Hair Care Market is Expected to Grow Significantly by 2024 | Hexa Research

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25 February 2019, Global Hair Care Market is expected to grow in the upcoming years as the product categories, such as shampoos and conditioners continue to gain grounds in light of product availability, increasing discretionary spending, and product awareness among the consumers.

As the western markets remain relatively penetrated, much of growth for hair care products is expected from Asia Pacific region. In the penetrated markets such as Europe, price competition among the various brands is expected besides the strengthening of own-labels from established supermarkets.

Hair care facilities are offered in barbershops, salons, and day spas, and products are available commercially for home use. Electrolysis and laser hair are available; though these are provided by licensed professionals. Some of the factors driving the market include the rate of urbanization in developing regions, lifestyle changes, and the increasing inclination towards professional hair treatment. Dryness, pollution, improving hair quality, dandruff, cravings regarding wavy or curly hair are the other factors acting as growth drivers.

The rise in hair-related matters amongst the consumer class across the world has led to several inventions due to customers’ tastes and preferences, by leading as well as developing hair care market investors, globally. Over the coming years, active players are expected to focus on product innovation and delivering value to consumers. To that end, expanding presence to potential growth markets specially in developing countries, new product launches catering to specific consumer needs, launch of environment friendly products having natural and organic ingredients are expected to remain highlighted for vendors in the haircare market.

The increasing demand for hair care products from men is additional key driver for the global hair care industry. Conventionally, women have been the leading customers of cosmetics, but changing male fashion trends are leading to a growing number of men paying attention to hair care. Men’s grooming products have risen in popularity in recent years and this global trend is reflected in the hair care market as well.

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Among the various distribution channels, offline channel continues to dominate the market, while much of growth is expected from online channel. The ease of product comparison, variety of options, and the comfort to place order while on the go or from the comfort of one’s home tends to favor the online channel upfront. In addition, improvements in product returns policies and modes of payment have helped in the progression of online distribution channel. Within the offline channel, hypermarkets & supermarkets and specialty stores are expected to command a major share of the market.

Global hair care market is segmented based on product category, distribution channel, and geographic regions. Based on product types, it is segmented in terms of shampoo, hair styling products, color, and conditioner. Among the various product categories, shampoo and conditioners lead the market, followed by hair color segment. The trend is expected to continue over the forecast period as well with shampoo category continuing to command the majority of market share.

Global haircare market is segmented on the basis of geography into Asia Pacific, Europe, Middle East & Africa, North Americas, and Rest of the World. Among the various regions, Asia Pacific remains one of the leading regions followed by Europe.

Some of the key players active in the Global hair care industry include L’Oreal, Henkel, Procter & Gamble, and Unilever. The key players are expected to focus on product launches, online distribution channel, market penetration in potential growth markets, over the coming years.

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