Razor Market Size, Share, Analysis, Trends, Growth Report, 2032

Razor Industry Prospective:

The global razor market size was evaluated at $12 billion in 2023 and is slated to hit $15 billion by the end of 2032 with a CAGR of nearly 4% between 2024 and 2032.

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Razor Market: Overview

A razor is referred to as a device that contains various blades so that they can be used for removing unwanted hair from the body. Reportedly, these products are made up of obsidian & bronze and are oval in shape with a tiny tang bulging from one of the shorter ends.

Key Insights

• As per the analysis shared by our research analyst, the global razor market is projected to expand annually at the annual growth rate of around 4% over the forecast timespan (2024-2032)
• In terms of revenue, the global razor market size was evaluated at nearly $12 billion in 2023 and is expected to reach $15 billion by 2032.
• The global razor market is anticipated to grow rapidly over the forecast timeline owing to a need for personal grooming and improving the visual appearance.
• In terms of product, the cartridge segment is slated to register the highest CAGR over the forecast period.
• Based on consumer, the men segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• Region-wise, the Asia-Pacific razor industry is projected to register the fastest CAGR during the projected timespan.

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Razor Market: Growth Factors

Demand for improving personality of individuals will drive the growth of the market globally by 2032

Need for personal grooming and improving the visual appearance is projected to scale up the global razor market expansion. Escalating awareness about hygiene is boosting the expansion of the market globally. An increase in the per capita income of the people across the globe will prop up the growth of the market across the globe. An increase in the number of subscription services globally will proliferate the progress of the market globally. A surge in salons and spa clinics globally has increased the use of razors, thereby driving the global market trends.

Razor Market: Restraints

Easy access to counterfeit razors can impede the global industry surge over the analysis period

Easy availability of duplicate products can restrict the expansion of the global razor industry. Apart from this, rising product costs due to a surge in raw component costs can impede the growth of the industry across the globe.

Razor Market: Opportunities

Rise in preference for products of premium quality can open new vistas of growth for the global market

Changing fashion trends and lifestyles of the youth have offered new avenues of growth for the global razor market. An increase in premium products to bolster the expansion of the market globally. Lower costs and easy access to regional products in emerging economies such as Brazil, India, and Sri Lanka will prop up the expansion of the market globally.

Razor Market: Challenges

A surge in excise duties can restrict the growth of the industry globally over forecast period

A rise in export and import duties and supply chain disruptions is anticipated to challenge the growth of the razor industry across the globe.  

Razor Market: Segmentation

The global razor market is divided into product, consumer, and region.                                          

In terms of product, the razor market across the globe is bifurcated into electric, cartridge, and disposable segments. Additionally, the cartridge segment, which gained approximately 56% of the global market earnings in 2023, is expected to record the highest CAGR in the analysis timeline. The segmental expansion during the period from 2024 to 2032 can be due to its easy access and affordability. Moreover, it is considered safer for all kinds of skins and can be reused. Its rust-proof features due to the use of alloy & steel in its production will further drive the segmental surge.

Based on the consumer, the global razor industry is divided into men and women segments. Moreover, the men segment, which gathered approximately 90% of the market share in 2023, is likely to lead the segment in the coming decade. The growth of the segment in the forecasting years can be attributed to the large-scale use of the razors by men for shaving, grooming, trimming of beard & hair, and enriching their personal appearance & personality.

Razor Market: Report Scope

Razor Market: Regional Insights

North America is expected to maintain its leadership status in the global market over the coming few years

North America, which contributed about two-thirds of the global razor market revenue in 2023, is expected to establish a leading position in the global market in the upcoming years. Furthermore, the regional market surge in the forecast timespan can be credited to the presence of giant manufacturers such as Proctor & Gamble in countries such as the U.S.  Moreover, the large-scale use of electric trimmers for personal grooming has increased product penetration in the sub-continent of North America.

Asia-Pacific razor industry is slated to register the highest growth rate in the next eight years. The quick industry expansion in the Asia-Pacific region can be due to the large-scale use of personal care items in countries such as India, Japan, and China. In addition to this, growing beauty consciousness among the people along with the arranging of fashion content in the countries of Asia will proliferate the industry size in the region.  

Key Developments

• In the first half of 2023, Gillet Venus introduced dermaplaning skincare collection that received the approval of a dermatologist and the collection includes a dermaplaning razor, moisturizing serum, and cleansing premier.
• In the fourth quarter of 2021, BIC signed a joint venture agreement with Avient Technologies for introducing renewable Soleil Click 5 Women’s Razor Handle. Such moves will drive the growth of the razor business across the globe.

Razor Market: Competitive Space

The global razor market profiles key players such as:

• Supermax Limited
• The Procter &Gamble Company
• Edgewell Disposable Company
• Dorco Co. Ltd.
• Koninklijke Philips N.V.
• Societe BIC S.A. (BIC)
• Harry’s Inc.

The global razor market is segmented as follows:

By Product

• Electric
• Cartridge
• Disposable

By Consumer 

• Men
• Women

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa