June 20, 2022 09:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, June 20, 2022 (GLOBE NEWSWIRE) -- The worldwide hair care market size reached USD 75.06 billion in 2020. The market value is projected to rise from USD 77.15 billion in 2021 to USD 112.97 billion in 2028 at a 5.6% CAGR during 2021-2028. Factors such as the rising prevalence of hair loss among males, as well as the prevalence of many hair-related diseases, are expected to promote the product's global acceptance. Fortune Business Insights™ presents this information in its report titled “Hair Care Market, 2021-2028”.
Market Experienced Decline of -4.63% in 2020 due to Lower Spending on Non-Essentials
The COVID-19 pandemic, which began in 2020, wreaked havoc on the global economy. The rate of infection increased dramatically, as did the fatality rate. To stop the spread of coronavirus infections, the respective governments declared total lockdown and imposed strict social distance regulations. As a result, some stores and industries were forced to close, limiting operational capacities. As a result, the hair care market growth experienced a decline of -4.63% in 2020.
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Hair Care Market Report Scope & Segmentation:
Fortune Business Insights™ lists out all the hair care market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
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Increasing Adoption among the Male Population to Propel Market Forward
Grooming products, especially hair care products, are in high demand as a result of growing westernization and increased spending capacity of consumers globally. Growing popularity of hair care products and grooming among the male population is projected to drive up the market demand globally. As a result of the growing emphasis on grooming, there is a significant demand for hair maintenance products, which will drive global hair care market growth throughout the forecast period.
Europe Hair Care Market Stood at USD 27.09 Billion in 2020 and will Rise Substantially
In 2020, Europe hair care market size reached USD 27.09 billion. During the forecast period, Europe is expected to dominate the market owing to increasing awareness about fashion and cosmetics among people of all ages, which has resulted in a thriving beauty industry in the region. Furthermore, the presence of well-known brands such as L’Oreal and Henkel is likely to enhance the demand for advanced hair care products.
The market in Asia Pacific is thriving owing to the upgradation of living standards. The growing awareness about personal grooming in countries such as China and India will drive the demand for hair care products in the region.
By Product, Shampoo Segment to Witness Robust Demand and Rapid Growth through 2028
Based on product, the market share is segmented into hair oil, shampoo, conditioner, hair colorants, and others. Among these, the shampoo segment is projected to capture the majority market share through 2028, led by increasing demand in the market. Meanwhile, the hair oil segment will also record robust growth led by growing scalp health issues among individuals.
By Distribution Channel, Supermarket/Hypermarket Segment to Dominate over 2021-2028
In terms of the distribution channel, the market share is divided into specialty stores, supermarket/hypermarket, online stores, and others. The supermarket/hypermarket segment is anticipated to dominate the hair care market share owing to growing preference among consumers to shop at supermarkets and hypermarkets. However, online stores segment is expected to gain traction in the forthcoming years.
Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
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July 2019 – Henkel AG & Co. acquired a 51% stake in eSalon.com LLC, a leading provider of personalized hair coloration solutions.
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