Hair Removal Products Market to grow at a CAGR of over 4.9% from 2023 to 2031, reveals Growth Plus Reports

According to the deep-dive market assessment study by Growth Plus Reports, the global hair removal products market was valued at US$ 5.25 billion in 2022 and is expected to register a revenue CAGR of 4.9% to reach US$ 8.07 billion by 2031.
Hair Removal Products Market Fundamentals
A hair removal product is designed to remove hair from the body. This market includes various products such as razors, shaving creams, waxing products, hair removal creams, and laser hair removal systems. The hair removal product market has grown significantly in recent years, driven by changing beauty standards, increasing disposable income, and technological advancements. In addition, the trend toward body positivity has led to an increased demand for hair removal products that cater to diverse skin types and body shapes. The market is dominated by major players such as Gillette, Veet, and Nair, but many smaller brands and niche products are also available. The market is expected to grow in the coming years, particularly in emerging markets where the adoption of hair removal products is still relatively low. Overall, the hair removal product market is a significant segment of the beauty and personal care industry, with a wide range of products and price points available to consumers.

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Hair Removal Products Market Dynamics
The global hair removal products market has been growing steadily over the past few years, and several factors are driving this growth. The growing trend of personal grooming and hygiene drives the demand for hair removal products as people become more conscious of their appearance and personal hygiene. Developing innovative hair removal products that are easy to use and less painful has increased their adoption. Laser hair removal, for example, has become a popular option for long-lasting hair reduction. For instance, the GentlePro Series' GentleMax Pro17 laser device from Candela features a dual wavelength laser that combines a 755 nm alexandrite laser and a 1064 nm Nd:YAG laser. The gadget is extremely adaptable and can treat various skin conditions, hair removal, and other indications. The GentlePro family of lasers also offers air cooling options to make users more comfortable throughout treatments. As the global economy grows, consumers have more disposable income for personal care products, including hair removal products. Consumers are increasingly opting for hair removal products that can be used at home, such as wax strips and depilatory creams, as they provide convenience and cost savings compared to salon-based treatments. With the rise of social media and the influence of beauty influencers, there has been a shift in beauty standards towards hairless or minimally-haired body parts, driving the demand for hair removal products. Overall, the global hair removal products market is expected to grow as consumers become more aware of their hygiene and appearance, and new technological advancements and product innovations continue to emerge.

However, the use of raw resources that are less common in nature, such as chemicals, metals, organic materials, and others, has a detrimental effect on the price of the finished good. The cost of transporting raw materials from one location to another is also expected to rise, indirectly driving up the product's price. All these factors hinder the growth of the global hair removal products market.
The global hair removal products market has been analyzed from the following perspectives: Product Type, Gender, Distribution Channel, and Region.
Hair Removal Products Market by Product Type
The global hair removal products market has been segmented based on product type into devices, wax & wax strips, depilatory creams, and others. The devices are further segmented into laser-based devices, razors & blades, epilators, IPL devices, and trimmers & shavers.

Depilatory creams accounted for the largest global hair removal products market revenue share. The consumer's willingness to save money and choose simple, practical solutions is attributed to segment growth. The market has been driven over the past few years by the rising popularity of this product among the younger generation, who seek out simple and quick fixes. The segment's rise has also been fueled by strong celebrity sponsorships and the accessibility of a large selection of creams for different skin types. For instance, Veet from Reckitt Benckiser has creams for hair removal for normal, sensitive, and dry skin.

The devices segment is projected to grow at a high revenue CAGR in the global hair removal products market. Sales of electronic devices like epilators are projected to increase because of technological improvements and consumers' rising desire for hair removal treatments that are hassle-free. Considering the differences in the skin types of men and women, businesses are concentrating on developing unique hair removal tools for each. Examples of male-specific epilators include the Philips Satinelle, Braun Silk Epil 9, and Braun Silk Epil 7. The growing desire for quick-fix grooming solutions, particularly among working women, has increased the use of epilators. For instance, the 36 tweezers on the Emjoi Gentle Caress Epilator offer rapid hair removal. The companies have introduced technologically sophisticated epilators in response to a busy lifestyle and rising consumer demand for convenient grooming items. To prevent bruises, these gadgets have sensors that send alerts when the skin is squeezed too firmly. The number of working women is rising, boosting the growth of the global business and driving up sales in the epilators segment.

