The Global Market for hair removal products is predicted to increase significantly between 2020 and 2027, with a CAGR of 4.3%, to reach USD 4.94 billion. This can be attributed to the rise in personal hygiene awareness among both men and women, which is fueling demand for these goods around the world.
This information is found in the most recent study from Fortune Business Insights, titled Hair Removal Products Market, 2020–2027. The report also says that the market, which was valued at USD 4.01 billion in 2019, is expected to grow over the next few years.
Across all e-commerce websites, COVID-19 increases online purchases.
The COVID-19 pandemic has led to people being confined to their homes to contain the widespread effect of the novel coronavirus. With salons, barbers, and beauty parlours 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 products for hair removal has surged by 50% more than in pre-COVID times.
Hair Removal Products Market Growth Drivers: Increasing Awareness Regarding Personal Grooming is Projected to Drive Market Growth
Increasing spending on personal care products to favour market growth
To contain the extensive effects of the novel coronavirus, the COVID-19 pandemic has resulted in people being quarantined in their homes. Due to the closure of salons, barbershops, and beauty parlours as a result of the lockdown imposed by government organisations, e-commerce websites are seeing a huge increase in the purchase of grooming products.
According to Paytm Mall, the demand for hair removal products has increased by 50% since COVID was implemented. The pandemic situation is anticipated to favour market expansion shortly.
Market growth drivers for hair removal products are anticipated to include rising spending on personal care products and rising awareness of personal grooming.
According to Fortune Business Insights, the following companies are actively working to lessen the effects of the COVID-19 pandemic on the market:
Lumenis (Yokne’am Ilit, Tsafon,Israel)
Candela Corporation( Wayland, Massachusetts, USA)
Venus Concept (Toronto, Ontario, Canada)
Hologic, Inc (Marlborough, MA, USA)
Braun GmbH (Germany)
Alma Lasers International (Israel)
Cynosure, LLC. (Westford, MA, USA)
Koninklijke Philips N.V., (Amsterdam, Netherlands)
Solta Medical, Inc (Bothell, Washington, USA)
Samsung Electronics Co Ltd (Seoul, South Korea)
To get rid of unwanted hair from the legs, back, chin, feet, upper lip, and other body regions, many people use a hair removal solution.
There are several ways to get rid of unwanted hair, but these products offer the most effective, economical results that also leave the skin feeling soft and glowing. With significant advancements in hair removal technology, including the use of lasers and intense pulsed light (IPL), which is gaining popularity among people all over the world, shaving off unwanted hair has become a routine element of skincare regimens.
What Information is in the Report?
The market report offers an in-depth analysis of the different drivers, constraints, opportunities, and challenges that the industry will experience over the forecasted time frame.
The study also offers thorough insights into how regional market trends will affect the market’s expansion throughout the projected period. Our research analysts used a variety of research approaches to compiling the data, which includes information obtained through the recommendations of knowledgeable people within the industry.
The competitive environment provides more in-depth information about the strategies companies used to preserve market dominance between 2020 and 2027, including product launches, partnerships, mergers and acquisitions, and collaborations.
Putting more emphasis on personal hygiene to foster growth
The demand for personal care products is being driven by the busy lifestyle and rising stress levels among the working population.
Young people are adopting personal grooming items in record numbers to improve their appearance among their peers as a result of rising fashion and style within this demographic. In the next years, it is anticipated that the global market for hair removal products will be driven by the rising desire among both men and women to maintain personal hygiene and look appealing.
Due to its many advantages, the creams segment had a market share of 38.28% in 2019.
Due to the rising demand for cream-based hair removal products that offer multiple benefits like effective hair removal and healthy moisturising skin, the segment of creams, which is measured by product, held a market share of 38.28% in 2019. It is predicted that this segment will grow significantly over the coming years.
INSIGHTS FROM AROUND
High Women Employment Rate to Support Growth in Europe
The market for hair removal products worldwide is predicted to be dominated by Europe, which had a 2019 revenue of USD 1.45 billion.
This dominance can be attributed to the region’s growing female employment percentage, which is fueling the expansion of these products. In the upcoming years, it’s anticipated that the Asia-Pacific market would expand rapidly. This can be attributed to elements like the growing number of young people driving the demand for personal hygiene and grooming goods in nations like India and China.
Reason to Get This Report:
A segmentation-based market analysis that is both qualitative and quantitative that takes both economic and non-economic elements into account
Information about the market worth of each section and subsection
Identifies the area and market sector most likely to experience rapid market growth and dominance.
The variables influencing the market within each region are underlined, as well as the consumption of the product/service in each region.
The market rankings of the leading competitors are included in the competitive landscape, along with recent service/product launches, joint ventures, corporate expansions, and acquisitions by the companies profiled.
AN ACTIVE LANDSCAPE
Moom releases a new hair removal kit for men to strengthen its position in the market.
A well-known company called MOOM, known for its natural hair removal products announced the release of its most recent product in August 2020. This product contains an advanced sugar wax formula.
The brand-new item from the company combines natural ingredients like lemon juice, sugar, aloe vera, Boswellia, and chamomile. Its product portfolio will be strengthened after the product’s debut, and it will acquire a competitive advantage. Additionally, during the forecast period, the companies’ adoption of strategies like merger and acquisition, partnership, and cooperation is anticipated to boost the expansion of the global market for hair removal products.
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