The global hair removal products market size is expected to showcase a significant growth by reaching USD 4.94 billion by 2027 while exhibiting a CAGR of 4.3% between 2020 and 2027. This is attributable to the increasing awareness regarding personal hygiene among women and men that is propelling the sales of these products across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Hair Removal Products Market Size, Share & COVID-19 Impact Analysis, By Product (Creams, Ready to use Wax Strips, Electronic Devices, and Razors), Gender (Men and Women), End User (Dermatology Clinics and Beauty Clinics), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 4.01 billion in 2019 and is likely to gain momentum in the forthcoming years.
COVID-19 Surges Online Purchases Across E-commerce Websites
The COVID-19 pandemic has led to the people being confined at their home spaces to contain the widespread effect of the novel coronavirus. With salons, barbers, and beauty parlors shut owing to the lockdown imposed by the government agencies, the e-commerce websites are experiencing a massive surge in purchase of grooming products. According to the Paytm Mall, the demand for products of hair removal has surged by 50% than pre-COVID times. The pandemic situation is expected to bode well for the growth of the market in the near future.
List of the Leading Companies Profiled in the Global Hair Removal Products Market are:
- Cynosure, LLC. (Westford, MA, USA)
- Solta Medical, Inc (Bothell, Washington, USA)
- Lumenis (Yokne’am Ilit, Tsafon,Israel)
- Alma Lasers International (Israel)
- Candela Corporation( Wayland, Massachusetts, USA)
- Venus Concept (Toronto, Ontario, Canada)
- Hologic, Inc (Marlborough, MA, USA)
- Braun GmbH (Germany)
- Koninklijke Philips N.V., (Amsterdam, Netherlands)
- Samsung Electronics Co Ltd (Seoul, South Korea)
A hair removal product is widely adopted to remove unwanted hair over cheeks, legs, back, chin, feet, upper lip, and other body parts. There are several methods to remove unwanted hair, however, these products provide the best results that are cost-effective and leave the skin with a soft and shiny glow. Removing unwanted hair has becoming a part of the skincare regime with remarkable innovations in hair removal technology such as the adoption of laser, and intense pulsed light (IPL) that is gaining recognition among the people across the globe.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Focus on Personal Hygiene to Promote Growth
The hectic lifestyle and the increasing stress levels among the working population are propelling the demand for personal care products. Owing to increasing fashion and style among the young population, the adoption of personal grooming products is experiencing tremendous growth to enhance their appearance among the peer. The growing trend to maintain personal hygiene and appear attractive amongst both women, as well as men is expected to drive the global hair removal products market in the forthcoming years.
Creams Segment Held a Market Share of 38.28% in 2019 Owing to its Multiple Benefits
The segment creams, based on product, held a market share of 38.28% in 2019 and is likely to experience a significant growth owing to the increasing demand for cream-based hair removal products that provides multiple benefits such as effective hair removal, and healthy moisturizing skin.
High Women Employment Rate in Europe to Aid Growth
Moom Launches New Hair Removal Men Kit to Consolidate its Market Position
Among all the regions, Europe stood at USD 1.45 billion in 2019 and is expected to hold the highest position in the global hair removal products market. This dominance is attributable to the increasing women employment rate that is driving the growth of these products in the region. The market in Asia-Pacific is expected to experience an exponential growth in the forthcoming years. This is ascribable to factors such as the rising youth population that propels the demand for personal hygiene and grooming products in countries such as India and China.
In August 2020, MOOM, a well-known brand known for their natural hair removal products, announced the launch of its latest product that contains advanced sugar wax formula. The new product by the company is a combination of natural products such as lemon juice, sugar, aloe vera, boswellia, and chamomile. The launch of the product is expected to strengthen its product portfolio and gain a competitive edge. Furthermore, the adoption of strategies such as merger and acquisition, partnership, and collaboration by the companies is expected to favor the global hair removal products market growth during the forecast period.
- July 2020: Astanza Laser, a global leader in aesthetic laser technology, introduced a new product for hair removal, Asclepion MeDioStar laser. According the company, the new product is manufactured in Germany and has been commercially approved by the FDA for sale.