SAN FRANCISCO, March 11, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Hair Removal Products – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 9; released: March 2022
Executive Pool: 6199
Companies: 105 – Players covered include Alma Lasers International; Candle Corporation; CosBeauty; Cutera, Inc; Cynosure, LLC.; Elos Me; Photon doo; LumaRx; Lutronic; Lynton Lasers Ltd; MLAY; Phillips; Reckitt Benckiser Group plc; Sciton, Inc; Sharplight Technologies Ltd; SmoothSkin; Solta Medical, Inc; The Procter & Gamble Company; Tria Beauty; Venus Concept; Viora and Others.
Coverage: All major geographies and key segments
Segments: Product (Laser-based Devices, Intense Pulsed Light (IPL) Devices, Energy-based Devices); End-Use (Beauty Clinics, Dermatology Clinics, Other End-Uses)
Geographies: World; USES; Canada; Japanese; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazilian; Mexico; Rest of Latin America; Middle East; Iran; Israel; saudi arabia; UAE; Rest of Middle East; Africa.
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Global Hair Removal Products Market to Reach $1.3 Billion by 2026
Hair removal products have been in existence since a long time but their usage, especially among men, has been increasing in the recent past. Hair removal products enable users to remove unwanted hair from their bodies. Women are among the largest users of hair removal products. Growing recognition and interest in personal grooming is one of the major factors for the growth of the market. There exist a multitude of hair removal products on the market ranging from creams to hair removal strips, razors and hair removal devices among others. Hair removal creams dominate the market owing to their ease of use and the availability of wide range of products. Adoption of hair removal devices has been on the rise due to growing concerns about physical appearance and rising awareness about the importance of grooming among customers. Non-invasive personal grooming methods are especially gaining preference, due to the rising awareness of the risks linked with invasive procedures. This expected to augur well for the demand for different hair removal devices. The easy availability of hair removal devices over e-commerce channels is aiding faster adoption of hair removal devices across the world. The market is also gaining from the rising availability of sophisticated and effective products and technologies. Laser techniques for instance, driven by technological advancements, are achieving greater efficiency at lesser costs.
Amid the COVID-19 crisis, the global market for Hair Removal Products estimated at US$959.3 million in the year 2022, it is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 7.3% over the analysis period. Laser-based Devices, one of the segments analyzed in the report, is projected to record a 7.9% CAGR and reach US$681.5 million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Intense Pulsed Light (IPL) Devices segment is readjusted to a revised 7% CAGR for the next 7-year period. Hair removal devices such as laser hair removal devices and intense pulse light (IPL) are regulated as medical devices and as such approved by relevant authorities such as the FDA. An increasing number of devices are being approved by regulators leading to wider choice for users and resulting in faster growth of the market. To gain from growing demand for laser treatments, several companies have begun offering new laser-based hair removal solutions.
The US Market is Estimated at $260.6 million in 2022, While China is Forecast to Reach $193 million by 2026
The Hair Removal Products market in the US is estimated at US$260.6 Million in the year 2022. Chinathe world`s second largest economy, is forecast to reach a projected market size of US$193 million by the year 2026 trailing a CAGR of 8.7% over the analysis period. Among the other noteworthy geographic markets are Japanese and Canada, each forecast to grow at 6.3% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7% CAGR. The US is among the major markets for hair removal devices globally, due to the well-developed infrastructure. The consistent rise in number of hair removal procedures being carried out in the US also augurs well for the market. With youth especially choosing permanent hair removal treatments as part of personal grooming measures, the market is poised for further growth. The availability of effective products and strong focus on physical grooming, even among men is driving market growth. Asia-Pacific and China are forecast to witness high long-term growth, due to the consistently improving standards of living, increasing disposable incomes of people, rise in women’s participation in workforce, the growing desire to improve physical appearance and increasing availability of affordable hair removal devices.
Energy-based Devices Segment to Reach $246.9 million by 2026
In the global Energy-based Devices segment, USES, Canada, Japanese, China and Europe will drive the 6.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$138 Million will reach a projected size of US$211.8 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, Indiaand South Koreathe market in Asia-Pacific is forecast to reach US$30 Million by the year 2026, while Latin America will expand at a 7.1% CAGR through the analysis period.
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