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Global Sales of Hair Removal Products is Expected to Accelerate at a Whopping 5.9% CAGR, Reaching US$ 1.8 Billion by 2031 - Reveals TMR Study
Transparency Market Research inc.
5 min read
WILMINGTON, DE / ACCESSWIRE / April 28, 2023 / Transparency Market Research Inc. - The global hair removal products market stood at US$ 1.1 Bn in 2022 and is anticipated to reach US$ 1.8 Bn by 2031, expanding at a CAGR of 5.9% between 2023 and 2031.
Rise in need for natural and environmentally-friendly products and evolving fashion styles are expected to drive market demand for hair removal products. Moreover, rise in awareness about personal grooming and surge in disposable incomes are anticipated to fuel industry growth.
Consumers are keen on spending money on personal grooming goods such as trimmers, wax, and laser-based equipment as their disposable income soars. The market value of hair removal products is projected to increase due to rise in urbanization and changing fashion trends.
Growing consumer awareness about personal grooming and upholding standards of personal cleanliness has led to increase in the market share of hair removal solutions in the past few years. Female customers exert influence on how firms promote their hair removal products.
However, a growing number of men are preferring hair removal treatments, which is expected to propel the global industry. Development of cutting-edge, environmentally-friendly hair removal solutions is anticipated to present substantial opportunities for market players.
Market Snapshot:
Report Coverage
Details
Market Revenue
USD 1.1 Bn
Estimated Value
USD 1.8 Bn
Growth Rate - CAGR
5.9 %
Forecast Period
2023-2031
No. of Pages
180 Pages
Market Segmentation
Type, Application, Consumer Group, Price, End-use, Distribution Channel
Regions Covered
North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered
Beiersdorf AG D&K Group, Inc., Braun GmbH, Church & Dwight Co., Edgewell Personal Care Company, Erikka India, Koninklijke Philips N.V., Naturenation Store, Procter & Gamble, Reckitt Benckiser Group Plc., Revitol
Key Findings of Market Report
Introduction of laser-based hair removal devices has enhanced their appeal in the past years due to their lasting outcomes and simplicity of use. The devices selectively target hair follicles and effectively reduce hair growth, making them more effective and practical than traditional hair removal methods. As a result, end-users find them to be very appealing.
Global Hair Removal Products Market: Growth Drivers
As people prioritize personal cleanliness, the market for hair removal products is projected to witness robust growth in the next few years. Increase in consumer demand for hair removal methods that are quick, simple, and effective presents attractive potential for market development. People are becoming more aware of these products for grooming activities, including hair removal.
Development of novel and efficient hair removal solutions has grown faster in the past few years due to technical improvements and increase in demand for simpler and more effective hair removal procedures. Depilatory creams have also experienced significant innovation as a result of companies investing significantly in R&D initiatives to create compositions that are both mild and effective.
Usage of organic and natural ingredients in depilatory creams has increased as a result of rise in consumer demand for eco-friendly and natural products. Market players strive to provide new and improved epilators, wax strips, and razors in order to provide clients with a larger variety of hair removal alternatives. Thus, these developments are driving the market for hair removal products.
Global Hair Removal Products Market: Regional Landscape
North America is projected to account for the largest share of the global market due to the region's high rate of hair removal product usage and presence of major players.
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