A hair removal product is widely adopted to remove unwanted hair over cheeks, legs, back, chin, feet, upper lip, and other body parts. There are several methods to remove unwanted hair, however, these products provide the best results that are cost-effective and leave the skin with a soft and shiny glow. Removing unwanted hair has becoming a part of the skincare regime with remarkable innovations in hair removal technology such as the adoption of laser, and intense pulsed light (IPL) that is gaining recognition among the people across the globe.
The hectic lifestyle and the increasing stress levels among the working population are propelling the demand for personal care products. Owing to increasing fashion and style among the young population, the adoption of personal grooming products is experiencing tremendous growth to enhance their appearance among the peer. The growing trend to maintain personal hygiene and appear attractive amongst both women, as well as men is expected to drive the global hair removal products industry in the forthcoming years.
COVID-19 Surges Online Purchases Across E-commerce Websites
The COVID-19 pandemic has led to the people being confined at their home spaces to contain the widespread effect of the novel coronavirus. With salons, barbers, and beauty parlors shut owing to the lockdown imposed by the government agencies, the e-commerce websites are experiencing a massive surge in purchase of grooming products. According to the Paytm Mall, the demand for products of hair removal has surged by 50% than pre-COVID times. The pandemic situation is expected to bode well for the growth of the industry in the near future.
The global hair removal products industry size is expected to showcase a significant growth by reaching USD 4.94 billion by 2027 while exhibiting a CAGR of 4.3% between 2020 and 2027. This is attributable to the increasing awareness regarding personal hygiene among women and men that is propelling the sales of these products across the globe.
In its latest report, titled, “Hair Removal Products Industry Size, Share & COVID-19 Impact Analysis, By Product (Creams, Ready to use Wax Strips, Electronic Devices, and Razors), Gender (Men and Women), End User (Dermatology Clinics and Beauty Clinics), and Regional Forecast, 2020-2027.” The report further mentions that the industry stood at USD 4.01 billion in 2019 and is likely to gain momentum in the forthcoming years.
The segment creams, based on product, held industry share of 38.28% in 2019 and is likely to experience a significant growth owing to the increasing demand for cream-based hair removal products that provides multiple benefits such as effective hair removal, and healthy moisturizing skin.
High Women Employment Rate in Europe to Aid Growth
Among all the regions, Europe stood at USD 1.45 billion in 2019 and is expected to hold the highest position in the global hair removal products industry. This dominance is attributable to the increasing women employment rate that is driving the growth of these products in the region. The industry in Asia-Pacific is expected to experience an exponential growth in the forthcoming years. This is ascribable to factors such as the rising youth population that propels the demand for personal hygiene and grooming products in countries such as India and China.
Moom Launches New Hair Removal Men Kit to Consolidate its Industry Position
In August 2020, MOOM, a well-known brand known for their natural hair removal products, announced the launch of its latest product that contains advanced sugar wax formula. The new product by the company is a combination of natural products such as lemon juice, sugar, aloe vera, boswellia, and chamomile. The launch of the product is expected to strengthen its product portfolio and gain a competitive edge. Furthermore, the adoption of strategies such as merger and acquisition, partnership, and collaboration by the top 10 companies in hair removal products is expected to favor the global hair removal products industry growth during the forecast period.
Worldwide Industry Development
- July 2020: Astanza Laser, a global leader in aesthetic laser technology, introduced a new product for hair removal, Asclepion MeDioStar laser. According the company, the new product is manufactured in Germany and has been commercially approved by the FDA for sale.