According to the report published by Allied Market Research, the global razor blade market generated $2.18 billion in 2020, and is expected to garner $2.35 billion by 2028, witnessing a CAGR of 1.1% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Preference as a cost-effective shaving method and the rise of the grooming industry drive the growth of the global razor blade market. However, surge in popularity of substitute products hinders the market growth. On the other hand, emergence of nanotech precision blades presents new opportunities in the coming years.
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Covid-19 Scenario:
Production activities of razor blades were hampered due to close down of factories due to lockdown measures implemented during the Covid-19 pandemic. Moreover, raw material shortages occurred and the supply chain was disrupted. However, production activities resumed and the supply chain was restored during the post-lockdown as restrictions were lifted off.
As hair-cutting saloons, spas, and shops were closed due to government restrictions to curb the spread of Covid-19, the demand for razor blades increased for domestic use. Consumers preferred online channels for ordering and procuring the blades.
The report offers detailed segmentation of the global razor blade market based on type, blade material, end user, distribution channel, and region.
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The Asia-Pacific razor blade market is the most attractive region for the players operating in the market. It is home to around 60% of the global population. The growing youth population is a key factor propelling the Asia-Pacific razor blade market. According to United Nations Population Fund (UNFPA), the overall fertility rate of Asia-Pacific is 2.1 births per woman and some nations are witnessing youth bulge. This presents lucrative growth opportunities to the razor blade manufacturers. Moreover, the growing awareness among the population regarding personal hygiene and increasing emphasis on grooming ate further driving the razor blade market. Therefore, the growing population in the emerging markets will act as a catalyst to the razor blade market in the foreseeable future.
Moreover, there are various substitutes of safety razors that are gaining immense traction in the market. The most popular are disposable razors, trimmers, epilators, and electric razors. The giant market players, such as Gillette, BIC, and Edgewell, are involved in aggressive marketing of these substitute products. Disposable razors, trimmers, and electric razors are gaining significant popularity among the global population. The use of trimmers and electric razors eliminates the use of razor blades, and thus significantly hampers the growth of the razor blade market. Moreover, famous brands, such as Gillette and BIC, are innovating and coming up with specially designed razors for removing hair from different body parts for men and women. Furthermore, different brands are manufacturing products to cater to men and women. For example, Gillette serves the men segment while Venus serves only the women segment. These factors are increasing the demand for alternatives of safety razor and razor blades.
Based on type, the double edge segment accounted for the highest market share, holding around four-fifths of the total share in 2020, and is expected to maintain its leadership status during the forecast period. However, the single edge segment is projected to manifest the highest CAGR of 1.1% from 2021 to 2028.
Based on distribution channel, the supermarkets/hypermarkets segment contributed to the largest market share in 2020, accounting for more than one-third of the global razor blade market, and is expected to maintain its dominant share during the forecast period. However, the online segment is estimated to portray the largest CAGR of 1.4% from 2021 to 2028.
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Based on region, North America held the largest market share in 2020, contributing to nearly one-third of the total share, and is projected to continue its dominance in terms of revenue by 2028. However, Asia-Pacific is projected to witness the fastest CAGR of 1.4% during the forecast period.
Leading players of the global razor blade market analyzed in the research include BIC, Edgewell, Dorco, Kaili Razor, Feather Safety Razor Co. Ltd., Lord International Corporation, Kai Company Ltd., Procter & Gamble, and Supermax.