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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.
Nowadays, there is an escalating trend of using a hair removal products owing to the increasing awareness of individual grooming and enrichment of elegant looks. Various advantages of using the products include enhancement of skin complexion, a considerable reduction in body odor, and smoothens the surface of the hair. There is a high need and demand for these products, especially in the leisure and hospitality sector as they follow strict formalities in upholding presentable looks.
For instance, according to the United States Bureau of Labor Statistics, in August 2019, the leisure and hospitality industry is estimated to have 1.1 million employees in the country. Furthermore, models working in the fashion industry contribute to the rising demand for these products of hair removal as this line of work requires great care and maintenance of the body.
Surging Traffic on E-commerce Sites amid COVID-19 to Favor Growth
The upsurge of this deadly virus has restricted people to move put of their homes. This, in turn, has resulted in more consumers buying products online. Taking into consideration the hygiene and cleanliness, there has been an increase in the usage of hair removal products through e-commerce distribution platforms ranging from products such as intense pulsed light (IPL) devices, removing cream, and laser hair removing devices, among others. This sales channel is safer and preferable as it involves minimal human interaction, thereby, decreasing the risk of contraction with the virus. For instance, in March 2019, according to the article, “Coronavirus brings no-contact food delivery to the United States”, by Reuters, In the United States due to the outbreak of COVID-19, the e-commerce delivery system has started adopting a new practice of leaving bags of goods at the entrance of homes or sending deliverers a photo of where they should place the item.
Therefore, this helps to escalate the adoption of the product as it provides better assurance in preventing consumers against the virus.
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Availability of IPL Device for Personal Use Form Upsurge the Product Demand
Intense pulsed light is a technology adopted by cosmetic and medical experts to perform several skin treatments for therapeutic and aesthetic purposes. These include hair removal and treatment issues such as skin pigmentation, sun damage, and others. Manufacturers are coming up with personal use devices for consumers which are user- friendly, effective, and safe to use for the removal of hair. It works by emitting light to the pigment that provides color to the skin or hair in the hair follicle which damages the root and stops the cycle of the hair regrowth. This attribute thus helps in attracting more consumers to the product.
Some of the manufacturers engaging in the production of IPL devices include Koninklijke Philips N.V., Bosidin, Lumenis, and others.
Increasing Awareness Regarding Personal Grooming is Projected to Drive Market Growth
The advancement of technology giving rise to the increasing promotional campaigns on the importance of personal grooming is likely to increase the usage of the products of hair removal. Intense competition between key players resulting in targeting more rural areas for expanding their presence has accelerated the demand. For instance, in July 2020, the Economic Times declared that the prominent FMCG players such as ITC, Godrej, Dabur, Emami, and Marico are experiencing a boost in sales in rural and semi-urban markets during this pandemic. Additionally, the rising urbanization gives rise to more people becoming increasingly conscious of their grooming and hygiene including maintenance of short hair, thereby positively influencing the product consumption rate.
These factors play a crucial role in the growing awareness and increasing consumption of the product.
Increasing Spending on Personal Care Products to Favor Market Growth
The high disposable income of various countries is resulting in the escalation of the spending made on personal care products including hair removal creams. Manufacturers targeting from low to high-income earners leading to the production of a wide range of affordable products for all types of consumers have helped in attracting more consumers. Moreover, the rising cost of the services of beauty and hair salons is propelling more individuals to consume the product. Furthermore, certain types of brands coming up with marketing strategies such as free gifts, discounts, and buy one get one free, among others are helping to generate more traction. These factors contribute to a significant part in increasing the spending on the products of hair removal and this acts as a flourishing factor for the global hair removal products market growth.
Rising Cost of Raw Materials to Hamper Consumer Preferences
The adoption of raw materials such as chemicals, metals, organic material, and others that are becoming increasingly less abundant in nature are resulting in a negative impact on the cost of the product. Similarly, the rising cost of shipping raw materials from one place to another is anticipated to increase the cost. Additionally, the increasing cost of employing skilled labor who are extracting and processing the raw materials into a usable form indirectly contributes to escalating the cost of the product. Furthermore, the increasing tariff on the import and export of raw materials between countries is expected to intensify the price of raw material.
Thus, the rising cost of raw materials used for the production of hair removal products is negatively influencing the cost and further hampering the growth of the market.
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Creams Segment to Remain Dominant
Creams are projected to hold the largest hair removal products market share on an account of its simplicity, effectiveness, and ability to quickly eliminate hair from the body that makes it more preferable than other product types. Similarly, a large number of creams coming with the ability to not only remove the hair but also moisturize and leave the skin silky smooth, with pleasant fragrance is expected to boost the consumption rate.
