Hair Removal Market - In-Depth Insights & Growth Analysis

Global Hair Removal Market Overview

Global Hair Removal Market was valued at USD 2.24 Billion in 2023 and is projected to reach USD 6.56 Billion by 2032, growing at a CAGR of 12.68% from 2024 to 2032.

Hair removal is the process of removing unwanted hair from an individual’s body. The hair removal procedure is known as Epilation. After puberty hair growth in men is high and more visible. Women spend more on hair removal products. Hairs are omitted for a variety of reasons, including fashion, hygiene, cultural traditions, military service, athletics, and medical concerns. Some of the traditional techniques used by people for hair removal are waxing, shaving, and plucking. Development in technology brings advancements in hair removal techniques like laser treatment and external light treatment. Body hairs are removed by using different kinds of tools according to the preferences of individuals. According to this statista, 26.30 million Americans used different types of hair removal products, and 10.72 million out of them used cream hair removal methods in 2020.

Market Dynamics And Factors For Hair Removal Market

Drivers: 

Growing Awareness about Appearance and Availability of Hair Removal Devices Boosts the Market

Hair removal procedures are growing due to evolving lifestyles. People are more concerned about their looks, appearance, personal hygiene, and cosmetic aesthetics propelling the growth of the global hair removal market. Growing awareness in people regarding their appearance affected positively on hair removal market and there is aggressive demand for hair removal products and services. Significant growth in the business is possible in the upcoming years due to the technical advancements. The market is offering hair removal devices that remove hairs without causing pain and takes less time than traditional hair removal methods. This advancement helps in the removal of hair easily and conveniently and does not cause damage to the skin, and hair roots, gives instantly beautiful skin. It helps people to flaunt their silky smooth skin this people are using hair removal products on large scale to maintain the beauty standards that are expected to drive the global hair removal market in the forecasted period.

Restraints: 

For Permanent Hair Removal, High Cost Is Required

The hair removal market is projected to expand steadily by increasing awareness among people about different hair removal techniques. However, some factors, such as the high cost of permanent hair removal procedures, hamper the market's expansion. People are focusing more on looks, hygiene, and appearance and to maintain aesthetic beauty standards they staidly use different hair removal products, it propelling the market for hair removal, the permanent solution for hair removal is laser treatment and external light treatment which remove the constant efforts and time required for hair removal. However, it is costly but removes hair permanently without any pain.

Opportunity:

Opportunity in Advanced Devices and Laser Treatments

The growing customer demand for hair removal incidences is likely to provide lucrative opportunities for the hair removal market in the upcoming decades. Hair removal products are used by both men and women, indicating that this product has a huge market base. People demand effective and less time-consuming hair removal methods. People are using hair removal products such as electric razors, IPL devices, and trimmers to remove unwanted hair on a huge scale. The major players, for instance, have introduced Silk'n Infinity, Philips Lumea 9000, Braun Silk-expert Pro 5 PL5014, and Tria Hair Removal Laser 4X. As a result, such innovation in the hair removal market has a huge potential in the coming years. Furthermore, the majority of people prefer for professional hair removal using the most technologically advanced machine available. For instance, SKIN SCIENCE CLINIC launched Soprano Titanium, the world's most advanced laser hair removal technology. The FDA-approved Soprano Titanium laser hair removal equipment provides longer-lasting hair removal, saves time, and is cost-effective which is expected to offer a profitable opportunity for hair removal market growth throughout the forecast period.

Segmentation Analysis Of Hair Removal Market

By Type, Creams are expected to have the maximum market share in the hair removal market, during the projected period. Creams are easily available in the market. Many companies provide hair removal cream in different forms and price ranges that gives a lot of flexibility to the customer. It is the simplest, easy, effective, and cheap way to remove hairs. This product allows individuals to remove unwanted hair at home, there is no need for beauty clinics or salons to remove hairs which boosts the market for hair removal cream.  Creams can eliminate hair quickly so it is more preferred by the consumer than other hair removal product. It gives silky smooth skin with a pleasant fragrance that expected to boost the hair removal market during the forecast period

By end-user, beauty clinics are anticipated to grab the maximum market share in the hair removal market, during the forecasted period. Beauty clinics are providing professional services at an affordable price range that’s why people are more attracted to words beauty clinics. Beauty clinics provide different types of hair removal treatments like waxing, plugging, and advanced methods for hair removal like laser treatments under one roof. Availability of beauty clinics compared to dermatological clinics is high so people have more knowledge and are aware of attractive services offered by beauty clinics all these factors propelling the demand for beauty clinics to remove unwanted hairs from body parts.

