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.
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.
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 market in the near future.
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.
Creams Segment Held a Market Share of 38.28% in 2019 Owing to its Multiple Benefits
The segment creams, based on product, held a market 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.
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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)