The global market for hair removal displays a highly competitive business landscape with the continuous venturing of new players in this market, states a new research study by Transparency Market Research (TMR). With a substantial rise in activities related to expansion of the product and service portfolio by leading companies, the competition within this market is expected to intensify further in the years to come.
Over the next few years, key participants are expected to engage into strategic partnerships with distributors across the world in an effort to support their sales and expand globally, reports the market study.
Rising Interest in Personal Grooming to Boost Global Hair Removal Market
“Thanks to the augmenting beauty consciousness among consumers, worldwide, the global market for hair removal solutions is witnessing a high-paced increase in its size and valuation,” says a researcher at TMR. The rising preference for a good and groomed physical appearance is boosting the growth of this market significantly. In addition to this, the substantial surge in the popularity of the at-home hair removal techniques among the young consumers is anticipated to fuel the demand for hair removal solutions considerably, across the world in the years to come.
As per TMR’s observations, the worldwide market for hair removal is projected to reach a value of US$880.2 mn by 2017. Further, the market’s opportunity is expected to report a steady rise at a CAGR of 9.0% during the period from 2017 to 2022 and increase to US$1.35 bn by the end of the forecast period. Overall, the market’s future looks thriving; however, it may face obstacles in the near future from the increasing trend of accepting one’s appearance in its truest form, notes the research study.
Demand for IPL Devices to Remain Strong in Global Hair Removal Market
According to the research report, IPL devices enjoy a comparatively higher demand than other hair removal products available across the world. The high efficiency of these devices that reflect on the reduced, as well as slowed growth of bodily hair is fueling the adoption of these devices across the world significantly. This IPL device segment is projected to post a CAGR of 9.0% during the forecast period, states the report.
The study also presents a regional assessment of the global hair removal market. As per the report, Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Latin America, and Japan are the key regional markets for hair removal solutions across the world.
Of these, North America acquired the leading position in the global market, thanks to the significantly high popularity of personal grooming among consumers and the high disposable incomes of them that makes them capable of affording expensive hair removal products and services. Expanding at a CAGR of 9.50% over the period of the forecast, this regional market is anticipated to retain its dominance over the next few years, reports the study.
The review is based on a report by Transparency Market Research (TMR), titled “Hair Removal Market (Product - Energy Based Devices, Laser Based Devices, and IPL Devices; End User - Dermatology Clinics and Beauty Clinics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”