Hair Removal Products Market Analysis, Growth, Vendors, Shares, Drivers, Challenges with Forecast to 2028

According to our new research study on "Hair Removal Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, End User, Distribution Channel, and Geography," the hair removal products market size is expected to grow from US$ 9,596.39 million in 2022 to US$ 12,786.19 million by 2028; it is estimated to record a CAGR of 4.9% from 2022 to 2028. The projected market growth is attributed to the rise in demand for men's hair removal products and increase in spending on personal grooming products.

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In 2022, Asia Pacific held the largest share of the global hair removal products market. The hair removal products market growth in the region is mainly driven by the growing awareness about enhancing aesthetic appeal, rising disposable income of people, and increasing spending on personal care products. In India, growing awareness of self-care and personal grooming and increasing youth population drive the demand for hair removal products. The change in customer buying behavior, transition from salon grooming to DIY (Do-It-Yourself) trend, and electrification of personal care products are also fueling the hair removal products market growth in India.

Preference for Natural and Clean-Label Hair Removal Products Drive Hair Removal Products Market Growth
Natural and clean hair removal products are gaining popularity across the world due to the growing awareness regarding the harmful effects of cosmetic chemicals and rising inclination toward green and clean beauty trends. The growing awareness of the disadvantages of sulfides, stannites, mercaptans, thio compounds, and phthalates, among others, has encouraged manufacturers to innovate natural hair removal solutions. The increased demand for natural and organic hair removal products across various distribution channels has prompted manufacturers to develop natural products based on customer requirements. For instance, in 2022, Hoosh launched vegan hair removal cream containing natural and vegan ingredients. Thus, consumer preference for natural and clean hair removal products boosts the global hair removal products market growth.

Hair Removal Products Market: Segmental Overview
Based on product type, the global hair removal products market is segmented into creams, wax strips, razors & blades, epilators, and others. The razors & blades segment held the largest market share in 2022. The wax strips segment is expected to register the highest CAGR during the forecast period. Wax strips, also known as cold wax strips, consist of a pre-waxed solution on a ready-to-use muslin or cellulose strip. The strips are convenient and hassle-free hair removal products available in a pre-cut standard-sized strip. A wax strip comprises three components-a flat backing substrate or support layer (cellulosic material), a depilatory wax layer, and a release or peel-off layer. They are affordable hair removal option effective for the removal of short hair and suitable for sensitive skin type.

Based on end user, the hair removal products market is bifurcated into men and women. The men segment is expected to register a higher CAGR during the forecast period. The frequency of facial hair removal or shaving is high in men, which is creating a demand for hair removal products. Moreover, men's increased spending on personal grooming products and rising awareness regarding self-care, beard styling, and looks are expected to drive the demand for hair removal products among men in the coming years.

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Impact of COVID-19 Pandemic on Hair Removal Products Market
The COVID-19 pandemic severely impacted various economies across the world. The pandemic significantly hampered the hair removal products market growth due to adverse effects on the growth of the consumer goods industry. During the pandemic, most of the salons had halted their services, which hampered the demand for hair removal products. On the other hand, there has been an increase in online sales of home-use hair removal products. The pandemic has negatively impacted the hair removal products market growth in the initial phase. However, the market is gaining traction with the increasing demand for hair removal devices across the world.

Hair Removal Products Market: Competition Landscape and Key Developments
Reckitt Benckiser Group plc; Oriflame Holding AG; GIGI; Venus Concept; Procter & Gamble; Koninklijke Philips N.V.; Sally Hansen; Si & D (Aust) (Pty) Ltd; and Revitol Players are a few players operating in the hair removal products market. These market players are focusing on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities, new product launches, collaborations, and mergers & acquisitions.

Key Developments
1. In 2022, Reckitt Benckiser Group Plc launched the Veet Pure range of hair removal creams to reformulate its products. The product range contains natural extracts of cucumber, aloe vera, and grapeseed oil.
2. In 2022, Urban Yog launched a hair removal spray in India. The spray contains aloe vera and tulip extract. The product also features added functionality such as dryness reduction, tan removal, and skin moisture-locking property.

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This release was published on openPR.