Hair Removal Products Market to Reach US$ 8.07 Billion by 2031 | Growth Plus Reports

Newark, New Castle, USA, May 08, 2023 (GLOBE NEWSWIRE) -- The global hair removal products market, estimated at US$ 1.06 billion in 2021, is projected to surpass US$ 8.07 billion by 2031, at a revenue CAGR of 4.9%, according to the latest evaluation by Growth Plus Reports. The study examines the best impactful strategies, macroeconomic conditions, trends and prospects, competitive environments, changing market dynamics, market size, data and projections, and key investment areas.

Key Takeaways:

• Changing beauty standards will drive the demand for hair removal products during the forecast period.

• Increasing awareness of personal grooming and hygiene will encourage market revenue growth.

• North America will dominate the global market.

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                                      Hair Removal Products Market Scope

Market Drivers

The growing trend of personal grooming and hygiene are the primary factors driving the revenue growth of the global hair removal products market. Additionally, the increased adoption of these products, changing beauty standards, and technological advances contribute to market revenue growth. Furthermore, strong celebrity endorsements support the market's revenue growth.

Market Segmentation
Growth Plus Reports has analyzed the global hair removal products market from three perspectives: Product Type, Gender, Distribution Channel, and Region.

Product Type Segmentation: Based on the product type, the global hair removal products market is segmented into devices, wax & wax strips, depilatory creams, and others. The devices are further segmented into laser-based devices, razors & blades, epilators, IPL devices, and trimmers & shavers. The depilatory creams segment dominates the market with the largest revenue share because of the strong celebrity endorsements and the availability of a wide range of creams for various skin types.

Gender Segmentation: Based on the gender, the global hair removal products market is segmented into women and men. The women segment dominates the market because working women have a high need for quick hair removal solutions, and these products outperform razors.

Distribution Channel Segmentation: Based on the distribution channel, the global hair removal products market is segmented into beauty clinics, supermarkets & hypermarkets, dermatology clinics, and others. The supermarkets & hypermarkets segment dominates the market because of its benefits such as scanning the product before purchase, which impacts their purchasing choice, the availability of an in-store associate who helps consumers choose the suitable goods, and quick product purchase.

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Regional Growth Dynamics
Based on the region, the global hair removal products market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the global hair removal products market with the largest revenue share. The considerable revenue share of North America in the global hair removal products market can be attributed to the changing beauty standards, societal norms, increasing personal grooming understanding, technological advances, convenience, and aesthetics drives.

Competitive Landscape

The following are the top companies in the global hair removal products market:

• Reckitt Benckiser Group
• Procter & Gamble Company
• Revitol
• VI-John Group
• Braun GmbH
• Samsung Electronics Co., Ltd.
• Sally Hansen
• Koninklijke Philips N.V.
• Softsheen-Carson
• Emjoi Inc.
• Alma Lasers International
• Cynosure Inc.
• Candela Medical Corporation

The market for hair removal products is very competitive and complex. Prominent companies are developing new products and forming strategic alliances to successfully fulfill the growing global demand and maintain a strong market position.

Recent developments:

• Bombay Shaving Company launched a 'Magical' hair removal spray in March 2023. This unique DIY spray makes the hard and time-consuming procedure of shaving a man's body hair simple and quick, removing hair in only 8 minutes, and offering a "100% Clean, 0% Effort" experience.
• Veet experienced its greatest reformulation in hair removal creams in July 2022, with Veet PureTM. The new, dermatologist-tested line seeks to improve customers' hair removal experiences.
• Gilette India Ltd. launched B. Braun's brand products for electric grooming equipment such as shavers, trimmers, epilators, and others in India in February 2022.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022)
   3. Regulatory Landscape
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3.  Opportunities
5. GLOBAL HAIR REMOVAL PRODUCTS MARKET - ANALYSIS & FORECAST, BY PRODUCT TYPE
   1. Devices
      1. Laser-based Devices
      2. Razors & Blades
      3. Epilators
      4. IPL Devices
      5. Trimmers & Shavers
   2. Wax & Wax Strips
   3. Depilatory Creams
   4. Others
6. GLOBAL HAIR REMOVAL PRODUCTS MARKET - ANALYSIS & FORECAST, BY GENDER
   1. Women
   2. Men
7. GLOBAL HAIR REMOVAL PRODUCTS MARKET - ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
   1. Beauty Clinics
   2. Supermarkets & Hypermarkets
   3. Dermatology Clinics
   4. Others

HAIR REMOVAL PRODUCTS MARKET TOC

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• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

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