The growing preference for personal grooming and rising disposable income are driving people around the world to purchase razors. Resulting, from $18.0 billion in 2019, the razor market is expected to experience a 2.1% CAGR during 2020–2030 (forecast period), to reach $22.5 billion by 2030. Such instruments comprise a blade, an apparatus that holds the blade, and a handle. These have been some of the oldest tools used by people, starting from when early humans used sharpened stones to groom themselves.
The razor market is divided on the basis of distribution channel into department stores, supermarkets/hypermarkets, online, convenience stores, and others. The market was dominated by the supermarkets/hypermarkets division during the historical period (2014–2019), as the wide variety of products available at such places allows people to physically see and compare them. The highest CAGR during the forecast period is predicted to be witnessed in the online division, owing to the benefits provided by e-commerce portals such as better offers, greater variety,easy price comparison, 24*7 hassle-free shopping, and home delivery.
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Presently, APAC is the largest razor market, and it would also experience the fastest growth during the forecast period. It is home to the most people on earth, which is why the demand for personal care and grooming products has always been high here. Additionally, the rapid urbanization is leading to economic prosperity, which is, in turn, allowing more people to spend more than before on grooming and personal care products.
Therefore, with the growing Westernization, the demand for grooming products, including razors, will continue to increase.