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.