FELTON, California, June 11, 2020
FELTON, California, June 11, 2020 /PRNewswire/ -- The global Hair Removal Products Market is projected to reach USD 3.2 billion by 2025, according to a new report by Million Insights. 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.
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.
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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:
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Million Insights has segmented the global hair removal products market on the basis of type, end user, distribution channel, and region:
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