The Regional Analysis Of Hair Removal Market

The Asia Pacific is a region that is expected to lead the hair removal market during the forecast period. The Asia Pacific region consists of a large young aged population. The countries like China and India are contributing 18.47 % and 17.70 % of the world’s population which shows the high consumer base that increases the consumption rate for hair removal products in this region. People are more aware of their looks and appearance; companies also applied strict policies regarding self-grooming making hair removal products popular in this region. Service providers are offering customized servicers at clinics and also at home at an affordable cost allowing expansion of the hair removal market in the Asia Pacific region.

North America is expected to grow with a significant growth rate in the hair removal market in the forecast period. People in North America have high disposable income allows people to spend more on personal care, and grooming products which shows the increasing consumption of hair removal products in this region. The growth in the customer service sector such as beauty salons, clinics, dermatology clinics, and laser treatments provides huge growth to the hair removal market in this region. The temporary but effective, and cost-friendly hair removal products like a razor, creams, and wax strips are popular and people are spending more on this kind of product in the North American region propels the growth of the hair removal market in this region.

The European region is expected to lead the hair removal market during the forecast period. The market is growing in the European region due to the high spending on aesthetics, and the increasing number of IPL service providers in recent years. IPL is Intense Pulsed Light technology. IPL hair removal devices apply very gentle pulses of light to the hair root and help to remove the hair. The adoption of IPL technology for hair removal is giving high revenue to the hair removal market and also helps to fuel the growth of the hair removal market in the European region during the projected period.

Covid-19 Impact Analysis On Hair Removal Market

COVID-19 had done adverse impact on the hair removal market. Owing to the Coronavirus pandemic, the hair removal market faced a bump in its growth. The market was negatively affected by COVID-19. Due to the sudden COVID-19 pandemic, the government restricts people from going outside for offices, work, functions, and parties for safety purposes. People are spending more time at home that coroners the self-grooming need that impacted the hair removal market. Since the COVID-19 virus outbreak in December 2019, the disease had spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt and had roughly affect the market in 2020. Covid-19 has impacted the market dynamics, competition, and global supply chain. Beauty clinics and dermatological clinics are closed which affects the revenues, which have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition. A decline in business for at least three months during 2020 coupled with lower demand from a few major markets has put pressure on the profitability of hair removal market manufacturers and vendors. However, the negative impact of COVID-19 is expected on the hair removal market to be compensated over the medium to long term future. Now things are changing offices are reopened and the service sector is also boosting that propelling the growth of the Hair removal market that helps to get the response like before the pandemic.

Top Key Players Covered In Hair Removal Market Are

• Solta Medical (US)
• Lumenis (Israel)
• Cynosure(US)
• Strata Skin Sciences (US)
• Syneron Candela (US)
• Lutronic Aesthetic (US)
• Cutera (US)
• Lynton Lasers (UK)
• Sciton (US)
• Alma Lasers (Israel)
• Venus Concept (Canada)
• Fotona (US), and other major players.

Key Industry Developments In Hair Removal Market

In January 2022, Potomac Equity Partners acquired Laser MD Medspa; Laser MD Medspa is a leading brand that specializes in hair removal products. Laser MD Medspa's growth prospects and brand recognition are likely to improve after this acquisition and are expected to bring new changes in the services.

In May 2020, Lira Style, a US-based medical device company released a product on “Cervello” a new aesthetics platform. The platform has the devices that allow clinically proven laser hair removal treatment on all skin types, combining 755 Alexandrite, 808 diodes, 1064 long-pulsed, and YAG.