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Razor Market to Witness Steady Growth Based on Rising Awareness of Consumers Regarding Personal Hygiene & Rapid Growth in Men's Grooming Products Industry Till 2025 | Million Insights

FELTON, California, June 16, 2020 /PRNewswire/ -- The global Razor Market size is projected to touch USD 13 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 3.5% through the forecast period of 2019-2025. Increasing awareness of consumers regarding personal hygiene and a rapidly increasing market of men's grooming products have been driving the product demand over the years.Electric shavers are anticipated to grow at the fastest CAGR of 4.3% over the forecast period. Availability of both local and international brands, from Braun and Philips to Indian brands like Nova and Syska, is the major factor driving this segment. In countries such as U.S., Germany and U.K. the personal care industry is fast-growing and the demand for such products is expected to increase in both genders.Disposable razors held a market share of 33.6% in 2018 and the demand for this product would continue growing owing to increasing usage of the product in developing countries like Brazil, India and Sri Lanka. Availability of domestic brands and reasonable price of the product are the major factors driving the product demand in these countries.In consumer segment, men dominated the market, while women segment is anticipated to grow at a CAGR of 3.9% over the forecast period. Growing consciousness of women regarding beauty and personal care along with strong influence of changing fashion trends are some of the major factors driving this consumer segment. Consumer preference in dermatology and beauty clinics for various treatments is increasing owing to wide usage of shaving razors as they offer a non-surgical and cheaper alternative. For example, Gillette Venus is a popular razor choice among Indian women for regular use since its inception.The online distribution channel is anticipated to grow at a CAGR of 3.9% over the forecast period. Strongly established consumer base of online apps and stores like Nykaa, Amazon and Purplle has contributed significantly to the growth of this segment. Increasing number of internet users, availability of wide range of products, striking offers & discounts and easy to access, are the prime factors driving product sales via online distribution channels.
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