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Hair Removal Wax Market by Product Type and Geography - Forecast and Analysis 2022-2026

  • Published: Jun 2022
  • Pages: 121
  • SKU: IRTNTR73802
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The hair removal wax market share is expected to increase to USD 321.22 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.31%.

This hair removal wax market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hair removal wax market segmentation by product type (hard wax, pre made wax strip, and soft wax) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The hair removal wax market report also offers information on several market vendors, including American International Inc., Church and Dwight Co. Inc., Coty Inc., Edgewell Personal Care Co., Fidelgrow Hellas IKE, FILO BIANCO S.r.l., Harley Waxing, Jax Wax Australia Pty Ltd., Jolen Inc., Marketing Brokers Australia Pty Ltd., Parissa Laboratories Inc., PERRON RIGOT, Reckitt Benckiser Group PLC, Rica spa, SI and D Aust Pty. Ltd., The Darent Wax Company Ltd., Xanitalia srl, and Maystar SL among others.

What will the Hair Removal Wax Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Hair Removal Wax Market Size for the Forecast Period and Other Important Statistics

 

Hair Removal Wax Market: Key Drivers, Trends, and Challenges

The benefits of hair removal wax is notably driving the hair removal wax market growth, although factors such as the presence of substitutes may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hair removal wax industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Hair Removal Wax Market Driver

One of the key factors driving the global hair removal wax industry growth is the benefits of hair removal wax. The demand for hair removal wax is growing as waxing is considered one of the fastest ways to remove unwanted hair for a longer duration. There are many benefits of hair removal wax that drive consumers to opt for waxing, such as:

  • Less and finer regrowth
  • Waxing is like exfoliation
  • Waxing eliminates shaving rash and itching

It removes hair from the root leaving an incredibly smooth finish. Waxing calms the skin avoiding inflammation of the skin caused by irritation from shaving. Such benefits of hair removal wax will drive its adoption during the forecast period.

Key Hair Removal Wax Market Trend

Increasing demand for pre-made waxing strips is one of the key hair removal wax market trends that is expected to impact the industry positively in the forecast period. Ready-to-use waxing strips are a hair removal technique with wax pre-pasted on strips. The demand for such strips is growing as this avoids the hassle of heating and applying wax while removing hair. Such products are more efficient in the long run and easy to carry while traveling. These wax strips are highly preferred as they can be used at home and can remove large areas of hair very quickly such as legs, underarms, bikini area, or even the face, as they come in various shapes and sizes. Such factors will drive the market growth in the forecast years.

Key Hair Removal Wax Market Challenge

One of the key challenges to the global hair removal wax industry growth is the presence of substitutes such as razors, hair removing creams, shaving, and laser-based hair removal procedure. For instance, non-surgical and non-invasive procedures are gaining popularity, owing to increasing consumer preference as this reduces hair growth for a long time. The charge is also a one-time cost, and the hair growth reduces for months or years, which reduces the need for repetitive treatment after the procedure. Moreover, the rising disposable income of people and working women population has increased the adoption of laser-based hair removal procedures globally. Both men and women use shaving methods such as razors and hair removing creams to remove unwanted hair, as they are more convenient and less expensive, and easy to use, which may restrict the market growth during the forecast period.

This hair removal wax market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global hair removal wax market as a part of the global personal products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hair removal wax market during the forecast period.

Who are the Major Hair Removal Wax Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • American International Inc.
  • Church and Dwight Co. Inc.
  • Coty Inc.
  • Edgewell Personal Care Co.
  • Fidelgrow Hellas IKE
  • FILO BIANCO S.r.l.
  • Harley Waxing
  • Jax Wax Australia Pty Ltd.
  • Jolen Inc.
  • Marketing Brokers Australia Pty Ltd.
  • Parissa Laboratories Inc.
  • PERRON RIGOT
  • Reckitt Benckiser Group PLC
  • Rica spa
  • SI and D Aust Pty. Ltd.
  • The Darent Wax Company Ltd.
  • Xanitalia srl
  • Maystar SL

 

This statistical study of the hair removal wax market encompasses successful business strategies deployed by the key vendors. The hair removal wax market is fragmented and the vendors are deploying growth strategies such as investment in research and development to compete in the market.

