Hair Care Market – Scenario
The Global Hair Care Market Is Expected To Register A CAGR Of 3.40% During The Forecast Period. In the Global Hair Care Market, a large number of products are available to address the growing demands for hair problems including hair and scalp treatment. In recent years, the global market for hair care witnessed a huge growth. This can be attributed to the increasing cosmetic expenditures, rising prevalence of hair related diseases, expanding hair and beauty industry, and strong marketing strategies by the players. However, increasing susceptibility to diseases such as cancer and asthma by the use of hair care products is estimated to restraint the market growth during the forecast period.
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Further, the formulation of many hair care products is inclusive of various chemicals such as sodium lauryl sulfate, diethanolamine, peroxide, and others. The potential ill effect of these chemicals on health arises from itching to possible risks of asthma, cancer, and others. In the presence of such risks factors, the hair care market is witnessing increasing demands for Ayurveda products. Following the same course, a number of market players are incorporating natural composites in hair care products. Additionally, to fulfill such increasing demands, new market players such as Patanjali Ayurveda have entered the market with product lines including ayurvedic shampoos, hair oils, and others. According to the Indian Brand Equity Foundation, the penetration of the Ayurvedic hair oil penetration was estimated to be about 8.0% in 2017.
Shandong Baisheng Biotechnology
Oriflame Cosmetics, etc.
The Global Hair Care Market, on the basis of region, is divided into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Europe accounted for the largest market share of about 34.5% in the global hair care market. The large share is majorly attributed due to the presence of developed economies like U.K, Italy, & others, and growing cosmetic industries, and within the region.
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Americas accounted for the second largest market share whereas Asia Pacific is expected to grow at the fastest CAGR of 3.81% during the forecast period. The presence of huge opportunities and continuously developing economies drive the market within the region. The Middle East and Africa with the presence of low-income countries accounted for the least market share in 2016.
Further, the global GDP followed a rough course from the year 2014 to 2016. As a result, the global growth is expected to increase by 3.6% by the end of 2018. Followed by this, the total share of disposable income being spent on personal care products is also increasing. Personal care spending in North America showcased a positive growth due to increasing disposable income.
According to the United States Census Bureau, the median household income in the U.S. increased by 2.4% from 2015 to 2016. Moreover, it was estimated that the median household income was USD 57,617 within the U.S. in 2016. Europe also showed positive growth in the disposable household income from 2016-2017. According to the Office for National Statistics, the median disposable household income in the U.K. was about USD 33,787 in the fiscal year 2017.
This suggested an increase of 2.3% from the previous year. Cosmetic spending in the Asia Pacific region also expanded in 2016 due to positive growth in the regional disposable income and changing lifestyle. According to the Indian Brand Equity Foundation in 2017, India’s rural per capita disposable income was estimated to increase and reach USD 631 by 2020 with a CAGR of 4.4%. Rapid growth in cosmetic expenditure is expected in the Middle East & Africa region due to growing penetration of the cosmetic industries and rising per capita income within the region.
Hair Care Market – Segmentation
The global Hair Care market is segmented by product, application, gender, distribution channel and end-user.
By product, the Hair Care Market is segmented into hair styling, shampoo, hair colorant, conditioners, and hair oil. By application, the market is categorized into hair treatment and scalp treatment.
On the basis of gender, the market is segmented male, female. By distribution channel, the market is segmented into hypermarkets, e-commerce, and pharmacies. By end-user, the market is segmented into home care, salons.
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