Hair care has gained importance over the past few decades. Innovation has introduced a wide range of variety in the existing products escalating demand in the global hair care market. Overall, the market has been growing at an exceptional rate in the past few years and is expected to maintain the pace in the future too. Several factors drive demand in the global hair care market. Increasing hair related diseases due to pollution and other external factors, varying requirement from different populations, scientific research discovering new products, etc., add to the growth of the global hair care market.
According to analysts, the global hair care market was valued at US$ 81.3 bn in 2015, and is projected to expand at a steady 3% CAGR between 2016 and 2024. The market is expected to reach US$ 105.3 bn by the end of 2024. Introduction of new-age products that attract the eyes of youngsters and unique marketing techniques are garnering demand in the global hair care market. Further, brands will be looking at exploring new avenues in different geographies to stay ahead in the market.
Shampoos and Hair Colors to Lead the Global Hair Care Market
Based on the type of products, the global hair care market is divided into shampoo, hair color, conditioner, hair styling products, and hair oil. Of this, the shampoo segment is expected to hold 30.9% share of the global hair care market. This is mainly due to the innovation in products introduced by the several players in the market.
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With the rising pollution levels, people are frequently considering washing their hair. Doctors too recommend periodical hair wash in order to maintain freshness and prevent hair diseases. At the same time, many youth are facing issues with hair loss, dandruff, and other scalp related problems. Players in the global hair care market have introduced shampoos that address these problems, thus aggravating demand in the global hair care market.
On the other hand, hair colors are another type of product that will have one of the highest share in the global hair care market. The increasing interests among people in improving their appearance and maintaining healthy hair has increased consumption of hair color products.
Asia Pacific Holds a Bright Future in the Global Hair Care Market
Asia Pacific is expected to lead the global hair care market in the coming years. In 2016, the region held 33.12% of the total share in the market. The ever increasing population, higher per capita income in developing countries like India and China, and awareness about hair care are promoting growth here. In past few years, many companies have launched their products in Asia Pacific region and have gained momentum too.
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Meanwhile, North America and Europe will continue to remain prominent in the global hair care market. High levels of awareness regarding personal hygiene, availability of a wide range of products, developed economies are some factors that propel growth in these regions.
Some of the key players in the global hair care market are Procter & Gamble, Avon Products, L’Oréal S A, Unilever Inc., and Neutrogena Corporation.