The way one looks has always been a tempting feature for humans, which improves their self-confidence. The increasing consciousness about physical hygiene among women and men, the rising requirement for innovative grooming solutions, and the surging disposable income are some of the key factors responsible for the mounting demand for razors. Additionally, celebrity endorsements and technical developments also have a significant role in boosting the sale of these implements.
With the rising focus on looking elegant, the use of a razor has a major part to play in enhancing the appearance. Since it is a unisex product, the demand for the same is generated by all consumer groups. Thus, the razor market garnered revenue of around $17,405.4 million in 2021, and the size will advance at a CAGR of 2.0% from 2021 to 2030, to ultimately reach $20,866.6 million by 2030.
The APAC region is the leader in the industry, and it is expected to continue on the path in the future. The demand for this product in the emerging economies of the region is high. China, India, and Indonesia are some of the most-populous countries in the world, and because of their fast-growing population, increasing rate of urbanization, and improving purchase power of people for personal care goods, the region is expected to witness the quickest surge in razor sales in the years to come.
The stainless-steel category held the larger share in 2021, based on blade type, in the razor market. This is mainly because this type of blade has superior quality, does not corrode easily, and stays sharp for a longer duration. Because of these reasons, producers and consumers are opting for stainless-steel blades. In addition to these benefits, the blade heats quickly, so users do not feel the coldness of the metal on the skin.
The rapid urbanization and increase in the population are driving the adoption of electric razors, owing to their easy and convenient usage. Moreover, due to the large population, India and China are expected to display a rapid increase in the demand for electric razors. Thus, the demand for electric razors is projected to record the fastest growth among all the types in the coming years. Furthermore, the surging fashion of growing beards, primarily among youths, drives the sales of electric razors.