Product Insights and News

  • American International Inc. - The company offers hair removal wax such as soft and hard waxes, pre and post-waxing products, and waxing accessories, under the brand name Gigi.
  • Church and Dwight Co. Inc. - The company offers hair removal wax that is blade-free and easy to use, under the brand name Nair.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hair removal wax market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Hair Removal Wax Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the hair removal wax market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Hair Removal Wax Market?

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31% of the market’s growth will originate from North America during the forecast period. The US is the key market for hair removal wax in North America. However, market growth in this region will be slower than the growth of the market in other regions.

The rising number of salons and spas in the region and the rise in spending on personal products will facilitate the hair removal wax market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 negatively impacted the market in North America. However, there was an increase in the purchase of hair removal wax through e-commerce platforms, and demand for at-home hair removal waxing increased. Moreover, the initiation of vaccination drives has led to the lifting of lockdowns and the resumption of operations in salons and spas, which has increased the demand for hair removal wax in the region. Such factors will drive the growth of the regional market during the forecast period.

What are the Revenue-generating Product Type Segments in the Hair Removal Wax Market?

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The hair removal wax market share growth by the hard wax segment will be significant during the forecast period. Hard wax is used for sensitive spots as hard wax adheres to the hair rather than the skin, giving it an advantage in the hair removal process. Hard wax is a much less painful experience than soft wax for all parts of the body. Such factors will drive the segment growth in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the hair removal wax market size and actionable market insights on post COVID-19 impact on each segment.

 

Hair Removal Wax Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 8.31%

Market growth 2022-2026

$ 321.22 million

Market structure

Fragmented

YoY growth (%)

7.15

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 31%

Key consumer countries

US, China, Japan, UK, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

American International Inc., Church and Dwight Co. Inc., Coty Inc., Edgewell Personal Care Co., Fidelgrow Hellas IKE, FILO BIANCO S.r.l., Harley Waxing, Jax Wax Australia Pty Ltd., Jolen Inc., Marketing Brokers Australia Pty Ltd., Parissa Laboratories Inc., PERRON RIGOT, Reckitt Benckiser Group PLC, Rica spa, SI and D Aust Pty. Ltd., The Darent Wax Company Ltd., Xanitalia srl, and Maystar SL

