Hair Removal Wax Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hair Removal Wax Market," The hair removal wax market was valued at $3.0 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

Waxing is the process of hair removal that uses strip wax to effectively remove the hair from the root. Wax is a cream or resin-based and used for waxing. It is gently warmed and applied in a thin layer over the skin. A cloth strip is pressed on and removed, taking the hair with it.

Moreover, the personal care and grooming industry across the globe has witnessed continuous and sustained growth over the years, owing to rise in beauty-conscious female population. Several other factors such as increase in female working professionals, rise in awareness regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed toward growth of the hair removal wax market size.

Global per capita income has witnessed a strong growth rate over past few years, particularly in emerging economies. Increase in urbanization, growth of middle-class consumers, and surge in rate of women empowerment in many developing and developed markets have encouraged adoption of convenience-oriented lifestyles, making hygiene and grooming products more desirable. According to estimates, per capita income in the next decade is expected to increase at a significant rate in developing countries compared to developed countries. This has significant implications for hair removal wax market growth.

Rise in disposable income and standard of living of people in developing economies enhanced their purchasing power. This enables them to spend money in salon or parlor for wax hair removal, which in turn increases the sale of wax in salon and parlor. In fact a significant part of the wax sold in the market is purchased by these commercial salons, spas, and parlors.

Surge in the working class women also fosters the market growth. Also, waxing can increase the body hygiene at workplaces. This drives the growth of the hair removal wax market. Changes in lifestyle, efficient distribution channel, urge to look attractive and beautiful among millennia, and rise in consciousness about personal hygiene drive the growth of the hair removal wax market.

According to Hair Removal Wax Market Trends Analysis, soft wax holds around 52.7% share of the global hair removal wax market in 2021, followed by hard wax accounting for approximately 32% of the market share. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the leading region in the market and is expected to retain its leadership position throughout the forecast period. Europe is anticipated to be the second largest revenue contributor followed by Asia-Pacific. However, Asia-Pacific is projected to grow at the fastest CAGR of 10.0% during the forecast period.

KEY FINDINGS OF THE STUDY

• Region wise, North America is anticipated to lead the hair removal wax market demand in 2031, growing at a CAGR of 7.0%, from 2022 to 2031.
• By type, the soft wax segment occupied nearly 52% of the hair removal wax market share in 2021.
• By distribution channel, the hypermarkets and supermarkets segment dominated the overall market in 2021, and is expected to grow at a CAGR of 6.8% during the forecast period.
• The online sales channel segment is anticipated to grow at the highest CAGR of 10.1%.

The major companies profiled in the Hair Removal Wax Industry report include American International Industries (GIGI), Church & Dwight Co., Inc. (Nair), Filo Bianco S.R.L, MarzenaBodyCare, Inc., Reckitt Benckiser Group PLC (Veet), Rica Group, Sally Hansen, Starpil Wax Co., Sue Ismiel and Daughters, The Darent Wax Company Ltd.