The global hair removal market is estimated to grow at remarkable CAGR over the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing awareness regarding the hygienic benefits and esthetic importance of self-grooming is anticipated to propel demand for hair removal techniques. Such techniques are likely to offer effective and painless methods of hair removal.
High demand for permanent hair removal treatment among consumers is expected to drive growth of market in the forthcoming years. Growing inclination of consumers towards self-grooming and aesthetic beauty can fuel market growth. Rising cases of beauty-consciousness among humans is expected to influence growth of market in the forthcoming years. Continuous technological developments in products and services are likely to boost market growth during the forecast period (2018 to 2025).
To cater to rising demand, most companies are investing huge in R&D activities to develop innovative and effective hair removal products for better consumer use. For instance, Dabur recently launched its new anti-darkening hair removal cream that can consist of Jojoba oil and real gold particles. This cream is expected to be ideal for people with normal skin. The natural gold extracts can offer radiance to user’s skin and Jojoba oil is likely to keep it moisturized from deep within. In addition, the cream is expected to offer anti-darkening properties too.
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High cost associated with permanent hair removal procedures is estimated to hinder growth of market in the forthcoming years. In addition, rising cases of infections attributed to unhygienic usage of hair removal products can also obstruct market growth during the forecast period.
The hair removal market can be segregated on the basis of product, application, and region.
Based on product, the market can be categorized into dry skin type, sensitive skin type, normal skin type, and other skin types.
Based on application, the hair removal market can be bifurcated into men use and women use. Women segment is expected to dominate the market attributed to high demand for laser hair removal treatment among working women. In addition, men segment can also grow well during the forecast period owing to increasing adoption of hair removal treatment among youngsters and those related to fashion industry.
Regional segmentation includes Europe, China, North America, Southeast Asia, Japan, and India. In North America, the hair removal market is anticipated to grow at phenomenal CAGR during the forecast period attributed to marketing strategies adopted by local beauty clinics and dermatology clinics can stimulate demand for hair removal products. In addition, growing awareness among consumers in Canada and U.S. regarding availability of several hair removal techniques can further influence growth of market in this region.
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In Europe, the market is expected to display substantial growth after North America owing to increasing awareness regarding benefits of personal grooming among consumers.
In India, the hair removal market is anticipated to grow at substantial rate during the forecast period attributed to high demand for laser hair removal treatment among young women in the region. Growing number of women population entering workforce is likely to fuel service demand in the region. In addition, rising penetration of major market players in the country considering potential consumer can also boost market growth.
Some of the leading companies offering hair removal products are Dabur, L’oreal, Procter & Gamble, Nads, and Sally Hansen. The market is expected to be competitive attributed to presence of variety of products and services from numerous vendors. To gain maximum market share, vendors are likely to compete on the basis of line extension, product differentiation, and pricing.
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