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Hair Removal Spray Market 2024-2033 - Size, Growth, Key Trends & Competitive Analysis
Hair Removal Spray Market
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According to The Business Research Company's, The hair removal spray market size has grown steadily in recent years. It will grow from $4.19 billion in 2023 to $4.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to increased awareness of personal grooming and hygiene, rise in disposable income, growth in e-commerce platforms, growth in urban population, and rise in availability of unisex products.
The hair removal spray market size is expected to see strong growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The growth in the forecast period can be attributed to the rising popularity of beauty goods, rising prices of beauty salons, a growing number of working women, rising demand for dermatologically approved products, and growing popularity of subscription-based models. Major trends in the forecast period include technological advancements, natural and organic formulations, unisex products, eco-friendly packaging, and pain-free hair removal solutions.
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Market Drivers and Trends:
The increased consumer spending on personal care products is expected to propel the growth of the hair removal spray market going forward. Personal care products refer to a broad category of items designed for personal hygiene, grooming, and beautification, used for various health-related purposes. Personal care products are increasing due to several reasons, including health and well-being, the influence of social media and celebrities, continuous innovation in product formulations, and increased awareness. Hair removal sprays are used in personal care products to provide a quick and painless method for removing unwanted body hair. For instance, in December 2023, according to Statistics Canada, a Canada-based government agency, Canadian households spent $689 on average in 2021 on personal care products. Moreover, in May 2022, according to the International Trade Administration, a US-based government agency, Canada's cosmetics industry, which generated approximately $1.24 billion in revenue in 2021, is expected to grow annually by 1.45%, reaching $1.8 billion by 2024. Therefore, the increased consumer spending on personal care products is driving the growth of the hair removal spray market.
Major companies operating in the hair removal spray market are developing innovative products, such as foam-based hair removal sprays, to cater to consumer demand for more effective and convenient hair removal solutions. Foam-based hair removal sprays are depilatory products designed to remove unwanted body hair, offering a different application experience than traditional hair removal creams or gels. For instance, in December 2022, UrbanYog, an India-based beauty and personal care products company, launched a hair removal spray for women, promising a painless hair removal experience in under 10 minutes. This innovative spray is designed for easy application and ensures even coverage, making it ideal for quick, at-home use. It is formulated with skin-friendly ingredients, effectively removing unwanted hair and leaving the skin smooth and moisturized. The spray suits various body areas, including legs, arms, and underarms. It is enriched with soothing agents such as aloe vera and chamomile to minimize irritation and provide a comfortable hair removal process.
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Major Key Players of the Market:
L'Oréal S.A., Reckitt Benckiser Group plc, Church and Dwight Co. Inc., Avon Products Inc., Edgewell Personal Care Company, Revlon Inc., St Ives Group, Sirona Hygiene Pvt. Ltd., Helios Lifestyle Pvt. Ltd., Nair, Beardo, HCP Wellness Pvt. Ltd., Bioelements, Veet, Vi-John Group, Parissa Laboratories Inc., Bombay Shaving Company, Bold Care Technologies Pvt. Ltd., Mancode, Sally Hansen, Neomen, Sanfe, Mountainor, Spruce Shave Club Pvt. Ltd., Prolixr Beauty Pvt. Ltd., i-feel Pvt. Ltd., New Moon Cosmetics Pvt. Ltd., Saffron Biotech Pvt. Ltd., Jolen, Wilson Cosmetics Co. Ltd
Hair Removal Spray Market 2024 Key Insights:
• The hair removal spray market size is expected to see strong growth in the next few years. It will grow to $5.35 billion in 2028 at a compound annual growth rate (CAGR) of 5%.
• Consumer Spending On Personal Care Products Propel Growth Of The Hair Removal Spray Market
• Innovation Transforming Hair Removal Foam-Based Texture For Enhanced Efficiency And Skin Care
• Asia-Pacific was the largest region in the Hair Removal Spray market in 2023
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