The global hair removal products market 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. The report further mentions that the market stood at USD 4.01 billion in 2019 and is likely to gain momentum in the forthcoming years.
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.
DRIVING FACTORS
Increasing Focus on Personal Hygiene to Promote Growth
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 market in the forthcoming years.
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List of the Leading Companies Profiled in the Global Hair Removal Products Market are:
- Cynosure, LLC. (Westford, MA, USA)
- Solta Medical, Inc (Bothell, Washington, USA)
- Lumenis (Yokne'am Ilit, Tsafon,Israel)
- Alma Lasers International (Israel)
- Candela Corporation( Wayland, Massachusetts, USA)
- Venus Concept (Toronto, Ontario, Canada)
- Hologic, Inc (Marlborough, MA, USA)
- Braun GmbH (Germany)
- Koninklijke Philips N.V., (Amsterdam, Netherlands)
- Samsung Electronics Co Ltd (Seoul, South Korea)
REGIONAL INSIGHTS
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 market. This dominance is attributable to the increasing women employment rate that is driving the growth of these products in the region. The market 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.
COMPETITIVE LANDSCAPE
Moom Launches New Hair Removal Men Kit to Consolidate its Market 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 companies is expected to favor the global hair removal products market growth during the forecast period.
