The global market for removal strips market is estimated to be worth USD 1,511.2 million in 2021 and is anticipated to reach a value of USD 2,670.3 million by 2031. Sales are projected to rise at a CAGR of 5.9% over the forecast period between 2021 and 2031. The revenue generated by the removal strips market in 2020 was USD 1,468.6 million. The industry is anticipated to exhibit a Y-o-Y growth of 2.9% in 2021.
Global Removal Strips Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 1,468.6 million |
| Estimated Size, 2021 (E) | USD 1,511.2 million |
| Projected Size, 2031 (F) | USD 2,670.3 million |
| Value-based CAGR (2021 to 2031) | 5.9% |
The target market is segmented under product type, end user, end use, and sales channel. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The removal strips market, includes products such as wax strips, pore strips, and hair removal strips, is a growing segment within the broader beauty and personal care industry. The products offer a convenient and effective solution for hair removal and skincare, appealing to consumers seeking easy-to-use, at-home alternatives to professional treatments. The market is driven by increasing consumer awareness of personal grooming and hygiene, along with the rising trend of self-care and DIY beauty routines. With the global beauty industry expanding, especially in emerging markets, the demand for removal strips is expected to continue growing.
The removal strips market is highly competitive, with numerous players ranging from established multinational corporations to smaller niche brands. Major companies like Procter & Gamble, Unilever, and Reckitt Benckiser dominate the market, leveraging extensive distribution networks and strong brand recognition. The companies invest heavily in marketing and product innovation to maintain their market share, often introducing new formulations that cater to specific skin types or offer added benefits like moisturizing or hypoallergenic properties.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 1,159.1 million and is predicted to rise approximately 1.8 times the current market value through 2031.
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The growing importance of fashion and beauty trends along with the increasing innovation in removing products is anticipated to grow at a significant rate during the forecast period. Further, rising consciousness with respect to personal grooming and enhancing aesthetic appeal are some of the major factor driving the demand of the product.
Further, the rise in per capita income is one of the key factors leading to increasing demand for removal strips around the world.
The growing number of beauty salons and spas is also driving the market forward. Other factors expected to drive the growth of the removal strips market include an improved standard of living and a changing lifestyle.
However, the pandemic outbreak has had a significant impact on the removal strips industry. The beauty industry experienced a temporary downswing, especially in certain beauty sectors. The pandemic had both negative as well as positive impact on the market.
Apart from this, consumers drastically resorted to making purchase online which forced the manufacturers and players to stimulate their online penetration to capitalize on sales opportunities. All of such drastic operational changes due to outbreak of novel coronavirus resulted in certain temporary challenges on the part of players.
One of the major factors driving the market is men's growing acceptance of hair removal products. According to recent trends, many men are engaging in various grooming activities, including hair removal. Furthermore, the growing popularity of metrosexual culture has prompted businesses to introduce products tailored to men. This factor is expected to drive the product demand in the near future.
Further, removal strips are a popular product among consumers with average disposable incomes due to their simplicity and ease of use. To keep removal strips within reach of this demographic, manufacturers will continue to offer them at a low cost. Rather than premium pricing that reflects high profit margins, market players will continue to focus on providing removal strips in a cost-effective price range.
Principal Consultant
In the USA, the removal strips market is booming over the past few years and is expected to rise owing high spending on personal grooming, and rising hygiene concerns among men and women in the country.
Further, in the coming years, the regional market is expected to be driven by changing living standards, an increase in the number of working women looking for quick hair removal solutions, an emerging metrosexual culture, and rising consumer spending power.
The demand for removal strips market in the European market is estimated to grow significantly in the upcoming years. The expansion has been aided by the emergence of non-banking players in the payment industry.
Many consumers prefer virtual marketplaces to purchase a variety of products including personal grooming products, as a result, many retailers in the European market have been venturing into online retail. Over the forecast period, these trends are expected to have a positive impact on market growth.
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Some of the leading manufacturers of removal strips market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Removal Strips Market
