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Hair Removal Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hair removal products market was valued at USD 8.3 billion in 2022 and is projected to expand at a CAGR of 5.6% from 2023 to 2030. The increasing demand for safe and effective hair removal solutions is driving the market growth. Furthermore, the rising trend of personal grooming is propelling the demand for hair removal products. The increasing awareness among consumers regarding the availability of different hair removal products is also playing a major role in driving the market growth.
The increasing demand for long-term hair removal solutions, such as laser hair removal, is driving the market growth. The rising demand for laser hair removal is attributed to the safe and long-term results of such treatments. For instance, in January 2021, Cynosure, a division of Hologic Inc., launched the Icon Aesthetic System for laser hair removal treatments. This system is designed to provide safe and longer-lasting results with minimal discomfort.
The increasing popularity of waxing for hair removal is also propelling the growth of the market. The availability of different waxing products, such as hot wax, cold wax, and microwavable wax, is helping consumers to choose the suitable product according to their skin type. For instance, in December 2021, Wax House Group, LLC launched a new product line of microwavable waxing strips, free of synthetic ingredients and fragrances, to provide a safe and effective hair removal solution.
The rise in the trend of premiumization in demand for hair removal products is also driving the market growth. Consumers are increasingly looking for products that are safe, natural, organic, and cruelty-free. For instance, in March 2022, Gigi launched a new natural waxing product range, which is made with natural ingredients including beeswax, oils, and plant extracts. The wax is non-toxic and free from synthetic ingredients and fragrances, making it safe for use on the skin.
In addition, the growing demand for at-home hair removal treatments is also driving the market growth. Consumers are increasingly opting for at-home hair removal treatments due to the convenience and low cost involved. For instance, in August 2021, Philips introduced the Lumea Prestige IPL hair removal device, which is designed to offer long-term results with minimal pain. The device is said to provide up to 8 weeks of hair-free skin after only four treatments. Furthermore, the increasing number of product launches is expected to further support the market growth in the coming years.
Product Insights
The waxing segment dominated the market with a share of around 32.2% in 2021. Waxing is one of the most popular methods of hair removal, as it is effective and easy to use. According to a survey published by Mintel, in July 2020, 40% of female respondents in the United Kingdom used waxing to remove hair. Additionally, waxing provides long lasting results and is relatively inexpensive compared to other methods of hair removal, which is driving its demand among consumers.
The razor segment is expected to expand at the highest CAGR of 6.3% over the forecast period. According to a survey published by Mintel, in July 2020, 28% of female respondents in the United Kingdom used a razor for hair removal. The widespread availability of razors, their low cost, and the ease of use are some of the key factors propelling the demand for razors for hair removal. Moreover, the emergence of new types of razors with advanced features such as curved handles, enhanced blades, and ergonomic design is further driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. Supermarkets and hypermarkets provide a wide product range at competitive prices, which attracts consumers to purchase hair removal products from these outlets. In addition, the availability of products and services in supermarkets & hypermarkets allow customers to make purchase decisions quickly, which further adds to the segment’s growth.
The online segment is expected to expand at the highest CAGR of 12.6% over the forecast period. With the advent of e-commerce, the hair removal industry has evolved, allowing customers to purchase products from the comfort of their homes. Companies are focusing on launching websites and apps to increase their brand visibility among consumers. For instance, in October 2020, Nad’s launched an online store, which features products from the brand’s hair removal and skin care range. The website also provides customers with product information and expert advice on choosing the best hair removal products.
Type Insights
The depilatory lotions segment is estimated to account for the largest revenue share of 43.3% in the year 2022. Depilatory lotions are used to remove hair from the body by breaking the bonds between the protein molecules of the hair. The lotions work by using a chemical reaction to dissolve the hair, making it easier to remove. The lotions are applied to the skin and left for a few minutes before being wiped off. The convenience of the product, coupled with its affordability, has increased its popularity among consumers. Additionally, the product is available in different sizes and forms, such as creams, lotions, and aerosols, which is further fuelling its demand.
The razor segment is anticipated to expand at the highest CAGR of 6.0% over the forecast period. The razor segment is driven by the increasing demand for safe and disposable razors. The growing trend of personal grooming and the need for convenience and hygiene has led to the increasing demand for these products. Furthermore, the availability of affordable and hygienic razors is expected to drive the demand for these products over the forecast period.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 42.9% in 2022. This can be attributed to the increasing number of fashion trends that require people to wax or shave their body hair. Additionally, the presence of well-established players, such as Philips and Braun, is also expected to drive the market growth in the region. For instance, in April 2021, Philips launched its new Philips Lumea Prestige IPL hair removal device with enhanced performance in the U.K.
Asia Pacific is expected to witness the fastest growth in the coming years. An increasing number of people in this region are becoming conscious of their looks and are striving to maintain their beauty standards. This is leading to an increase in demand for hair removal products in the region. Additionally, rising disposable incomes and the presence of several players in the market are expected to drive the growth of the market. For instance, in June 2021, Panasonic India launched a new IPL hair removal device for women in the Indian market.
Financial Projections
In this part of the hair removal products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your hair removal products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a hair removal products business comes from product sales, both online and in-store, as well as from services associated with the use of the products such as consultations, demonstrations and tutorials. Here you will find a list with a description of each of them and other possible sources of profit such as discounts, subscriptions, and referral programs.
Projecting Expenses
In this section, all the regular expenses related to keeping the hair removal products business running will be described. The list of operating expenses includes product production, taxes, wages, shipping and handling, marketing, advertising, insurance policies, and others.
Key companies & market share insights
Some of the major companies operating in the market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Braun launched the Silk-Expert Pro 5, a new IPL hair removal system designed for home use.
– In August 2022, Veet launched a new range of wax strips for face and body with natural ingredients.
– In October 2022, Philips launched the Lumea Prestige IPL hair removal device for the Asian market.
Some of the prominent players in the hair removal products market include:
– Reckitt Benckiser
– Procter & Gamble Co.
– Unilever
– Philips
– Panasonic Corporation
– Braun
– Veet
– Nair
– Neutrogena
– Gillette
Global Hair Removal Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hair removal products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Razors & Blades
– Wax Strips
– Depilatory Creams
– Electrolysis
– Laser Hair Removal
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Hair Removal Products Market?
[A]: Increasing demand for effective and safe hair removal solutions, rising awareness about the benefits of hair removal, increasing disposable incomes, and growing focus on personal appearance are key drivers of the hair removal products market.
[Q]: What are the Different Types of Hair Removal Products?
[A]: The hair removal products market is broadly segmented into waxing, depilatories, laser, electrolysis, threading, shaving, and other products.
[Q]: What is the Market Outlook for Hair Removal Products?
[A]: The global hair removal products market size was valued at USD 5.2 billion in 2020 and is expected to register a CAGR of 5.6% over the forecast period. The increasing demand for hair removal products is likely to drive the market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Hair Removal Products?
[A]: North America is expected to offer the largest opportunity for sales of hair removal products. The US is the largest market in North America and is projected to continue its dominance.
[Q]: Who are the Key Players in the Hair Removal Products Market?
[A]: Key players in the hair removal products market include Procter & Gamble Co., Reckitt Benckiser Group PLC, Edgewell Personal Care Co., Church & Dwight Co., Inc., and Vi-Jon, Inc.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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