and hairstyles. According to the surveys of The Proctor & Gamble Company (P&G), 39% of the men belonging in the age group 25—34 years and 43% of the men in the age bracket of 18—24 years prefer the clean-shaven look.
On the basis of type, the razor market is categorized into cartridge razors, electric razors, disposable razors, safety razors, and straight razors. Amongst these, the cartridge razors category will hold the highest share, in terms of revenue, in the market in future. This is ascribed to the easier replaceability of the blades in these razors as compared to the blades in other razors. Additionally, the powerful marketing campaigns launched by the major cartridge razor producing companies contribute significantly toward the soaring popularity of these razors across the globe.
Apart from men, these razors are also used extensively by women all over the world. While the men will remain the main users of these razors in future, the utilization of the razors will also increase significantly amongst women over the next few years. Moreover, the women category is expected to register faster growth in the market than the men, under the consumer segmentation, in the forthcoming years. This is because of the rapid urbanization in developing nations and increasing disposable income of women in several countries around the world.
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Besides being sold at retail outlets and personal grooming shops, razors are also being bought by people via subscription-based models all over the world. The subscription-based models allow the blades to be delivered to the houses of the consumers on a weekly or monthly basis. The major players operating in the market such as Dollar Shave Club and the Proctor & Gamble Company (P&G) are employing this method for attracting customers and expanding their operations.
Globally, the razor market recorded the highest growth in the Asia-Pacific (APAC) region in the past. The market is also predicted to exhibit the fastest and the highest growth in the Asia-Pacific (APAC) region in the upcoming years. The main factors fuelling the boom of the market in this region are the dense population and high urbanization rates in the various APAC nations and the soaring spending on several types of personal care and grooming products by the people in the region.
Therefore, it can be said with conviction that the market will boom all over the world over the next several years, because of the growing awareness amongst the people about appearance and personal grooming and the increasing spending power of men and women throughout the world.