Overview of Hair Removal market
The Global Hair Removal market was valued XX in 2018 and it is projected to reach more than US$ 15.5 Bn by 2027, likely to expand with a CAGR of 5.3 % during the forecast period.
The global hair removal market has shown tremendous growth since the last two decades. The market is expected to grow at the highest compound annual growth rate during the time of research study. Some of the factors driving the growth of the global market include technological advancements, rising working population, and increasing income per capita in emerging economies.
Rising Consciousness Regarding Appearance and Personal Grooming is Likely to Fuel the Growth of Global Hair Removal Market
The major factor driving the growth of the global hair removal market is the rising consciousness regarding appearance and personal grooming with a growing number of working women in emerging economies. Some of the quick-fix products such as easy-to-use wax strips and electronic devices are gaining popularity among the young generation owing to the busy lifestyle. This, in turn, spurs the growth of the global market over the forecast period.
Furthermore, manufacturers are engaged in developing innovating products to cater the consumer's demand. Some of the electronic hair removal devices are equipped with sensors which alert the customer in case of hard pressure which reduces the risk of bruises. Moreover, in response to increasing demand from men population and rising trend of metrosexual culture companies are developing products suitable for men which are expected to create ample opportunities for the growth of the hair removal market in the future.
Cream Segment held major Share in Global Hair Removal Market
On the basis of product type, the creams segment dominates the global market by holding a significant market share in 2018. The dominance of the segment can be attributed to benefits associated with waxing creams such as cost-effective, effective results, and quick processing. Moreover, the rising number of working women opt for quick hair removal solutions due to their busy lifestyles is expected to create ample opportunities for the creams segment. Moreover, the availability of a wide range of products for different skin types and endorsement by celebrities is fuelling the growth of the segment.
Furthermore, the electronic devices segment is estimated to witness the fastest growth over the forecast period. This is mainly due to technological advancements in the grooming sector and rising demand for hassle-free hair removal products. Also, manufacturers are developing specific products for males and females which results in enhanced customer base across the globe.
Bread Segment is anticipated to be the Fastest-Growing Segment
By application, the bread segment dominates the global market by holding a significant market share of 26.43 %. The segment is projected to maintain its dominance over the forecast period. The dominance can be attributed to the rising popularity of bread-based products such as rolls, pastry, donuts, muffins, etc. in developing regions such as the Asia Pacific and the Middle East.
North America and Europe are mature markets for Hair Removal. The manufacturers in these regions are focused on innovations in order to offer products with value addition such as organic products, gluten-free bread, and whole grain. This is expected to create ample opportunities for the growth of the bread segment in the coming years.
North America held a significant share in the global Hair Removal Market in 2018
In terms of region, the global hair removal market is dominated by North America. This is mainly due to the rising adoption of electronic grooming products and growing concern regarding hygiene among the male and female populations across the region.
On the other hand, Asia Pacific is estimated to witness the highest growth during the forecast period. The segment is projected to grow at a compound annual growth rate of 6.7 % between 2019 to 2027. The growth of the region can be attributed to the rising number of working women, changing lifestyles, and developing metrosexual culture across the region.
The global Hair Removal market is highly competitive as it is fragmented between several global and regional players. The enterprises are highly focused on research and development activities in order to develop the innovative products to gain technical competence.
For instance, in October 2018, Vi-John, one of the major players in the FMCG industry announced the launch of India's first men’s hair removal cream. The cream offers seamless and smooth hair removal experience to men.
In May 2019, Phillips announced new equipment in their hair removal segment. The company’s latest epilator provides smoother skin and long-lasting hair removal facility.
Some of the prominent companies operating in the global Hair Removal market include Codream, Reckitt Benckiser, Revitol, Church & Dwight, Nads, Procter & Gamble, VI-John, Philips, Sally Hansen, and Emjoi.
Global Hair Removal Market by Product Type
- Wax Strips
- Electronic Devices
Global Hair Removal Market by Distribution Channel
- Drug Stores
- Convenience Stores
Global Hair Removal Market by End-User
Global Hair Removal Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America