Global Hair Care Products Market Climbing Moderately: Projected to Grow at a CAGR of 4.6% by 2027
Published | 18 November 2021
The global hair care products market is growing at a high CAGR because of the growing need to nourish and protect hair from split ends, dandruff, and various other problems. Furthermore, several product innovations by manufacturers in response to prevalent and changing consumer tastes and preferences are propelling market growth…
A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hair care products market was worth USD 78.2 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 4.6%, earning revenue of around USD 106.6 billion by the end of 2027. The global hair care products market is growing at a high rate because of the growing need to nourish and protect hair from split ends, dandruff, and various other problems caused by air pollution, UV exposure, chemical influence, and several health factors. The increasing number of fashion-conscious consumers and the rise in male grooming, coupled with the growing demand for healthy, lustrous, and manageable hair is also offering lucrative opportunities to the global hair care products market. Further, the growing aging population and subsequent adoption of hair colors and dyes have also fueled market growth. The rise in hair and scalp-related problems has led to manufacturers inventing new products to address these issues.
Presence Of Diverse Consumer Base Driving the Hair Care Products Market Growth
Every person has unique hair with different textures, quality, density, volume, and so on. So, the global hair care market can cater to the diverse consumer base to meet their needs, such as dry shampoo and texture sprays for straight hair and oils and butter for curly hair. Thus, with the wide variety of hair types, hair care brands have an opportunity to offer a variety of products to satisfy their specific needs, which is driving the market growth.
Increasing Exposure and Influence of Global Media Is Anticipated to Boost the Market’s Growth
Exposure to global media is one of the major factors for the growth of the global hair care products market. Consumers, in particular the younger demographic who spend most of their time online, are constantly informed about the latest fashion trends and failures, as well as celebrities' hair styles. For instance, the balayage hair trend made a huge buzz among celebrities and the younger population alike and proliferated the demand for hair colors.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/global-hair-care-products-market-bwc19130/report-sample
Global Hair Care Products Market - By Product Type
Based on product types, the global hair care products market is segmented into shampoo, conditioner, hair color, hair styling products, hair oil, and others. Among these, the shampoos segment holds the largest share in the global hair care products market. However, the hair color segment is projected to grow at the highest CAGR during the forecast period. Hair color products have gained immense popularity and visibility among male customers due to celebrity endorsement. Moreover, the advertisements aired on social media platforms, televisions, and other platforms have a huge impact on end-users. Also, the increasing penetration of national and international salons in tier II and tier III cities in the Asia Pacific, EMEA, and North America is predicted to boost the demand for the color variants, thereby driving the overall market growth.
Global Hair Care Products Market - Regional Insights
Geographically, the global hair care products market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region accounts for the largest market share because of its diverse consumer base. However, North America and Europe also cover a substantial share in the market owing to the high awareness regarding personal hygiene and availability of a large range of products. Furthermore, the high disposable income of consumers is prompting them to buy high-quality hair-care products, such as shampoo and conditioner along with styling products such as hair colors.
Impact of COVID-19 on Global Hair Care Products Market
The global hair care products market was negatively impacted by the sudden outbreak of the COVID-19 pandemic. The strict lockdown imposed by the countries halted the supply chains of hair care products, due to which a huge demand and supply gap was created, sabotaging the market growth. Additionally, several stores suffered from shortages of essential items such as shampoo and conditioners as customers rushed to buy and stockpile them during the quarantine period. The trend towards organic products and home-care remedies also negatively impacted the market's growth.
Global Hair Care Products Market - Competitive Landscape
The leading players in the global hair care products market are L’Oreal, Unilever, Goody Products, CONAIR CORPORATION, Henkel, Diamond Products, Aveda, REVLON, Kao Brands, Avon Products, Neutrogena, Johnson & Johnson, Estee Lauder, Amway, Oriflame Cosmetics AG, Procter & Gamble Co., Beiersdorf AG, Shiseido Company, Limited, and other prominent players.
The market is highly concentrated among leading haircare brands, such as Procter & Gamble, L’Oreal, REVLON, etc. However, new entrants also have significant growth potential as they are making waves in the beauty market with new hair care products. Moreover, the companies constantly launch a wide array of products for various hair types and extensively rely on consumer loyalty and advertisement for their brand awareness. They also invest in R & D activities for developing new and advanced products. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hair care products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hair care products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Global Hair Care Products Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Product Type (Shampoo, Conditioner, Hair Color, Hair Styling Products, Hair Oil, Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce, Pharmacy, Salons, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: November 2021
The global hair care products market is expanding rapidly as a result of deteriorating hair quality caused by air pollution and excessive use of chemicals on the hair. Additionally, rising beauty consciousness among consumers, is also increasing demand for grooming products, such as hair gels, colour, and so on.
Relevant Press Releases
- China Water Purifier Market Witnessing a Boom: Forecast to Grow at a CAGR of 16.2% by 2027
- Japan Whisky Market to Grow at a CAGR of 10.2% during Forecast Period
- United States HVAC Market to Surpass USD 19.5 Billion by 2028
- Brazil Baby Care Products Market Size to Expand at Steady CAGR of 5.2% During 2023–2029
- GCC Hospitality and Food Service Market Size Set to Expand at Significant CAGR of 9.25% During 2023–2029