The global hair care market is moderately consolidated, with the top four players collectively accounting for more than 55% in 2015. Henkel, Procter & Gamble, L’Oreal S.A., and Unilever are the players currently dominating the scene. Product innovation is, by far, the most successful business strategy adopted by companies in the hair care market, Transparency Market Research notes.
For example, in January 2014, Henkel Corporation launched OSiS+, a new product that enhances hair volume with a natural look. Similarly, from 2014 to 2016, L’Oreal S.A. launched a series of hair products with oil content. Brand expansion has also worked in favor of several large companies, such as Unilever plc., with its leading hair care brands Dove, Lux, Sunsilk, TRESemmé, and Clear.
The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period.
Developing Economies in APAC and MEA Presenting Lucrative Investment Options
Accounting for a 30.9% share in 2015 in terms of revenue, the shampoo segment leads the global hair care market. The demand for shampoos across regions is dependent on several economic, social, and geographic factors, such as the growing impact of weather conditions and pollution on hair, a rise in per capita income of the consumer, and the emergence of men’s grooming products.
“The demand for natural and organic products is a trend noted in the shampoos segment and herbal shampoos are predicted to witness strong growth in the coming years,” the author of the report states. Emerging economies such as China, India, and countries in the Middle East are anticipated to contribute significantly to the herbal shampoos market.
Asia Pacific accounted for the leading share of 33.12% in the global hair care market in 2016. The Middle East and Africa (MEA) market, on the other hand, is expected to expand at a strong CAGR of 4.0% during the forecast period. Countries such as China, India, and the UAE. India has always presented a strong interest in hair care products and companies have been looking to tap into the growing trend of natural products, especially in urban regions. The increasing awareness regarding personal grooming and rising disposable incomes of the consumers has spurred the market for premium hair care products in China. In the UAE, consumers are willing to spend on hair care, a decision that has resulted in the growing demand for salon-inspired products.
Emergence of the Middle Class a Positive Growth Booster
As mentioned earlier, the growing focus on natural hair care products is one of the most influential trends taking the global market by storm. “Consumers’ purchasing decisions are increasingly influenced by this trend and as a result, conventional natural ingredients from plants and various botanical sources are making a comeback,” the lead analyst reports. Companies are also launching new product lines inspired by natural ingredients.
The popularity of hair care products has been steadily growing among the urban population across the globe, more so in the developing economies of Asia Pacific, the Middle East and Africa, and Latin America. The emergence of the middle class, with its increased disposable income and purchasing power of the people, is also characterized by the growing sophistication of its consumers. This has had a significant impact on the demand for premium hair care products, thereby driving the global market.
This review is based on the findings of a TMR report titled “Hair Care Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Global Hair Care Market, by Product Type
- Hair Color
- Hair Styling Products
- Hair Oil
Global Hair Care Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453