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Professional Hair Care Market Size | Share: Projected Surge at 4.6% CAGR, Nearing USD 26,242.7 Million by 2026
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Drivers, restraints, and opportunities-
Fluctuation in hair style trends, rapid increase of disposable income, and rise in air pollution in developed regionsdrive the growth of the global professional hair care market. However, hazardous chemical ingredients and high cost of the product hinder the market growth. On the other hand, developing economiesare anticipated to offer new opportunities in the coming years.
COVID-19 Scenario-
The coronavirus outbreak has affected slightly on the global professional hair care market. As the specialty stores and e-commerce platforms have been to provide banned for the non-essential good across the globe.
Moreover, manufacturing and R&D activities in hair care industry have been paused during coronavirus pandemic.
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The shampoossegment to maintain its lead status-
Based on product type, the shampoossegment accounted for nearly two-fifth of the global professional hair care market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due toavailability of wide range of professional shampoos in the market providing solution related to different hair problems such as hair fall, dandruff, rough hair, and others.However, the hair coloring segment is estimated toportray the highest CAGR of 4.9% from 2019 to 2026, owing torise in penetration of social media & celebrity influence, increase in fashion awareness, and surge in fashion trends related to hair color.
The salons segment to maintain its leadership position-
Based on distribution channel, the salons segment contributed to the highest market share with nearly one-thirdof the global professional hair care market in 2019, and is estimated to maintain its leadership position during the forecast period.This is attributed tosurge in number of barbers, hair dressers, and stylists. However, the e-commerce segment is estimated to generate the fastest CAGR of 6.10% from 2019 to 2026. This is attributed toeasy accessibility, heavy discounts and offers on cosmetics and personal care products including hair care products
North America to maintain its dominant by 2026-
Based on region, North Americaaccounted for the highest share based on revenue, holdingmore than one-thirdof the global professional hair care market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed torise in disposable income and consumer concern over looks and appearance specifically among the millennial in this region.However, Asia-Pacific is estimated toportray the fastest CAGR of 5.6% from 2020 to 2027, owing tofactors such aschange in lifestyle and increase in demand for cosmetics products including professional hair care products in this region.
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Market Key Players:
The key players operating in the professional hair care industry are L'Oréal Group, Henkel AG & Co., Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation (Estée Lauder), Avon Products Inc., Revlon Inc., Tony & Guy, and Shiseido Company, Limited.
Key Findings:
By product type, the shampoo segment accounted for the highest market share in 2018, growing at a CAGR of 4.5% from 2019 to 2026.
By distribution channel, the salons segment occupied the maximum share in in 2018 and is expected to dominate the market forecast.
By region, North America accounted for about 35.46% in 2018 of the market by share and is expected to grow at a CAGR of 4.3%.
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