- Supermarkets and hypermarkets account for majority of revenue
- Key vendors – Church & Dwight, Reckitt Benckiser, Dabur, and P&G
Technavio predicts that the global hair removal cream market will grow at a CAGR of more than 8% between 2016 and 2020. At-home hair removal treatments are popular among the younger generation due to the need to maintain physical appearances. The endorsement of hair removal creams by celebrities and the widespread availability of a large variety of hair removal creams supports growth, Technavio said. The trend is towards natural and organic creams, the company added.
“Vendors in the global hair removal cream market are diversifying their product lines to strengthen their foothold in the competitive market. These include hair removal cream solutions for the body (legs, bikini line, arms, and underarms), skin type (normal, sensitive, and dry), and the desired effect (long-lasting and quick results). Besides, vendors are also trying to create product differentiation through the addition of new products that contain natural ingredients such as aloe vera, papaya extract, jasmine, and almond oil to cater to the changing consumer demands,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Hair removal creams have the advantage of being cost-effective and convenient compared to procedures carried out at salons and clinics, which are more expensive and sometimes painful, notes the research firm. Hair removal creams have an average cost ranging between US$10 and US$90 per bottle and can be used up to five times. The downside is that frequent usage can increase the chances of acquiring an infection and may adversely affect the usage of such products, Technavio added.
By 2020, the supermarkets and hypermarkets segment will continue its market dominance by accounting for almost 37% of the overall market revenue. Due to the availability of different private labels brands, latest product launches, and the availability of discounts, the popularity of supermarkets have increased. Sale of private labels in such supermarkets is comparatively high due to the availability of a diverse range of variants at low prices, especially when compared to branded hair removal creams.
The key vendors in the global hair removal cream market include Church & Dwight, Reckitt Benckiser, Dabur, and P&G. The global hair removal cream market is competitive as other hair removal methods like waxing, shaving razors, and epilators are also popular. The leading vendors in this market are competing on the basis of product differentiation, line extension, and pricing to gain maximum market share during the forecast period.
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