According to a new report published by Allied Market Research, titled, “Razor Blade Market by Type, Blade Material, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,”
The global razor blade market is expected to reach $2,351.3million by 2028 at a CAGR of 1.1% from 2021 to 2028.
Razor blade is a small and thin piece of sharp metal made of either stainless steel or carbon steel, which is generally used in a safety razor for shaving or removing facial hair and body hair. Traditionally, it was used by men for removing facial hair, but now it is also used for removing hair from various body parts, such as chest, arms, legs, and armpits, by both men and women.It gained immense popularity as it provides effortless and close shave with minimal irritation.
The use of razor blade for removing body hair among the women population is growing.Women use safety razors and razor blades to remove hair from legs, arms, and armpitsas they are concerned about their appearance and body odor. Moreover, the desire to look presentable at all times is fueling the demand for razor blade among women. Furthermore,some women suffer from Hirsutism that results in growth of dark hair in male-like pattern on face, back, and chest. Women suffering from Hirsutism are expected to use razor blades more often,thereby boosting the demand for razor blade.
Shaving has become a part of the daily routine for people especially those working in corporates. Further, the growing use of razor blade is boosting the product demand. Razor blade is used for removing hair from body partsand as a cutting tool in kitchen to make chocolate curl for desserts, open containers, & peel vegetables. Moreover, men and women need to shave their body hair due to reasons such as personal hygiene, increased feeling of cleanliness, smell better, avoid unpleasant body odor, aesthetic reasons, and to improve athletic performance. In the fitness world, removing body hair is the most common practice to show off muscle definition. These factors contribute significantly to the growth of the global razor blade market.
The global razor blade market is segmented on the basis of type, blade material, end user, distribution channel, and region. On the basis of type, the razor blade market is bifurcated into single edge and double edge. By blade material, it is classified into carbon steel and stainless steel. By end user, it is segregated into men and women. On the basis of distribution channel, it is fragmented into supermarkets/hypermarkets, departmental stores, convenience stores, and online. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Russia, Poland, the Netherlands, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the UAE, and the rest of LAMEA).
According to the razor blade market forecast, on the basis of type, the double edge segment was the highest contributor to the market, accounting for $1,757.2 million in 2020, and is expected to sustain its significance during the forecast period, owing to its high popularity, easy availability, and low price. The single edge segment is gaining popularity in North America and Europe as it provides quality shaving with clean and irritation-free experience to consumers. Therefore, the single edge segment is anticipated to be the fastest-growing segment during the forecast period.
Based on blade material, the stainless steel segment is the largest and the fastest-growing segment. It garnered market share of around 77.3% in 2020. Stainless steel is highly preferred as a material for razor blade by both the manufacturers and consumers as it is highly tempered and stays sharp for longer time. It warms up quickly so that the user does not feel the cold of the metal on the skin. This makes stainless steel the most preferred segment among global consumers of razor blades.
On the basis of user, the women segment exhibited market share of around 40.3% in 2020. Women are more concerned regarding their appearance and body odor. This stimulates them to opt for razors and razor blades to remove unwanted body hair. This is a key driving force behind the growth of the women segment in the razor blade market. Sometimes, due to certain medical or genetic reasons, women may have dark hair on their face. This makes them opt for razor blades. Therefore, the women segment is expected to be the fastest-growing segment in the coming years.
By distribution channel, the supermarkets/hypermarkets segment was the prominent segment, owing to high popularity and wide-scale penetration of supermarkets/hypermarkets in the leading razor blade markets such as North America and Europe. The supermarkets/hypermarkets segment is followed by departmental stores and online segments. Wide-scale adoption of internet, online shopping platforms, and changes in consumer buying behavior due to COVID-19 is expected boost the online segment. Moreover, the online segment is anticipated to be the fastest-growing distribution channel during the forecast period, owing to rise in popularity and developing infrastructure of e-commerce (online) channels globally.
According to the global razor blade market analysis, in 2020, North America dominated the market, garnering around 32.8% of the total razor blade market share, followed by Europe. North America and Europe are characterized by high disposable income, increased preference for grooming, and high demand for personal hygiene products, which makeit a leading market for razor blade. However, Asia-Pacific is expected to show promising growth rate due to the presence of highest population in this region. Around 60% of the global population lives in the Asia-Pacific region. LAMEA is anticipated to exhibit substantial growth due to growing awareness about personal hygiene and grooming among the population.
Players operating in the global razor blade market have adopted various developmental strategies to expand their market share and increase profitability in the market. The key players profiled in this report include BIC, Dorco, Edgewell, Feather Safety Razor Co. Ltd., Kaili Razor, Kai Company Ltd., Lord International Corporation, Malhotra, Procter & Gamble, and Supermax.
Key findings of the study
- The razor blade market was valued at $2,189.0 million in 2020, and is estimated to reach $2,351.3 million by 2028, growing at a CAGR of 1.1% during the forecast period.
- By type, the single edge segment is estimated to witness the fastest growth, registering a CAGR of 1.1% during the forecast period.
- In 2020, depending on end user, the men segment was valued at $1,305.5 million, accounting for 59.6% of the global razor blade market share.
- In 2020, the U.S. was the most prominent market in North America, and is projected to reach $102.4 million by 2028, growing at a CAGR of 1.0% during the forecast period.