Hair Care Products Market:
The global hair care product market is expected to register a considerable growth rate during the forecast period. The rising demand for natural/organic hair care products for personal grooming is the major factor driving the hair care product market. A growing ageing population and evolving trends in the fashion industry have stimulated the demand for high-quality and effective hair care products. Ageing causes loss of hair volume, hair thinning, and dryness due to decreased oil production. This factor has resulted in increased demand for effective hair care products to cover grey hair and maintain the shine and softness of hair.
The rising consumer spending and increasing penetration of salon/hair care services are anticipated to accelerate the demand for several professional hair care products. Moreover, growing hair-related issues coupled with research and innovation in product manufacturing, and rising demand for organic hair care products are projected to further boost the hair care market growth. Shampoo, serum, colour, conditioner, styling products and hair oils are the major hair care products used across the globe. The shampoo is the most dominant hair care product as it helps in removing dirt, pollutants, dandruff, oils, and dead skin particles. Shampoos are considered best for smoothing the hair.
Furthermore, growing consumer awareness regarding the benefits of natural and organic shampoos in emerging countries, such as India and China is expected to stimulate the overall market growth. Hair colours and hair repairing products are gaining high traction among consumers across the world. These products have attained more visibility and popularity among male consumers. The factors like celebrity endorsement, improved advertising, and marketing strategies, advanced research, and product innovations are expected to enhance the demand for these products. Moreover, rising penetration of high-end hair studios, across the world, are expected to drive the demand for hair colours and other hair repairing products.
The global hair care product market can be analysed on the basis of product types, crucial applications, and regional markets. Based on the product types, hair care products can be classified into hair oil, colourants, shampoos, conditioners, hair styling products, serums, hair gel, etc. Some hair care products are exclusively manufactured for men/women, while others can be used by both. Based on the major applications, the hair care product market can be segmented into supermarkets and hypermarkets, online retailing, direct selling, and pharmacies. These products are easily available at the storefronts and are also easily available at the online stores. The market players are focusing to improve their online presence by offering lucrative offers and exciting deals to attract a broad consumer base.
North America, Europe, Asia Pacific, and Southeast Asia are the major regions driving the global hair care product market. North America region is the most prominent market for hair care products. The United States is the leading country, driving the demand for high-quality hair care and hair styling products. The growth of North American hair care product market can be attributed to the existence of several small and large multinational organizations, actively focusing on research and production of effective and premium quality hair care products. These US-based organizations are working on improving their online presence by adopting efficient digital marketing strategies and offering attractive deals and discounts over the online retailing channels. Growing per capita spending on hair care products and rising fashion awareness are expected to support market growth.
In 2017, L’Oréal Paris signed an agreement to collaborate with STATION F, the world’s greatest beauty-related startup in Paris. This collaboration was done in order to establish an early-stage digital beauty startup across the globe. In February 2014, Marico entered into hair colour business in collaboration with Livon, a prominent hair care product brand. The objective of the collaboration was to penetrate the global hair colourant market.
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