Razor Market size was accounted for USD 10.2 billion, in 2018 and is anticipated to grow at a CAGR of 3.5% over the forecast period, 2019 to 2025. The market growth is propelled by various factors like growing focus of men on their personal grooming and increasing awareness of consumers regarding personal hygiene.
Disposable razors hold a
significant share in the market and the demand for this category of razors
would continue to grow owing to increasing usage in developing countries like
India, Brazil, and Sri Lanka. Availability of domestic brands and the nominal
price of the product are the major factors driving the product demand in these
countries.
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The key driving factors responsible for the growth of Razor market :
Consumer consciousness regarding
the environment is driving the producers to manufacture products using
recyclable and environment-friendly materials and avoid making razors from
heavy metals. However, sporting a beard has become extremely popular amongst millennials
and this factor has been adversely impacting the market. Gillette reported that
over the last decade the average number of times men shave every month has
dropped down from 3.7 to 3.2. This reason has resulted in manufacturers coming
up with numerous strategies like pitching attractive discounts to boost the
product sales.
Product Type Insights
By product, the market is divided
into disposable, cartridge and electric variants. The cartridge category ruled
the market in 2018 with the largest share because of its easy application and
reasonable price. Cartridge types are considered safe for all skin types and
can be reused, thus, saving a lot on repetitive purchases. The cartridges are
made up of steel or other alloy based blades that make its rust proof, thereby,
driving the demand in the market. For example, Gillette Fusion ProGlide (with
Flexball) is by far the most popular and widely used product in the cartridge
razor market, as stated by company sources. The cartridge has five blades for
easy rotations which ensure incredibly close shave.
Electric shavers are anticipated
to grow at the fastest CAGR of 4.3% over the forecast period. The major factor
driving the product demand in this segment is the availability of international
and local brands, starting from Braun and Philips to Indian brands like Nova
and Syska. In countries such as, U.S., Germany and U.K. where the personal care
industry is prospering, the demand for such products is likely to grow, both in
men or women.
Consumer Insights
While men dominated the razor
market, in 2018, the women consumer category is anticipated to grow at the
fastest CAGR of 3.9% over the forecast period. Growing consciousness among
women regarding personal care and strong impact of dynamic fashion trends are
the major factors driving this consumer category. Consumer preference in
dermatology and beauty clinics for various treatments is increasing owing to
wide usage of shaving razors as they offer a non-surgical and cheaper
alternative. For example, Gillette Venus is a popular razor choice among Indian
women for regular use since its inception.
Distribution Channel Insights
The offline distribution channels
like hypermarkets and supermarkets along with regular convenience stores have a
larger share in the market globally when compared to online distribution
channels. While hypermarkets and supermarkets held 30.6% of share in 2018,
convenience stores held 28.7% of share in the same year. A wide range of
products and brands are available via these offline distribution channels and
they allow consumers to check the quality of the products. Further, offline
store allow consumers to compare the product with other substitutes present
before taking a buying decision.
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