Razor Market is Gaining Interest of Consumers across the Globe
Razormarket is expected to
reach $20.2 billion by 2024, registering a CAGR of 2.3% during the forecast
period, the market is buoyed by several factors, predominantly by increasing
focus toward men’s personal grooming, and rising disposable income of the
population, especially residing in developing countries such as India and
China, finds P&S Intelligence.
Increasing
lucrative opportunities in rural market
In
APAC, countries such as India, Sri Lanka, Australia, Vietnam, and Philippines
have large population living in rural areas. For instance, in India, 66% of the
total population lives in rural areas. Similarly, it has been recorded that
approximately 31% Australian population lives in remote or rural areas.
Consumers residing in rural areas of developing countries use cheap quality
razors and blades.
However,
with modernization and increasing penetration of social media platforms, a
shift in consumer behavior within rural areas is being exhibited. The marketing
campaigns targeted at low-end consumers in these areas, along with growing
awareness regarding the use of razors is creating a huge opportunity for razor manufacturers in rural parts of a number of developing countries.
Razor
Market Competitiveness
The
global razor market is highly competitive on a global basis, with the presence
of large manufacturers operating globally, and new entrants attempting to
disrupt the market competing for consumer acceptance and limited retail shelf
space. Competition is based upon factors such as brand perception, product
performance and innovation, customer service, and price.
In
terms of revenue, the top three players in the global razor market includes The
Procter & Gamble Company, Koninklijke Philips N.V., and Edgewell Personal
Care Company. Apart from these players, other key players such as Harry’s Inc.,
Societe BIC S.A. (BIC), Supermax Limited, and Dorco Co. Ltd., are focusing on
product innovation to gain higher market share.
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