Hair Removal Products Market Share, Current Impact, and Holistic View Report By 2025
The global hair removal products market is projected to reach USD 3.2 billion by 2025. The market is estimated to grow with a CAGR of 5.5% over the forecast years, 2019 to 2025. Increasing awareness about personal grooming, rising spending on individual hygiene and growing need to enhance aesthetic appeal are major factors driving the growth of the market.
Growing adoption of hair removal products by men is also positively affecting market growth. The emergence of metrosexual culture led to a rise in the number of men focusing on personal grooming. Considering this, key players are manufacturing customized products for men and women separately. For example, Emjoi introduced Emagine Epilator inclusively designed for men. This epilator is fitted with 72 tweezers apart from trimming and shaving features.
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COVID-19 Impact Insights
Hair removal product market has been adversely affected owing to the outbreak of COVID-19. Consumer spending on personal care products has been reduced considerably following the pandemic outbreak. In addition, closure of retail stores across the different parts of the world has resulted in reduced sales of hair removal products. Nonetheless, online sales have witnessed an increase in sales during the second and third quarter of 2020. This trend is anticipated to continue over the forecast duration. However, it would take a couple of years for the market to recover and witness a similar demand as pre-COVID period. Manufacturers should focus on the introduction of cost-effective products and strengthening their online sales to garner a large consumer base.
Electronics devices are projected to witness the fastest growth rate with a CAGR of 6.0% throughout the forecast years. The rising demand for convenient grooming products coupled with the introduction of technically advanced products is driving the demand for this segment. Epilators are getting popular among both men and women as they provide quick hair removal solutions.
Among the end-user segment, women held the largest hair removal products market share, in 2018. The increasing number of working women and rising expenditure on personal hygiene are supplementing the growth of this segment. However, the men segment is anticipated to grow faster at a CAGR of 5.8% during the forecast period. Companies are focusing on the launch of products that are suitable for different skin types. For example, Veet, offered by Reckitt Benckiser company, is hair removal cream ideal for dry and sensitive skin.
The online segment is projected to grow with a CAGR of 6.1% over the forecast duration. Rising e-commerce platforms, growing multi-channel retailing and increasing penetration of devices such as smartphones and tablets are proliferating the growth of this segment. However, supermarkets and hypermarkets segment held the largest share, in 2018.
North America was the largest region in terms of revenue. The region occupied over 30.8% of the hair removal product market share, in 2018. The presence of leading brands and increasing consumers’ spending on personal care are key factors driving the regional growth. Asia Pacific, on the other hand, is likely to grow with the fastest growth rate over the forecast period.
Further key findings from the report suggest:
- Among different types of hair removal products, electronic devices are estimated to grow with the highest CAGR of 6.0% over the forecast period.
- Women held the largest market share, in 2018. However, the men segment is projected to grow with the fastest growth rate.
- Supermarkets/hypermarkets dominated the sales channel, in 2018 with over 40% of the market share. The online segment, on the other hand, is likely to witness the maximum growth rate during the forecast period.
- Asia Pacific is projected to grow with the highest CAGR during the forecast years.
Global Hair Removal Products Market: Key Players
Church & Dwight, Codream, VI-John, Emjoi, Procter & Gamble, Reckitt Benckiser, Sally Hansen, Revitol and Philips.
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