Hair care has gained importance over the past few decades. Innovation has introduced a wide range of variety in the existing products escalating demand in the global hair care market. Overall, the market has been growing at an exceptional rate in the past few years and is expected to maintain the pace in the future too. Several factors drive demand in the global hair care market. Increasing hair related diseases due to pollution and other external factors, varying requirement from different populations, scientific research discovering new products, etc., add to the growth of the global hair care market.
According to analysts, the global hair care market was valued at US$ 81.3 bn in 2015, and is projected to expand at a steady 3% CAGR between 2016 and 2024. The market is expected to reach US$ 105.3 bn by the end of 2024. Introduction of new-age products that attract the eyes of youngsters and unique marketing techniques are garnering demand in the global hair care market. Further, brands will be looking at exploring new avenues in different geographies to stay ahead in the market.
Shampoos and Hair Colors to Lead the Global Hair Care Market
Based on the type of products, the global hair care market is divided into shampoo, hair color, conditioner, hair styling products, and hair oil. Of this, the shampoo segment is expected to hold 30.9% share of the global hair care market. This is mainly due to the innovation in products introduced by the several players in the market.
With the rising pollution levels, people are frequently considering washing their hair. Doctors too recommend periodical hair wash in order to maintain freshness and prevent hair diseases. At the same time, many youth are facing issues with hair loss, dandruff, and other scalp related problems. Players in the global hair care market have introduced shampoos that address these problems, thus aggravating demand in the global hair care market.
On the other hand, hair colors are another type of product that will have one of the highest share in the global hair care market. The increasing interests among people in improving their appearance and maintaining healthy hair has increased consumption of hair color products.
Asia Pacific Holds a Bright Future in the Global Hair Care Market
Asia Pacific is expected to lead the global hair care market in the coming years. In 2016, the region held 33.12% of the total share in the market. The ever increasing population, higher per capita income in developing countries like India and China, and awareness about hair care are promoting growth here. In past few years, many companies have launched their products in Asia Pacific region and have gained momentum too.
Meanwhile, North America and Europe will continue to remain prominent in the global hair care market. High levels of awareness regarding personal hygiene, availability of a wide range of products, developed economies are some factors that propel growth in these regions.
Some of the key players in the global hair care market are Procter & Gamble, Avon Products, L’Oréal S A, Unilever Inc., and Neutrogena Corporation.
Global Hair Care Market: Overview
Hair care comprises of five types of products which includes shampoo, hair color, hair conditioner, hair styling products and hair oil. Growing trend in fashion industry and increase in the aging population is booming hair color market globally. In addition, rise in male grooming products is also driving the growth of the hair color market across the globe. The types of hair colors products includes permanent hair color, temporary hair color, semi-permanent hair color, and hair highlights and bleach. In addition, Conditioner segment in hair care market is growing rapidly. Major factors driving the growth of the market include rising economic growth, changing lifestyle, and rising trend towards professional hair treatment is boosting the market of conditioner globally. North America has the largest market for hair conditioner. The growth of the market in this region is directly impacts the revenues of the leading vendors in North America.
Global Hair Care Market: Regional Dynamics
As per current trend, Hair styling products is growing rapidly. Hair styling products includes hair styling mousse, holding sprays, heat Protestants, spray for curly hair, hair serum and gel among others. Increasing demand for hair styling products is due to consumer’s preference and their changing buying behavior towards beauty products. Furthermore, local manufacturers in Africa and APAC, focuses on new product development and product innovations according to consumers preference in order to developed a loyal customer base over the years. In addition, the presence of numerous manufacturers in the nation and their continual effort to develop various types of hair care products as per consumers need is a major driver for the market in the developed country such as U.S, U.K. Canada and others. Moreover, considering the growing hair damage control and hair color products the global key players of hair care market are expected to adopt improved technology for manufacturing professional hair care products.
Hair color products are receiving value among different age groups globally. The key reasons for this growth are the general hair damage and hair color problem. Hair oil market is growing significantly due to the consumer’s preference. Consumers has shown interest towards hair oil market due to its benefits which includes strengthening hair, nourishment, faster and better growth and reducing the problem of falling hair. In addition, consumers in North America and Europe uses hair oil as a hair treatment or scalp treatment products. Asia Pacific has the largest consumer of hair oil in the world.
In addition, increasing awareness regarding the scalp treatment and hair damage prevention is also allowing the products to penetrate into the market. However, a Hair care products is not pocket friendly for the consumers. This, coupled with reduced availability of some professional products is acting as a restraint for the hair care market. Those who require these products to deal with scalp problems and hair problems, very often cannot afford them due to their low purchasing power. The cost of these hair care products acts as a hindrance for customers mainly in the developing nations. The impact of this restraint is high in the short run but it is expected to reduce over the years.
Global Hair Care Market: Competitive Landscape
In order to get a better understanding of the hair care market, a key trends analysis has been included for all the segments. In addition, the key players in the market have also been profiled in terms of their product segments, financial overview, recent developments and business strategies adopted by them. The leading players in the market include Henkel Corporation (Düsseldorf, Germany), Procter & Gamble Co., (Ohio, U.S.), L’Oreal S.A. (Clichy, France ), Unilever plc (London), Revlon, Inc. (New York, U.S.), Avon Products Inc.( New York, U.S.), Aveda Corporation (Minneapolis, U.S.), Neutrogena Corporation (Los Angeles, U.S.), Amka Products (Pty) Ltd. (Sunderland Ridge, South Africa.) and Combe Incorporated. (New York, U.S) among others.
Global Hair Care market can be segmented as follows;-
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