Dubai, UAE, July 24, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Hair Removal Products Market size is projected to reach USD 4.3 Bn by 2030 from USD 2.4 Bn in 2021, exhibiting a CAGR of 5.6% from 2022 to 2030. With growing awareness of personal grooming and the enhancement of elegant looks, hair removal products are expected to experience an increase in popularity in the near future. Using the products has a number of benefits, such as improving skin complexion, significantly reducing body odor, and smoothing the surface of the hair. Particularly in the leisure and hospitality industries, which adhere to stringent formalities to maintain presentable looks, there is a strong demand for these products.
For instance, the United States Bureau of Labour Statistics estimates that in August 2019, there were 1.1 million people working in the leisure and hospitality sector nationwide. Additionally, models who work in the fashion industry are required to focus on precise body care and maintenance, which is a major factor fueling the need for hair removal products.
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Key Insights:
- Based on product type, the cream and lotion segment is expected to dominate the market.
- Rising spending on personal care products is anticipated to boost the demand for hair removal products.
- Expanding the young customer base in Asia Pacific is likely to promote market growth.
Competitive Landscape
In order to establish a stronger foothold in the global market, key players are prioritizing the production of hair removal devices. This strategic approach aims to attract a larger consumer base by offering a cost-effective alternative to treatments available at dermatology and beauty clinics.
For instance, the manufacturing of personal use IPL devices called Peach 2 by Fereo was recently launched in 2023. Unlike other IPL devices on the market, it was built with a higher power, a bigger treatment window, and a quicker flash. To offer a comfortable and painless hair removal experience, it also has an integrated skin cooling system.
Some of the major players operating in the global hair removal products market include
- Procter & Gamble
- Reckitt Benckiser Group PLC
- Koninklijke Philips N.V.
- Church & Dwight Co., Inc.
- Emjoi, Inc.
- Sally Hansen
- Vi-john Group
- Hologic, Inc
- Venus Concept
- Softsheen-Carson
- Others
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Market Segmentation:
By Product Type
- Cream & Lotion
- Wax Strips
- Electronic Devices
- Others
Demand for Cream and Lotion Set to Soar with Rising Consumption Rate
The cream and lotion segment held the largest share of the hair removal products market in 2022 and is expected to continue its dominance through the projected period. Its simplicity, effectiveness, and capacity to quickly remove body hair make it preferable to other product types, which is expected to boost the segment's expansion.
Similarly, it is anticipated that the consumption rate would increase as more creams and lotions become available that can not only remove hair but also moisturize and leave the skin feeling silky smooth, and fragrant. On account of its capacity to effectively or permanently remove hair from the body, ready-to-use wax strips, electronic products, and razor devices are prominent and frequently chosen by a significant number of consumers.
By Distribution Channel
- Supermarkets & Hypermarkets
- Drugstores
- Convenience Stores
- Online
Sales to Surge in Supermarkets and Hypermarkets
The supermarkets and hypermarkets segment dominated the hair removal products market in 2020 and is likely to remain dominant in the upcoming years. The advantages these stores offer, such as the ability to scan things before purchase, which influences consumers' purchasing decisions, are a contributing factor to the segment's growth. The segmental expansion is likely to be further aided by the availability of in-store associates who guide customers in choosing the right products.
Additionally, customers can compare brands since a wide variety of products from various companies are readily available. Sales at supermarkets and hypermarkets are anticipated to rise as a result of the architecture of this distribution channel and marketing campaigns by popular brands.
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Rising Awareness of Personal Grooming to Fuel Market Growth
The use of hair removal products is projected to rise as a result of technological advancements that have increased advertising campaigns that emphasize the value of personal grooming. The fierce competition among major providers, which has led them to seek more rural areas for extending their footprint is another factor contributing to the growing demand. For instance, the Economic Times reported in July 2020 that following the COVID-19 outbreak, sales of renowned FMCG companies including ITC, Godrej, Dabur, Emami, and Marico have been increasing in rural and semi-urban regions.
Additionally, with rapid urbanization, more individuals become concerned about their personal grooming, including caring for different hair types and lengths, which is favorably impacting product consumption. These factors are anticipated to greatly stimulate consumer interest.
Recent Industry Developments:
- Charcoal hair removal spray was introduced by Bombay Shaving Company in March 2023. This innovative DIY spray claims to make shaving a man's body hair a simple and quick process that takes only 8 minutes and offers a "100% Clean, 0% Effort" experience.
- In May 2021, Emjoi introduced the Emagine Epilator, which is made exclusively for men. The tool is versatile since it has 72 tweezers in addition to shaving and trimming attachments.
Growing Young Customer Base to Position Asia Pacific as Market Leader
Asia Pacific is expected to hold the majority of the global market share for hair removal products throughout the projection period due to the large number of young consumers and the surging consumption of hair removal products.
Additionally, the region is likely to experience a considerable expansion in the customer services industry, which includes delivery, healthcare, sales, and beauty salons. This is due to the strict personal grooming rules that many organizations enforce, which include keeping their hair short on their bodies.
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Robust Grooming Business in North America to Bolster Market Expansion
North America is projected to grow significantly in the global market for hair removal products over the coming years due to the high costs associated with personal grooming, the growing use of electronic devices, and prominent hygiene concerns among both men and women. The presence of a diverse range of grooming businesses, such as beauty salons, laser treatment centers, hair salons, and others, is expected to further fuel product demand in the region.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data online
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increased Congestion on Online Channels During COVID-19
3.3. Market drivers
3.3.1. Increasing Disposable Income along with Spending on Personal Care Products
3.3.2. Increased Demand due to Busy Lifestyle Specially with Women Working Profes-sionals
3.4. Market restraints
3.4.1. Limited Penetration in Rural Areas May Hinder the Market Growth
3.5. Market opportunities
3.5.1. Miniaturization of Hair Removal Electronic Devices
3.6. Market Challenges
3.6.1. Concerns Pertaining to Laser Hair Treatments
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Distribution Channel of Suppliers
3.7.2. Bargaining Distribution Channel of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Hair Removal Products Market
Chapter 5. Global Hair Removal Products Market Overview, By Product Type, 2017 - 2030(USD Million)
Chapter 6. Global Hair Removal Products Market Overview, By Gender, 2017 - 2030(USD Million)
Chapter 7. Global Hair Removal Products Market Overview, By Distribution Channel, 2017 - 2030 (USD Million)
Chapter 8. Global Hair Removal Products Market Overview, By Geography, 2017 - 2030 (USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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