Depilatory products: Key market research findings
- Product innovation drives market growth
- Europe dominates the market geographically
- Key vendors—American International Industries, Church & Dwight, L’Oréal, Nad’s, P&G, and Reckitt Benckiser
Technavio’s market research analysts predict the global depilatory products market to grow at a CAGR of more than 6% between 2016 and 2020. Continuous product innovation is the fundamental driver for growth in the market. Vendors are launching new products frequently with respect to process and benefits to enhance safety and gain consumer interest. For instance, Gilette has introduced a razor exclusively for women, the Venus Swirl, which features a ball hinge on the handle to provide cleaner hair removal, particularly on body parts like the knees and ankles. During 2015, Europe accounted for more than 35% of the market share to dominate the global depilatory products market. The market growth in this region can be attributed to an individual desire to remain well-groomed. High consumer awareness of depilatories as efficient, safe, and convenient option to stay well-groomed coupled with its cost-effectiveness as opposed to procedures like laser hair removal are expected to boost growth in the depilatories market in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the depilatories segments based on the product type.
“The latest trend in the market in an increase in demand for natural and organic hair removal products. The presence of harmful chemicals in regular depilatory products is affecting their acceptance among the consumers worldwide. As a result, a large of number of people are shifting to alternatives that are safer and contain natural ingredients. For instance, Amber Gel offers hair removal creams that contain extracts of natural ingredients and are safe for use for people with medical conditions like varicose veins and eczema,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
In 2015, the hair removal creams, wax, and strips segment occupied over 53% of the market space to dominate the global depilatory products market. Hair removal creams were one of the fastest-growing products in 2015. The growing need for personal grooming and the launch of innovative products such as those made using organic ingredients are likely to stimulate an increased demand for these products. Vendors are offering creams that contain fragrances and natural ingredients to encourage consumers to shift from razors and epilators to hair removal creams. The growth of salons, spas, and wax bars is the driver behind the sales of wax and wax strips in the market. The increasing preference for do-it-yourself (DIY) waxing solutions is also likely to boost sales of hair removal creams, wax, and strips market during the forecast period.
The key vendors in the market include American International Industries, Church & Dwight, L’Oréal, Nad’s, P&G, and Reckitt Benckiser. The global depilatory products market is highly competitive with the presence of numerous large and medium-sized providers. However, the growing presence of international players in the market, regional players are finding it increasingly difficult to compete in terms of pricing. The vendors compete by product differentiation, product portfolio, quality, and pricing. The vendor competition is likely to intensify with several product launches, price discounting, and mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global Depilatory Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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