Hair Removal Products Market is expected to reach US$ 12,786.19 million by 2028
Increased Spending on Personal Grooming Products to Escalate Hair Removal Products Market Growth During 2022–2028
According to our latest market study on “Hair Removal Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End User, and Distribution Channel,” 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 report highlights key factors driving the hair removal products market growth and prominent players along with their developments in the market.
The global hair removal products market, based on region, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Asia Pacific held the largest market share and is also the fastest growing region in the market. The rising population, coupled with high consumer spending on grooming products especially in males, propel the demand for hair removal products in the region.
Global Hair Removal Products Market Breakdown – by Region
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The global beauty & personal grooming industry is growing with a rising emphasis on personal hygiene and appearance. Over the past few decades, rising disposable income encouraging buyers and customers to spend more on personal grooming products and increasing working population have propelled the sales of hair removal products. According to a survey conducted by Harris Williams in 2022, consumers emphasized majorly on skincare, wellness, and hair health. It also confirmed that the majority of consumers would not reduce spending on health and beauty products if economic conditions declined. Hair removal product manufacturers have further invested heftily in marketing and advertisement of products to create awareness and increase the demand for hair removal products. They also provide offers, free gifts, launch trials, and other discounts on products to widen their customer base. Thus, these key factors drive the hair removal products market growth.
Church & Dwight Co., Inc.; Reckitt Benckiser Group plc; Oriflame Holding AG; GIGI; American International Inc.; Procter & Gamble; Koninklijke Philips N.V.; Sally Hansen; Si & D (Aust) (Pty) Ltd; and Revitol Corp 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.
Impact of COVID-19 Pandemic on Hair Removal Products Market
The unprecedented rise in the number of COVID-19 cases across the globe and the subsequent shutdown of numerous manufacturing facilities hampered the hair removal products market growth. The closure of salons and beauty parlors has decreased the sales of different hair removal products. On the other hand, the sales of home-use hair removal products have significantly increased during the pandemic.
In 2021, the hair removal products market revived on account of the government's measures, such as drives of vaccination and the relaxation of restrictions. Reopening of salons and beauty parlors has also raised the demand for hair removal wax, creams, razors, and many other hair removal products.
The report includes the segmentation of the global hair removal products market as follows:
By product type, the global hair removal products market is segmented into creams, wax strips, razors & blades, epilators, and others. Based on end user, the market is bifurcated into men and women. The global hair removal products market, based on distribution channel, is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. By region, the global hair removal products market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America hair removal products market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific hair removal products market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is subsegmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America hair removal products market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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