The hair removal products market was reportedly worth approximately $14.7 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% between 2024 and 2032. The major driving factors behind this growth pattern are rising awareness of personal grooming and hygiene among younger generations and advancements in hair removal technologies. Enhanced products embracing painless laser devices and state-of-the-art epilators have increased user satisfaction and effectiveness, leading to greater consumer investment.
The growing segment of male grooming highlights shifting societal norms regarding men’s grooming practices, contributing to market expansion. Additionally, the attraction of at-home solutions, ranging from electric shavers to waxing kits, offers both time and cost savings to consumers, further fueling the rising demand.
However, skin sensitivity and adverse reactions to certain hair removal products are significant challenges. These can often deter consumers from either purchasing or using them. In addition, the high initial costs of advanced hair removal devices such as laser machines and high-end epilators can be off-putting for budget-conscious consumers, despite the potential for long-term savings.
E-commerce expansion has increased the accessibility of hair removal products, simplifying purchases, and enhancing brand visibility. A wide array of products tailored for different hair types, skin sensitivities, and personal preferences not only widen consumer choices but also propel sales growth. Furthermore, endorsements from beauty influencers on social media and shifting fashion trends favoring hairless skin are prompting individuals to invest in grooming solutions to keep up with modern aesthetics.
The wax segment, one of the prominent product types in the hair removal products market, accounted for revenue of approximately $5.6 billion in 2023 and is expected to reach $8.6 billion by 2032. By targeting hair removal at the root, waxing offers results that are more long-lasting than other methods like shaving. Waxing also ensures skin remains smooth for a longer duration, appealing to consumers who favor lengthier periods of hair-free skin. The appeal of waxing gets further amplified by the dual availability of professional services and DIY kits, which provide diverse preferences and budgets suited to consumers.
Women dominate the consumer group for hair removal products. They accounted for a market share of about 76% in 2023 and this figure is expected to rise to 77% by 2032. Due to women’s diverse choices in hair removal methods – ranging from waxing and shaving to depilatory creams – innovation and diversity in the market gets driven forward.
In terms of geographical spread, North America held the largest hair removal products market share of around 37% in 2023 and is anticipated to attain a CAGR of approximately 5% from 2024 to 2032. Consumers in North America generally have a high knowledge of personal grooming and hygiene practices. This awareness fuels demand for a wide selection of hair removal products, ranging from traditional methods like shaving and waxing to modern solutions like laser hair removal.
The hair removal products market is fragmented and features several regional companies operating on a global scale. Key players in the market in 2023 included L’Oréal S.A., Procter & Gamble Co., Unilever, Shiseido Company, Limited, Johnson & Johnson, Panasonic Corporation, and Philips N.V. To widen their customer base, expand their product offerings and establish a stronger foothold in the market, these corporations strategically employ mergers, acquisitions, partnerships, and facility expansions. They also leverage their extensive distribution networks and resources to explore new markets.
