Asia Pacific Hair Removal Wax Market

Market Overview

The Asia Pacific hair removal wax market size was valued at USD 4,704 million in 2021 and is projected to reach USD 8,365 million by 2031, registering a CAGR of 5.7% during the forecast period (2022-2031).

Highlights

• Soft wax dominates the market by Type.
• By ingredient, the Organic segment dominates the market.
• Normal skin dominates the market by skin type.
• Body/arms/legs dominate the market by coverage.
• By price, medium price dominates the market.
• Hypermarkets and supermarkets dominate the market by distribution channel.

Waxing is removing hair from the root by covering body hair with a sticky substance, such as wax, removing the covering, and then yanking the hair out of the follicle. Wax for hair removal is a type of depilatory that can be used to physically or chemically remove undesirable hair from different body regions. Typically, they are made by combining the right raw components in large tanks, then packaging the resulting mixture into individual packages. The wax used for hair removal also eliminates the source of the issue and dry, dead skin cells.

Market Dynamics

Asia Pacific Hair Removal Wax Market Drivers

Rising Disposable Income

Wealthier people buy high-quality hair removal products like waxing. The IMF predicts robust Asia-Pacific economic growth. GDP will grow 6.9% in 2021, outpacing world growth of 5.5%. China, India, Vietnam, Thailand, and Indonesia fuel this rise. These countries have increased disposable income due to economic growth. China's 2020 per-capita disposable income was RMB 32,189 (USD 4,800), up 4.7%. In 2020, India's per-capita disposable income climbed 6.8% to INR 1,38,508 (USD 1,866).

As disposable income rises, consumers spend more on personal care in these countries. Rising disposable income, urbanization, and consumer behavior would boost the Indian personal care business to USD 20 billion by 2025. Thus, rising disposable income will benefit hair removal wax.

Asia Pacific Hair Removal Wax Market Restraints

Cultural Norms

Some Asian-Pacific consumers prefer body hair over shaving. As a sign of femininity and beauty, many Indian women preserve their body hair. Hair removal is less common in certain countries, and some women may consider it a Western beauty ideal they don't wish to follow. According to the International Journal of Trichology, body hair removal is becoming more popular in India, especially among younger urban women. However, many Indian women still want body hair, which may limit the expansion of the hair removal wax business. Body hair removal is also uncommon in Southeast Asia. Hair removal is less common in Indonesia because some women see body hair as a sign of maturity. This can hamper the growth of the market.

Asia Pacific Hair Removal Wax Market Opportunities

The Increasing Popularity of At-Home Hair Removal

Many consumers are looking for at-home hair removal techniques that are practical and affordable. The development of e-commerce, the accessibility of cost-effective hair removal products, and the convenience of hair removal at home are some factors driving this trend. Many businesses in the Asia-Pacific region are utilizing this chance by providing products for at-home hair removal. For instance, the popular hair removal product manufacturer Veet sells a variety of at-home hair removal lotions and wax strips. Another business, IPL Laser Hair Removal, provides a laser hair removal system that may be used at home to eliminate hair from various body regions.

Regional Analysis

The Asia Pacific Hair Removal Wax Market is segmented by country into China, India, Japan, Korea, Australia, South East Asia, and Rest of Asia-pacific. China dominated the market and is expected to grow at a CAGR of 6.1% during the forecast period.

China and India produce most of the Hair Removal Wax goods in Asia. The presence of small- and medium-scale manufacturers in the Asia Pacific area is one of the major drivers of the growth of the hair removal wax industry. Due to the region's expanding population and increased disposable income, the market for hair removal wax is anticipated to grow. Due to tight rivalry among big providers, they have targeted more rural locations to establish their presence, increasing demand for hair removal waxes. In July 2020, the Economic Times reported that ITC, Godrej, Dabur, Emami, and Marico sales soared in rural and semi-urban areas during the epidemic. People worry about personal hygiene as cities grow, particularly short hair maintenance, which boosts product consumption. These factors are crucial to the growth of hair removal waxes in the Asia Pacific.

Segmental Analysis

The Asia Pacific hair removal wax market is segmented based on Type, ingredient, skin type, coverage, price, distribution channel, and region.

The Type is further segmented into soft and hard wax.

Soft wax dominated the market and is expected to register a CAGR of 6.0% over the forecast period.

By ingredient, the market is further segmented into organic and synthetic.

The organic segment dominates the market and is expected to grow at a CAGR of 5.3% during the forecast period.

The skin type is further segmented into dry skin, oily skin, normal skin, sensitive skin, and others.

The normal skin type dominated the market and is expected to register a CAGR of 5.6% over the forecast period.

The market is further segmented by coverage into face, body/arms/legs, and bikini.

The Body/arms/legs segment dominates the market and is expected to grow at a CAGR of 5.5% during the forecast period.

The market is divided into low, medium, and high based on price.

Medium price is expected to dominate the market, registering the highest CAGR of 5.9% over the forecast period.

Based on distribution channels, the market is sub-segmented into company-owned websites, e-commerce websites, hypermarkets and supermarkets, specialty stores, and others.

Hypermarkets and supermarkets are expected to dominate, registering the highest CAGR of 5.6% over the forecast period.

Recent Developments

• In 2021- Le Club Perron Rigot came out with new items to use after waxing, such as a soothing gel and nourishing oil.