2024 Hair Care Market to be the Key Area for Top Players; Global Analysis & Trends!

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.

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.

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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.

Hair styling products form a highly attractive segment in the hair care market and is projected to expand at a 4.4% CAGR. Hair styling products include mousse, holding sprays, heat-resistant sprays, sprays for curly hair, serums, and gels. The growing demand for hair styling products due to the changing purchasing behavior and patterns of consumers is likely to boost this product segment. A key trend noted in this segment is the fact that local manufacturers in Africa and APAC have been focusing on new product development and innovation catering to consumer preferences so as to establish a loyal customer base over the years.

Hair colors are gradually witnessing increased demand across the globe. This can be attributed to the ever-rising influence of the fashion industry and a rise in the global aging population. A recent trend noted in this segment is an increase in male consumers. Men’s grooming products have gained much popularity in recent years and this global trend is reflected in the hair color market as well.

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.

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