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.

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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.

Don’t miss the business opportunity of the global hair care products market. Consult our analysts to gain crucial insights and facilitate your business growth.

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.

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