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Hair Removal Products Market by Gender
Based on gender, the global hair removal products market has been segmented into women and men.
The women segment accounted for the largest revenue share in the global hair removal products market. In their fast-paced lives, working women have a significant need for speedy hair removal options. As a result of the unique and delicate nature of their skin, businesses are concentrating on producing several product versions. Since these products provide better outcomes than razors, introducing ready-to-use wax strips also increases market penetration among women.

The men's segment is projected to grow at a high revenue CAGR in the global hair removal products market. Men are also becoming increasingly interested in using hair removal products, which is predicted to drive the global market over the next years. Maintaining good grooming and personal hygiene practices is one of the reasons anticipated to drive the growth of the global market over the projected period. Another is the expanding trend of metro sexuality. Male grooming, sometimes known as "manscaping," has earned its place at the forefront of trends, whereas hair removal is typically a female preoccupation. This is due to the advancements in men's grooming products and changing lifestyles. The hair removal industry has succeeded in attracting guys, broadening its appeal to include open-minded and more conservatively dressed men.

Hair Removal Products Market by Distribution Channel
Based on the distribution channel, the global hair removal products market has been segmented into beauty clinics, supermarkets & hypermarkets, dermatology clinics, and others.
Supermarkets and hypermarkets accounted for the largest revenue share in the global hair removal products market. This market niche is well-liked due to its advantages, such as scanning the product before purchase, which influences their purchasing decision, the availability of an in-store associate, who assists them in choosing the appropriate product, and instant product purchase. Also, consumers can compare each brand thanks to the availability of a broad choice of items from other brands. The design of this distribution channel and advertising campaigns by well-known businesses have also enhanced the number of goods sold in supermarkets and hypermarkets. The growth of organized retail sectors has fueled the market for hair removal products by giving both established and emerging firms adequate room and exposure to sell their goods.

The beauty clinic segment is the second largest revenue shareholder in the global hair removal products market. This is due to its capacity to be reasonably priced while offering clients expert services, equipment, and goods. Also, many people choose dermatology clinics over beauty clinics because of the attractive services they provide to their skin and hair. Those with serious skin and hair problems are more likely to visit dermatology clinics. Because it offers more individualized and efficient treatment, encouraging customers to use its services, this market segment is anticipated to increase at a high revenue CAGR in the global hair removal products market.
Hair Removal Products Market by Region
Based on region, the global hair removal products market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America has a significant revenue share in the global hair removal products market. Recently, there has been an increasing demand for various hair removal products due to changing beauty standards, social norms, and increased awareness about personal grooming. A combination of factors such as technological advancements, convenience, and aesthetics drives the market. The United States and Canada are the major contributors to North America's hair removal products market. Technology advancements have led to the development more effective and efficient hair removal products. For example, home-use laser devices with advanced features such as smart sensors, precision settings, and safety mechanisms are gaining popularity among consumers.
Europe accounts for the second-largest market share in the global hair removal hair products market. The increasing use of hair removal techniques and the availability of skilled doctors are to blame for this. Increasing the local market's growth as a result. This market's expansion will be accelerated even more by significant technological advancements. More regional commercial opportunities have been made possible by the increased interest in beauty, particularly in emerging economies. Also, the UK's hair removal equipment market had the biggest market share and was expanding at the quickest rate in the region.
The hair removal products market in the Asia Pacific region is expected to witness significant growth in the forecast period due to various factors such as increasing urbanization, rising disposable income, changing beauty standards, and growing awareness about personal grooming. One of the key drivers of the hair removal products market in the Asia Pacific region is the growing demand for convenient and effective hair removal solutions. As people in the region become more conscious about their appearance, there is an increasing trend of opting for hair removal products that offer quick and long-lasting results. Additionally, the availability of a wide range of hair removal products at different price points contributes to market growth, as it caters to diverse consumer preferences and budgets. The popularity of Ayurveda and the desire for religious observance have also contributed significantly to the enormous demand for herbal hair removal products in the Indian market. Several personal care manufacturers have expanded their line of herbal products because of the growing demand in India.

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Hair Removal Products Market Competitive Landscape
Some of the prominent players operating in the global hair removal products market are: -
• Reckitt Benckiser Group
• Procter & Gamble Company
• Revitol
• VI-John Group
• Braun GmbH
• Samsung Electronics Co., Ltd.
• Sally Hansen
• Koninklijke Philips N.V.
• Softsheen-Carson
• Emjoi Inc.
• Alma Lasers International
• Cynosure Inc.
• Candela Medical Corporation

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Manan Sethi
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