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Hair Removal Wax Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive hair removal wax market growth during the next five years
  • Precise estimation of the hair removal wax market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hair removal wax industry across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hair removal wax market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Product Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Product Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Product Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Product Type
      • Exhibit 26: Chart on Comparison by Product Type
      • Exhibit 27: Data Table on Comparison by Product Type
    • 5.3 Hard Wax - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Hard Wax - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Hard Wax - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Hard Wax - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Hard Wax - Year-over-year growth 2021-2026 (%)
    • 5.4 Pre Made Wax strip - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Pre Made Wax strip - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Pre Made Wax strip - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Pre Made Wax strip - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Pre Made Wax strip - Year-over-year growth 2021-2026 (%)
    • 5.5 Soft Wax - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Soft Wax - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Soft Wax - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Soft Wax - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Soft Wax - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Product Type
      • Exhibit 40: Market opportunity by Product Type ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 UK - Market size and forecast 2021-2026
      • Exhibit 70: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.10 China - Market size and forecast 2021-2026
      • Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.11 Japan - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.12 France - Market size and forecast 2021-2026
      • Exhibit 82: Chart on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 American International Inc.
              • Exhibit 93: American International Inc. - Overview
              • Exhibit 94: American International Inc. - Product / Service
              • Exhibit 95: American International Inc. - Key offerings
            • 10.4 Church and Dwight Co. Inc.
              • Exhibit 96: Church and Dwight Co. Inc. - Overview
              • Exhibit 97: Church and Dwight Co. Inc. - Business segments
              • Exhibit 98: Church and Dwight Co. Inc. - Key news
              • Exhibit 99: Church and Dwight Co. Inc. - Key offerings
              • Exhibit 100: Church and Dwight Co. Inc. - Segment focus
            • 10.5 Coty Inc.
              • Exhibit 101: Coty Inc. - Overview
              • Exhibit 102: Coty Inc. - Business segments
              • Exhibit 103: Coty Inc. - Key offerings
              • Exhibit 104: Coty Inc. - Segment focus
            • 10.6 FILO BIANCO S.r.l.
              • Exhibit 105: FILO BIANCO S.r.l. - Overview
              • Exhibit 106: FILO BIANCO S.r.l. - Product / Service
              • Exhibit 107: FILO BIANCO S.r.l. - Key offerings
            • 10.7 Maystar SL
              • Exhibit 108: Maystar SL - Overview
              • Exhibit 109: Maystar SL - Product / Service
              • Exhibit 110: Maystar SL - Key offerings
            • 10.8 Parissa Laboratories Inc.
              • Exhibit 111: Parissa Laboratories Inc. - Overview
              • Exhibit 112: Parissa Laboratories Inc. - Product / Service
              • Exhibit 113: Parissa Laboratories Inc. - Key offerings
            • 10.9 PERRON RIGOT
              • Exhibit 114: PERRON RIGOT - Overview
              • Exhibit 115: PERRON RIGOT - Product / Service
              • Exhibit 116: PERRON RIGOT - Key offerings
            • 10.10 Rica spa
              • Exhibit 117: Rica spa - Overview
              • Exhibit 118: Rica spa - Product / Service
              • Exhibit 119: Rica spa - Key offerings
            • 10.11 SI and D Aust Pty. Ltd.
              • Exhibit 120: SI and D Aust Pty. Ltd. - Overview
              • Exhibit 121: SI and D Aust Pty. Ltd. - Product / Service
              • Exhibit 122: SI and D Aust Pty. Ltd. - Key offerings
            • 10.12 The Darent Wax Company Ltd.
              • Exhibit 123: The Darent Wax Company Ltd. - Overview
              • Exhibit 124: The Darent Wax Company Ltd. - Product / Service
              • Exhibit 125: The Darent Wax Company Ltd. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 126: Inclusions checklist
                • Exhibit 127: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 128: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 129: Research methodology
                • Exhibit 130: Validation techniques employed for market sizing
                • Exhibit 131: Information sources
              • 11.5 List of abbreviations
                • Exhibit 132: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The hair removal wax market market growth will increase by $$ 321.22 mn during 2023-2026.
              The hair removal wax market market is expected to grow at a CAGR of 8.31% during 2023-2026.
              Technavio has segmented the hair removal wax market market by geography (North America, Europe, APAC, Middle East and Africa, South America, North America, Europe, APAC, Middle East and Africa, and South America).
              American International Inc., Church and Dwight Co. Inc., Coty Inc., Edgewell Personal Care Co., Fidelgrow Hellas IKE, FILO BIANCO S.r.l., Harley Waxing, Jax Wax Australia Pty Ltd., Jolen Inc., Marketing Brokers Australia Pty Ltd., Parissa Laboratories Inc., PERRON RIGOT, Reckitt Benckiser Group PLC, Rica spa, SI and D Aust Pty. Ltd., The Darent Wax Company Ltd., Xanitalia srl, Maystar SL are a few of the key vendors in the hair removal wax market market.
              North America will register the highest growth rate of 31% among the other regions. Therefore, the hair removal wax market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the hair removal wax market market growth are:
              • Benefits of hair removal wax
              • Increasing demand for pre-made waxing strips
              The hair removal wax market market vendors should focus on grabbing business opportunities from the north america segment as it accounted for the largest market share in the base year.
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