In 2021, the global razor market was worth around $17,405.4 million, which is predicted to touch $20,866.6 million by 2030, growing at a 2.0% CAGR from 2021 to 2030. Humans have always been captivated by physical attractiveness, which is related to self-confidence and self-esteem. The increased awareness of personal cleanliness among both men and women, as well as the growing demand for on-the-go grooming options, are driving razor demand even higher.
In 2021, the cartridge razors category led type segment of the razor market, with a sales share of roughly 40%. This is because cartridge blades are quite simple to replace. This product is also highly marketed by personal care firms, which helps in its widespread usage. Furthermore, cartridge razor demand is particularly strong in Europe, and APAC accounts for the majority of sales. Gillette cartridge razors are by far the most commonly used razors across the world.
The electric razor category is predicted to have the highest razors market CAGR, of roughly 5%, in the coming years. The rising demand for electric razors in APAC is to attributed for this. Global usage of electric razors has also been fueled by their ease of use and convenience. Additionally, it is expected that the growing fad for growing beards and stubble, particularly among young people, will further fuel the adoption of electric razors throughout the decade.
In 2021, the stainless-steel category held the biggest razor market share in terms of blade type. This is mostly due to the better construction quality and resistance to corrosion of stainless-steel blades. Manufacturers and customers are transitioning to stainless-steel blades as a result of these factors. Customers are more inclined to purchase these blades since they maintain their sharpness for a longer time. Additionally, the blade heats up rapidly so that users won't feel the metal's coldness on their skin.
The category of hypermarkets/supermarkets accounted for the biggest revenue share among distribution channels in 2021, with a share of almost 40%. This is mostly because a wide variety of razor goods are readily available, allowing buyers to physically compare and check products before making a purchase. The online distribution channel category, on the other hand, is predicted to develop at the highest CAGR, of 3.0%, during the projection period.
The APAC region now dominates the worldwide razor market, and this trend is expected to continue in the future. The tremendous requirement for such a product in the region's growing economies is expected to propel the market ahead. China, India, and Indonesia are one of the most populated nations in APAC, and the regional market is predicted to develop at the fastest rate during the forecast period due to its rapidly rising population and high rate of urbanization.
Hence, the market is expected to grow at a rapid pace owing to the growing focus on personal grooming among men and women.
