Pune, India, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global hair removal products market size was valued at USD 4.01 billion in 2019 and is projected to reach USD 4.94 billion by 2027, exhibiting a CAGR of 4.3% during the forecast period. This information is published by Fortune Business Insights, in its latest report, titled, “Hair Removal Products Market, 2023-2027.”
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List of Key Players Profiled in the Hair Removal Products Market:
- 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)
- Cynosure, LLC. (Westford, MA, USA)
- Solta Medical, Inc (Bothell, Washington, USA)
- Lumenis (Yokne'am Ilit, Tsafon,Israel)
- Alma Lasers International (Israel)
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 become 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 people across the globe.
DRIVING FACTORS
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 their 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 product market in the forthcoming years.
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https://www.fortunebusinessinsights.com/hair-removal-products-market-103516
COVID-19 Surges Online Purchases Across E-commerce Websites
The COVID-19 pandemic has led to people being confined to their home spaces to contain the widespread effect of the novel coronavirus. With salons, barbers, and beauty parlors shut down owing to the lockdown imposed by government agencies, e-commerce websites are experiencing a massive surge in the purchase of grooming products. According to the Paytm Mall, the demand for hair removal products 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.
SEGMENTATION
By Product
- Creams
- Ready to Use Wax Strips
- Electronic Devices
- Razors
By Gender
- Men
- Women
By End-User
- Dermatology Clinics
- Beauty Clinics
By Geography
- North America
- Europe
- Asia Pacific
- the Middle East & Africa
- South America
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REGIONAL INSIGHTS
High Women Employment Rate in Europe to Aid Growth
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 product market. This dominance is attributable to the increasing women's employment rate that is driving the growth of hair removal products in the region. The market in Asia-Pacific is expected to experience 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.
Top Trends in Global Hair Removal Products Market:
- Growing Demand for Natural and Organic Products: Consumers have been increasingly inclined towards natural and organic hair removal products due to rising awareness about the potential side effects of synthetic chemicals.
- Rising Popularity of Technologically Advanced Hair Removal Devices: Advanced hair removal devices such as laser and IPL (Intense Pulsed Light) systems have gained popularity due to their effectiveness and long-term benefits, driving the demand for these products in the market.
- Expansion of E-commerce and Online Retailing: The rapid growth of e-commerce platforms has significantly contributed to the sales of hair removal products globally, making it convenient for consumers to access a wide range of products and compare prices before making a purchase.
- Increased Focus on Men's Grooming Products: The market has witnessed a surge in the demand for hair removal products specifically designed for men, including specialized razors, trimmers, and waxing products, as men are becoming more conscious about their grooming routines.
- Innovations in Product Offerings and Packaging: Companies have been focusing on product innovations, including the introduction of convenient and user-friendly packaging, as well as the development of multifunctional hair removal products to cater to the diverse preferences of consumers.
- Growing Preference for Long-Lasting Hair Removal Solutions: Consumers are increasingly seeking long-lasting or permanent hair removal solutions, driving the demand for products and devices that offer effective and durable results, such as laser hair removal and epilation devices.
- Increasing Awareness of Personal Hygiene and Aesthetic Concerns: Rising awareness of personal hygiene and grooming standards, coupled with a growing emphasis on aesthetic appearances, has led to a higher demand for hair removal products across different age groups and demographics.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Hair Removal Products Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Creams
- Ready to Use Wax Strips
- Electronic Devices
- Razors
- By Gender(Value)
- Men
- Women
- By End-User(Value)
- Dermatology Clinics
- Beauty Clinics
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
TOC Continued...!
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COMPETITIVE LANDSCAPE
Moom Launches New Hair Removal Men Kit to Consolidate its Market Position
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 product market growth during the forecast period.
Industry Development:
- July 2020: Astanza Laser, a global leader in aesthetic laser technology, introduced a new hair removal product, Asclepion MeDioStar laser. According the company, the new product is manufactured in Germany and has been commercially approved by the FDA for sale.
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