Global Hair removal wax market booming—Projected to Reach worth USD 15.0 Billion in 2027
Published | 14 May 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global Hair removal wax market was worth USD 7.45 billion in 2020 and is further projected to reach USD 15.0 billion by 2027 at a CAGR of 10.8% during the forecast period (2021-2027). The global hair removal wax market has expanded significantly as a result of increasing disposable income and a shift in lifestyle of the consumers across the globe. Furthermore, effective delivery channels, growing demand for hair removal products from beauty salons and spas, and an improved standard of living are the major factors driving the growth of the global hair removal wax market. Also, the desire to look more attractive and beautiful, combined with increasing consciousness about personal care and hygiene are the additional factors boosting the market growth.
Hair removal wax is a depilatory product used for stripping unwanted hair from different areas of the body and face. With so many waxing products available in the market, industry players are striving to come up with innovative products that are less irritating, more effective, and organic. These constant innovations are expected to drive the growth of the global hair removal wax market.
Change in personal grooming trends accelerating the growth of the global hair removal market
Owing to the increasing trends in personal grooming, along with a massive up-gradation in lifestyle, the global hair removal market is expected to grow by leaps and bounds. Global lifestyle trends, such as personal grooming and maintenance, have influenced customers all over the world to spend money on hair removal procedures at salons and spas, making spas and salons the primary drivers of this business. Consumers are shifting away from shaving creams and razors in favor of waxing items for a more effective and long-lasting experience. Furthermore, as grooming preferences shift, the industry is witnessing an increase in male customers seeking waxing services, which is also leading to market growth.
Increasing Demand for Pre-made Waxing Strips leading to market growth
Ready-to-use pre-made waxing strips are a depilatory technique in which wax is pre-pasted on strips, allowing one to avoid the hassle of melting and applying wax to remove hair. Pre-made wax strips are convenient for most parts of the body such as the legs, underarms, bikini area, or even the face. Such wax strips come in a variety of shapes and sizes, thus making them widely popular among the youth and aiding in market growth. Moreover, since these cold wax strips are so easy to use at home, they were in huge demand during the pandemic, when all spas and salons were closed.
The emerging trend of using wax for skin exfoliation is driving market growth
Hair removal wax helps to remove not only excess hair but also dead and dry skin cells, thereby, acting as an exfoliant and making the skin smoother. As a result of beauty trends like smooth, soft, and spotless skin promoted by social media and fashion magazines, waxes as exfoliants are becoming more popular worldwide. What’s more, as waxing becomes more mainstream, body-conscious men are also opting for such waxing services. Waxing exfoliates the skin to remove ingrown hairs and promotes cell regeneration. These benefits of waxing have contributed to an increase in the use of waxing products.
Impact of COVID-19
The global hair removal wax market is reacting positively to the pandemic. Hair removal wax manufacturers are scaling up their product lines and promoting them through eCommerce websites. However, the market is still facing a setback as a result of store closures, as the bulk of commercial goods are purchased offline.
Nevertheless, the hair removal wax market is prophesized to grow rapidly amid the COVID-19 pandemic, owing largely to the launch of at-home waxing kits that include all required waxing items as well as pre-made waxing strips. Since customers cannot visit a salon these days to satisfy their grooming needs, they are readily embracing these pre-made strips to groom themselves, resulting in huge demand for these items worldwide.
Global Hair removal market by Application
Based on application, the hair removal market can be divided into individual and commercial. Because of evolving fashion and grooming trends, there was a huge growth in the number of salons and spas prior to the pandemic, aiding in the massive development of the commercial segment, thereby making the commercial segment the largest. However, with the onset of the pandemic, the growth of the commercial sector has slowed down considerably while the individual segment has flourished due to innovations such as mini waxing kits and pre-made waxing strips. The consumers who have no time to visit salons for personal grooming readily have adopted such products. Moreover, due to the pandemic-induced lockdown, people who used to opt for salon services have also started switching to these pre-made strips, thus resulting in the growth of the individual segment.
Competitive landscape
The hair removal wax market has proved to be a lucrative market due to the recent beauty trends and up-gradation in lifestyle, thereby attracting many competitors. The major competitors in the global hair removal wax market are Church & Dwight Co., Inc., Coloris Cosmetics, FILO BIANCO S.r.l., GiGi, Harley Wax, Jax Wax Australia, Karaver, Kera-Ban Wax Products, Lee-Chem Laboratories, Marzena BodyCare, Inc., Parissa Laboratories Inc., PerronRigot, Reckitt Benckiser, Sally Hansen, Starpil Wax Co., Sue Ismiel and Daughters, The Darent Wax Company Ltd., Veet, and Xanitalia.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hair removal wax market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global hair removal wax market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: May 2021
The global Hair removal wax market was worth USD 7.45 billion in 2020 and is further projected to reach USD 15.0 billion by 2027 at a CAGR of 10.8% during the forecast period (2021-2027).
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