“Hong Kong Professional Hair Care Market – by Categories (Coloring, Perming & Straightening, Shampoo & Conditioning & Styling); Sales Channel (Back Bar and Take Home) & by Company (2015 – 2020)”; the market of Hong Kong is estimated to grow at a CAGR of 2.9% & to reach $62.25 Million by 2020, according to a recent study from IndustryARC
Professional hair care products are used by professionals/stylists for various hair services in the salon. These products are sold over the salon counter and also through retail stores such as specialty beauty stores, pharmacy stores, online and others. Hong Kong professional hair care products market is segmented on the basis of services provided in salons such as coloring, shampoo & conditioners, perming & straightening and styling.
Hong Kong cosmetics market is highly dependent on imports due to the lack of local production capabilities. Furthermore, the tax on imports of cosmetics is low which has resulted to the domination of international brands. Increasing beauty concern and high disposable income has been the major growth factors for professional hair care products. GDP per capita income was valued $40,304 in 2014 and is estimated to reach $58,016 by 2020.
The market is further propelled by rising demand from 25-40 age groups. Hair coloring and treatment are the most popular hair salon services in Hong Kong. Organized salons account for around one-fourth of the total salons and this number is estimated to rise in the coming years with increasing demand for professional beauty services.
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The demand for shampoo & conditioners has been witnessing a consistent growth as the humid climatic conditions coupled with wide spread awareness about the ill-effects of using chemical products. The trend of switching to organic products has also led to brisk growth in demand for oil-based shampoos & conditioners. Consumers in Hong Kong are preferring shampoos with specific functions such as anti-frizz, anti-dandruff, and color protection. The demand for straightening & perming products is largely influenced by Japanese and Korean perming trends.
Following are the top 5 Players/Companies offering Professional Hair Care Products in Hong Kong:
- L’Oreal Group
- Procter & Gamble Co.
- Kao Corporation
- Henkel AG & Co
- Shisheido Co
L’Oreal Group with its strong brand image leads the professional hair care product market in Hong Kong accounting for one-fifth of the overall market revenue. Market is fragmented with the presence of considerable number of international brands. Top five players accounted for over 60% of the market revenue in 2014. Top companies have been focusing on launching organic products as the preference for products with natural extracts and ingredients has been in rise. Other prominent brands in the market include Wella, Schwarzkopf, Kao and Shiseido.
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