The Latin America hair removal wax market size was valued at USD 787 million in 2021 and is projected to reach USD 1,332 million by 2031, registering a CAGR of 5.2% during the forecast period (2022-2031).
A sticky substance called hair removal wax removes unsightly body and face hair. Additionally, it aids in skin smoothness and dead skin cell removal. Because of evolving views on beauty over the past few decades, the general public has eagerly adopted hair removal wax. The wax used for hair removal is now a more prominent component of the cosmetics and personal care industry. More and more people, both sexes, are conscious about their appearance. People choose to have their undesirable body hair removed for various reasons, including aesthetic, social, cultural, and medical ones. Depending on the client's budget and the type of hair growth, various hair removal and reduction methods can be used. Many different hair removal procedures have been developed, including temporary and permanent solutions. Most can be used at home, but some are only appropriate for use in salons run by professionals.
Consumers in the region are getting more interested in personal grooming and are prepared to spend more on beauty items as disposable incomes increase. Hair removal and other Western beauty techniques are gaining popularity in Latin America. The category of hair removal in Latin America expanded by 9.4% in 2019, with waxing being the most popular hair removal technique, according to a survey by Kantar Worldpanel. Adopting Western beauty trends and the need to preserve a well-groomed physical appearance are two factors contributing to this increase.
Alternatives like electrolysis, laser hair removal, and hair removal lotions are fierce competitors in the market. These alternatives give customers various hair removal options, making it harder for wax hair removal solutions to take off. Hair removal creams have become popular because of their practicality and simplicity. These creams are a painless alternative to waxing since they remove hair by dissolving it at the skin's surface. In addition, these solutions can be more reasonably priced than hair removal wax. For instance, laser hair removal may initially seem pricey, but over time, it can be more affordable than frequent waxing treatments.
The industry is growing significantly due to changing gender roles and men's growing interest in grooming. Men-targeted hair removal wax products could benefit from this trend. Mintel found that 60% of Brazilian males aged 16-24 and 70% of Mexican men aged 18-24 think grooming boosts self-esteem.
These findings imply that Latin American men want grooming items like hair removal waxing. However, body hair culture varies across Latin America. Some countries are more liberal with male grooming than others.
The Latin America 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 5.5% 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 4.7% 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 5.0% 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 5.4% 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 5.0% 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 3.5% over the forecast period.
The Latin America hair removal wax market is segmented by country into Brazil, Mexico, and the Rest of Latin America. Brazil dominated the market and is expected to grow at a CAGR of 5.7% during the forecast period.
Brazil and Mexico comprise the Latin American hair removal wax market. Brazil dominates the region due to the country's increased disposable income. Latin American hair removal waxing treatments are driven by a desire to appear attractive. Latin American consumers' purchasing power is rising due to changing lifestyles, higher living standards, and increased disposable income. This influences salon and spa hair removal prices. Latin American spas and salons utilize hair removal wax. This will continue to impact the Latin American hair removal wax business.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|