Ready to use wax strips, electronic devices, and razors devices show a significant presence due to their ability to deeply or permanently remove hair from the body they are also often chosen by a large number of consumers.
Women Segment Holds the Highest Market Share
Based on gender, the market is segmented into men and women. The women segment is anticipated to be the greater market shareholder due to a large number of manufacturers coming up with products that are specifically designed to cater to the demand of the women.
On the other hand, most men adopting hair as a symbol of pride reduces the consumption of the product in this segment. Nonetheless, the men segment is increasingly displaying a positive growth owing to the growing acceptance of the trending looks which is promoting less hair on men’s bodies.
Beauty Clinic Segment is Anticipated to Hold the Largest Share
Based on end-users, the market is segmented as a dermatology clinic and beauty clinic. The beauty clinic is anticipated to hold a larger market share owing to its affordability while still providing professional services, tools, and products to its clients. Also, a large number of people are aware of the various attractive services that beauty clinics is offer on skin and hair and this makes them prefer over dermatology clinics.
Dermatology clinics are considered to be mostly visited by people who have severe issues regarding their skin and hair. This segment of the market is expected to display a significant growth rate on account of providing more personalized and effective treatment that is propelling the clients to avail of its services.
Europe Hair Removal Products Market Size, 2016-2027 (USD Billion)
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Asia Pacific is expected to display a significant growth in the global market owing to the presence of a large number of youth population leading to increasing consumption of hair removal products. According to one of the world’s leading English-language newspaper websites, The Guardian, in January 2018, India is estimated to have 600 million youth population which is considered to be more than half of its population. Furthermore, the region’s booming growth of the customer services sector such as delivery, healthcare, sales, beauty clinics, and others has resulted in an increase in consumption. This is due to a large number of employers applying a strict set of protocols on personal grooming including retaining short hair on their bodies.
North America is estimated to exhibit substantial growth owing to the rising number of grooming businesses in the region such as beauty salons, laser treatment, hair shaving salons, and others, displaying a huge contribution to the rising demand. The region's high per capita income, resulting in high spending power on personal care products is further accelerating the consumption of the products. For instance, according to the data issued by the World Bank in 2019, the GDP per capita income of the United States is estimated to be $65,280.69.
The global market size for hair removal products in Europe stood at USD 1.45 billion in 2019 and is the dominating region. This is largely contributed by their high standard of living resulting in giving importance to cleanliness and personal grooming. The high women employment rate is anticipated to have a significant contribution owing to women more inclined towards personal care products including hair removal. For instance, according to the statistical data published by the government based website ONS and the Global Economy, the estimated number of female employment rates in the UK is 72.7% and in Germany 55.9%.
Latin America and the Middle East & Africa are estimated to showcase a relatively lower market share as compared to other regions. This is owing to the weak presence of the major leading brands still in these regions and the adoption of facial hair as part of the tradition acts as a restraining factor for the market growth. For instance, in the Middle East & Africa, facial hair is observed as a significant visualization of a person’s values and beliefs. It is important to own facial hair in their Islamic tradition. Furthermore, the lack of awareness regarding the significance of maintaining proper health and hygiene in many places further plays a crucial role.
Key Players are Directing more Attention towards Manufacturing Personal Use Devices
Key players focus on the production of hair removal devices to have a greater presence in the market. This will attract a larger number of people to the product as it helps to reduce the expenditure incurred on the treatment at dermatology and beauty clinics. For instance, the manufacturing of personal use ILP devices called Peach by Fereo was launched in May 2020. This device is anticipated to reduce the need for customers visiting salons for expensive IPL services especially during this pandemic and is thus helping to act as a flourishing factor for market growth.
An Infographic Representation of Hair Removal Products Market
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The hair removal products market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several key factors driving and that have contributed to the growth of the advanced market over recent years.
Value (USD Billion)
Fortune Business Insights says that the global market size was USD 4.01 billion in 2019 and is projected to reach USD 4.94 billion by 2027.
In 2019, the Europe value stood at USD 1.45 billion.
Growing at a CAGR of 4.3%, the market will exhibit steady growth in the forecast period (2020-2027).
Creams segment is projected to be the leading segment in this market during the forecast period under product segmentation
Rising consciousness of the significance of using of personal care products is the major factor driving the growth of the market.
Hologic, Inc, Koninklijke Philips N.V., Braun GmbH, and Bosidin are few major players of the global market.
Europe dominated the market share in 2019.
The growing popularity of ILP based personal use devices is expected to drive the adoption in the global market.
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