Hair Care Market Outlook, Growth and Forecast 2024
Hair care is about treatment and prevention of hair problems. A new report on the Global Hair Care Market, published by Market Research Future (MRFR), sums up that this market could win gains at 3.40% CAGR between 2018 and 2023.
The foremost market driving factor for the global hair care market growth is the availability of a wide spectrum of products, increasing cosmetic expenditures, and the rising prevalence of hair related diseases. The major market players are continuously endeavoring to pursue innovations and product development to attract a larger customer base. Other factors that can boost market growth include pollution causing hair damage, demand for hair care remedies, and inclination of consumers towards natural hair care remedies. However, the increased susceptibility to ailments like asthma and cancer using hair care products can restrict market growth. The formulation of many hair care products is inclusive of various chemicals such as diethanolamine, peroxide, sodium lauryl sulfate, and others. These ingredients can cause diseases. Hence, the demand for Ayurvedic hair treatment is increasing. The Ayurvedic hair oil and Ayurvedic shampoos can expand market growth.
The global hair care market segmentation encompasses application, distribution channel, end-user, gender, and product. MRFR’s take on the market explores various facets of the market in-depth.
The application-based segmentation of this market covers hair treatment and scalp treatment. Based on the distribution channel, the market has been segmented into e-commerce, hypermarkets, and pharmacies.
In the context of end-user, the market has been segmented into home care and salons. Regarding gender, the market has been segmented into male and female. As per the product-based segmentation, the market covers conditioners, hair colorant, hair oil, hair styling, and shampoo.
A geographical outlining of the global hair care market covers Europe, Asia Pacific, The Americas (North America & South America), and the Middle East & Africa (MEA).
With 34.5% share of the global market, Europe is the largest regional market due to the presence of developed economies like Italy and the UK. France and Germany are two other strong economies in this region. Growing cosmetic industries in Europe are also boosting the market growth. Due to technological advancement, Western Europe is a bigger market compared to Eastern Europe.
The Americas region is the second-largest regional market due to increasing disposable income, availability of advanced hair treatment facilities, technological advancement, and presence of key market players. USA, Canada, and Mexico are top economies in this region that can be biggest country-specific markets in this region. Argentina and Brazil also stand a strong chance.
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Expected to grow at 3.81% CAGR, the Asia Pacific region can emerge as the fastest growing regional market due to the presence of fast-developing economies in this region that include Australia, China, and India. The Fast-Moving Consumer Good (FMCG) sector of India is strong, and hence, it is expected to catapult the hair care market during the forecast period. The changing lifestyle and rising disposable income can enhance market growth. Japan and South Korea are two other important country-specific markets in this region. An analysis of the remaining countries in the Asia Pacific region featured in this report estimates the huge contribution to market revenue from some other countries. The MEA region holds the least amount of market share as most countries have low income.
Big players in the global hair care market include Amway, Groupe OLVEA (France), Henkel Corporations (Schwarzkopf Professional) (Germany), Johnson & Johnson Services Inc. (USA), Kao Corporation (Japan), L'Oréal (France), Oriflame Cosmetics AG (Switzerland), Procter & Gamble Co. (USA), Revlon Inc. (USA), Shandong Baisheng Biotechnology Co. Ltd. (China), Shiseido Company Limited (Japan), and Unilever (UK).