Hair Care Market – Overview:
The global hair care market is expected to grow at CAGR 3.4% over the forecast period (2014-2023), Market Research Future (MRFR) reports. Factors, such as increasing cosmetic expenditures, is influencing the market uptake. Another major factor that contributes to the global market growth is the increasing prevalence of diseases such as alopecia areata, scalp psoriasis, and others.
Herbal products are the next big thing and could help in scaling the market in coming years. It is now witnessing a spurt in the sale owing to an increase in consumer awareness regarding maleffects of chemical-based products.
Major key players for the global haircare market are Unilever, L’ORÉAL, Shandong Baisheng Biotechnology Co., Ltd, OLVEA Group, Oriflame Cosmetics AG.
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Drivers and Restraints:
The rising disposable income of many people is fuelling the market growth. The young generation is becoming more fashion conscious, and hair care products have become an integral part of their style statement. This shift in consumer habit can spur the market growth provided that the manufacturers pay greater attention to customer preferences.
With better packaging technology, comes in an array of buying option and also can be a better strategy for manufacturers to impact the sale.
However, the use of chemicals in hair care product can restrain a market boom. Increasing price of the raw materials and rising packaging cost are two noteworthy factors that could impede the featured market growth during the forecast period.
All the major global brands are offering the same range of hair care products resulting in a competitive market. To stand out, brands are now spending more on research and developments and are coming up with exclusive products. For instance, Davines has introduced The Wake-up Circle with masking properties common in skincare. Philip Kingsley has launched a waterproof hair screen. These innovations help in breaking clutters prevalent in the market and give the product an edge over the competitors.
The global hair care market is segmented by product, application, gender, distribution channel and end-user.
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Product-wise segmentation includes hair styling, shampoo, hair colorant, conditioners, and hair oil. Shampoo generates the maximum market revenue owing to the benefits of organic and natural shampoo. Increasing air pollution has also contributed to the sale increase as shampoo helps remove the dust particles from hair. Hair colorant can witness the fastest growth speed during the forecast period due to continuous shift in fashion trends.
Based on application, the market is segmented into hair treatment and scalp treatment. Recently Novartis announced, the US Food and Drug Administration (FDA) has approved a label update for Cosentyx (secukinumab), to treat moderate to severe scalp psoriasis.
By gender, the market is segmented into male and female. The male segment has been recording a steady growth owing to a growing awareness among men regarding style statements.
By distribution channel, the market is segmented into hypermarkets, e-commerce, and pharmacies. E-commerce is expected to register the highest CAGR during the forecasted period owing to a rapid increase in web users worldwide.
Geographically, the global haircare market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Europe accounts for the largest market share in the global haircare market. The burgeoning cosmetic industries in developed economies, such as the U.K., Italy, and others have impacted the growth in this region.
The U.S. is one of the largest markets for hair care owing to the presence of many multinational companies, such as Revlon, MAC Cosmetics, Avon, and L’Oreal.
Asia Pacific is expected to grow at a rapid speed. Japan, China, and India are the major markets in this region. Among these, India is expected to register the fastest CAGR owing to the presence of a number of hair oil products.
The Middle East and Africa generate the least amount of revenue due to the presence of low-income countries in the region.
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