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The array of products for hair health and care for population of all ages has been constantly expanding. Both developing as well as developed countries have seen extensive research and development activities pertaining to formulation and mode of action of hair care products. Regional and global players are leveraging the potential of hair cosmetics to establish a steady stronghold in the hair care market. Key vendors and cosmetics manufacturers are locked in intense competition based on difference in pricing strategies and product portfolio. Top players are constantly expanding their scientific knowledge on hair cosmetics.
Recent trends in the hair care market point towards forces of consolidation gathering strength. Analysts at Transparency Market Research foresee a significant barrier of entry for newcomers on account of the shares being consolidated. Some of the prominent players operating in the market are L’Oreal S.A., Unilever plc, Amka Products (Pty) Ltd., Revlon Inc., and Avon Products Inc.
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The global hair care market stood at a whopping US$81.3 bn in 2015 and is projected to reach US$105.3 bn by 2024-end, representing a CAGR of 3% during 2016–2024. Constantly evolving science of hair care products has helped cosmetic manufacturers cater to the consumers’ needs in new geographies.
Among the various types of products in the hair care market, shampoos have attracted marked attention of cosmetic and personal care industry. In 2015, the segment held more than 30.0% share in the global hair care market. The growth in the segment has been fueled by relentless efforts of cosmetic and FMCG companies on unveiling innovative products. Meanwhile, hair color products have witnessed profuse demands among older adults. The growth in the segment may be rapid, thus leading to hair color products garner substantially high share in the global hair color market by 2024-end.
International Brands Gather Steam among Consumers in Asia Pacific
Among the various key regions, Asia Pacific is witnessing abundant prospects over the past few years. Demographics in the region have been attracted by inroads made by international brands. Economies of India and China have seen a proliferation of hair care products targeted toward male populations. Further, rise in discretionary spending on esthetic procedures for hair care is reinforcing copious demands in Asia Pacific, making the region to play a crucial role in the growth dynamics of the global hair care market.
Wide Diversity of Hair Types Imparts Sizable Lucrative Avenues for All
Female populations have traditionally been at the forefront of the demands for hair care products across the world. Over the past few decades, numerous environmental factors, notably pollution and contaminated water, have augmented the need for hair care products. This has fueled the instances of hair loss and hair damage. Hair care product manufacturers have been adopting unique marketing strategies to allure millennials to spend on new formulations.
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Need for Better Treatment for Hair Loss among Women Gives Scope for New Formulations
Wide diversity of hair types imparts considerable scope for companies to diversify their products in the hair care market. Rising sales of hair care products that are used for hair loss treatments in young adults, especially in urban areas, in various parts of the world are underpinning the expansion of the hair care market. The evolving needs of male populations in maintaining a lustrous and healthy hair is opening new lucrative avenues in the not-so-distant future.
Several manufacturers in the hair care market are trying to capitalize on their array of hair care products containing natural ingredients. Consumers world over have become more aware than ever about the ingredients used in hair care market. The toxicity and efficacy of these ingredients have been also receiving attention by researchers. New chemical formulations are expected to gain commercialization in the next few years, unlocking new prospects in the market.
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The information shared in this review is based on a TMR report, titled Hair Care Market (Product Type – Shampoo, Hair Color, Conditioner, Hair Styling Products, and Hair Oil) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
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