The global hair care market was estimated to be worth USD 85.52 billion in 2017, and is expected to reach USD 106.57 billion by the end of 2023, recording a CAGR of 3.69% during the forecast period of 2018-2023. The majority of the global population has become beauty conscious and people are being more inclined toward beauty-enhancing products. With increasing professional work culture, personal grooming and appearance have become one of the primary concerns for employees, as they want to maintain a professional outlook. Owing to its significance as one of the primary grooming products for both men and women, this has resulted in an increased demand for grooming products, the demand for hair care has been increasing. In addition, with more than 54% of the population falling in the age bracket of 20-65 years, a significant number of people are concerned about the effects of aging.
With the youth and middle-aged population facing hair-related problems, such as discoloring, thinning, etc., the demand for hair care is also increasing. There has also been a considerable surge in global E-commerce sales and companies are looking for ways to explore this sector, to boost their sales. With companies investing heavily on advertising, there has been an increased awareness among users, about different products. With increased adoption of new products among the population, a rise in demand has been witnessed. These factors are driving the growth of the global hair care market.
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Specialty Stores to Gain Traction over the Forecast Period
The number of consumers buying hair care products from specialty stores has been increasing over the last few years. High-spending consumers, those willing to buy premium products, are targeted by these specialty stores. An increase in youth-targeted cosmetics, the expansion of male-specific products and reformulation of anti-aging products have given specialty stores a new array of items to offer. Owing to an increased demand for organic and environment-friendly products, the sales of hair care products through specialty stores has witnessed robust growth over the last few years. The landscape of sales channels has witnessed a positive leap, as they offer natural and organic brands. In the coming years, the per capita disposable income is expected to continue to rise, and subsequently, the industry revenue is expected to witness an upward trend. The accessibility of a wide range of cosmetic brands is being provided by specialty stores, as they create product integrity, selection, fresh stocks, etc.
The United States Holds the Major Share in North America
The United States is one of the largest markets for hair care and contributes to a major chunk of the global hair care market. US consumers are seeking products according to their specific needs and preferences. The country enjoys the presence of many multinational companies, such as Revlon, MAC Cosmetics, Avon, and L’Oreal. Several companies are considering the United States as a multicultural market, with focus on new product development and advertising campaigns. The US population incurs significant expenditure on personal care products and are ready to adopt new products. This factor is attracting most of the companies to opt for the United States as their key market. Many companies are willing to launch their new products in the United States. The hair care market has registered significant growth in the United States, because of the increase in adoption of cleansing conditioners in the country
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April 2017: L’Oreal launched a skin device based on mechanobiology discoveries – a unique massage head with anti-aging effects on wrinkles and the contours of the face, lips, and neck.
October 2016: L’Oreal and Poietis signed an exclusive research partnership to develop bio-printing of hair. The company announced that it successfully reduced carbon dioxide emissions by 56% against a 2005 baseline, even while increasing production by 26% over the same period.
Major Players: SHESEIDO COMPANY, JOHNSON & JOHNSON, UNILEVER, AMWAY, PROCTER & GAMBLE, L’OREAL GROUP, REVLON GROUP, BEIERSDORF AG, NATURACOSMETICOS SA, CONAIR CORPORATION, GOODY PRODUCTS, YVES ROCHER, and CADIVEU PROFESSIONAL USA, amongst others.
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