Hair care Market: Hair Styling Products Form a Highly Attractive Segment in the Hair Care Market and is projected to Expand at a 4.4% CAGR

Hair Care Market: Snapshot

The global hair care market is expanding at a steady pace and is likely to continue doing so during the course of the forecast period. One of the most important factors responsible for this stability is the demand for healthy, lustrous, and manageable hair and this need drives the purchase decisions of most consumers.

The market for hair care products expected to grow significantly across developing and developed regions owing to increasing R&D activities for the enhancement of these products. Moreover, an emphasis on innovation in technology for the formulation of new hair care products is expected to impact the market globally.

Download PDF brochure at http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=310

The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period.

Availability of Variety of Hair Styling Products and Devices a Key Factor

In terms of revenue, the shampoo segment accounts for the dominant share in the hair care market, and registered a 30.9% share in 2015. The shampoo market is gaining popularity thanks to product innovation based on evolving customer needs. The major players offering a wide variety of shampoos in the market include Procter & Gamble Co., L’Oréal S.A., and Unilever plc.

The global hair care market is moderately consolidated, with the top four players collectively accounting for more than 55% in 2015. Henkel, Procter & Gamble, L’Oreal S.A., and Unilever are the players currently dominating the scene. Product innovation is, by far, the most successful business strategy adopted by companies in the hair care market, Transparency Market Research notes.

For example, in January 2014, Henkel Corporation launched OSiS+, a new product that enhances hair volume with a natural look. Similarly, from 2014 to 2016, L’Oreal S.A. launched a series of hair products with oil content. Brand expansion has also worked in favor of several large companies, such as Unilever plc., with its leading hair care brands Dove, Lux, Sunsilk, TRESemmé, and Clear.

Emergence of the Middle Class a Positive Growth Booster

As mentioned earlier, the growing focus on natural hair care products is one of the most influential trends taking the global market by storm. “Consumers’ purchasing decisions are increasingly influenced by this trend and as a result, conventional natural ingredients from plants and various botanical sources are making a comeback,” the lead analyst reports. Companies are also launching new product lines inspired by natural ingredients.

The popularity of hair care products has been steadily growing among the urban population across the globe, more so in the developing economies of Asia Pacific, the Middle East and Africa, and Latin America. The emergence of the middle class, with its increased disposable income and purchasing power of the people, is also characterized by the growing sophistication of its consumers. This has had a significant impact on the demand for premium hair care products, thereby driving the global market.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.