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Hair Removal Products Market Report 2024 - Analysis, Competition, Forecasts And Opportunities, 2024-2033
Hair Removal Products Market Report
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According to The Business Research Company's, The hair removal products market size has grown strongly in recent years. It will grow from $4.16 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increase in demand for natural and eco-friendly products, changing fashion trends, rise in awareness about personal grooming, increase in disposable incomes, demand for hair removal products.
The hair removal products market size is expected to see strong growth in the next few years. It will grow to $5.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the rising demand for these products of hair removal, surging traffic on e-commerce sites, increasing awareness regarding personal grooming, increasing spending on personal care products, the rising number of grooming businesses. Major trends in the forecast period include the adoption of the product, advancement and huge investments, introducing innovative products, technology adopted by cosmetic and medical experts, rise in need for easier and more efficient hair removal method.
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Market Drivers and Trends:
The rising number of grooming businesses is expected to drive the growth of the hair removal products market going forward. The grooming business refers to industries and services that provide grooming and personal care for individuals. There is demand for hair removal products due to cultural norms, personal grooming preferences, and aesthetic trends, as individuals seek smooth skin and hair-free areas for reasons such as hygiene, comfort, and self-confidence. Grooming businesses use hair removal products to provide comprehensive services catering to clients' aesthetic preferences and hygiene needs, enhancing their overall grooming experience. For instance, in April 2024, according to the report published by the International SPA Association (ISPA), a US-based non-profit trade organization, the US spa business saw a rise in overall revenue from $18.1 billion in 2021 to $20.1 billion in 2023, a rise of more than 11%. Therefore, the rising number of grooming businesses is driving growth in the hair removal product market.
Major companies in the hair removal product market are innovating solutions, such as sugaring hair removal products, to meet the diverse needs of consumers seeking effective and skin-friendly hair removal methods. Sugaring is a natural hair removal method that uses a paste made from sugar, lemon juice, and water to remove hair and exfoliate the skin. For example, in February 2021, Sugar Sugar Wax, a UK-based company specializing in sugaring hair removal products, launched Glow Goop, a sugar hair remover and exfoliant. Glow Goop, made with only three natural ingredients cane sugar, water, and organic lemon juice-is a gentle and eco-friendly alternative to traditional waxes. Unlike conventional waxes, it adheres only to dead skin cells and hair, offering a less painful hair removal experience and reducing skin irritation. Additionally, it acts as an exfoliant, removing unwanted hair and dead skin cells, leaving the skin smooth, clean, and revitalized. This dual-action formula underscores Glow Goop's dedication to providing natural, effective, and user-friendly hair removal solutions.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Reckitt Benckiser Group plc, Braun GmbH, Church and Dwight Co. Inc., Rica Group, Lumenis Be Ltd., Cynosure, American International Industries, Cutera Inc., Alma Lasers, Solta Medical, Fotona D.o.o, Sciton Medical & Aesthetic Laser Technologies, Silkn beauty Ltd., Tria Beauty Inc., Nair, Flamingo, Lynton Lasers, SoftSheen Carson Inc., Sue Ismiel and Daughters, Italwax, Parissa Laboratories Inc., The Darent Wax Company Ltd., Le Club Perron Rigot, Sally Hansen Inc., Starpil Wax Co.
Hair Removal Products Market 2024 Key Insights:
• The hair removal products market size is expected to see strong growth in the next few years. It will grow to $5.43 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Growth in Grooming Businesses Boosts Hair Removal Product Market
• Innovative Sugaring Hair Removal Products Revolutionizing The Market
• North America was the largest region in the hair removal products market in 2023
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