Hair Care Market to 2024: Trends, Business Strategies and Opportunities
Vis-à-vis revenue, the shampoo product segment led the global hair care market in 2015 with a share of 30.9%. Changing social and economic demographics along with changing weather and rising pollution level are key reasons for the rising demand for shampoo.
In particular, natural and organic source based shampoos and herbal shampoos are expected to display strong growth over the forecast period. This is because the rising acceptance for traditional health and beauty practices that favors the use of natural ingredients will boost the demand for herbal shampoos in countries such as India, China and countries in the Middle East.
Asia Pacific held the leading share of 33.12% in the overall market in 2016. On the other hand, the Middle East and Africa is anticipated to display a robust 4.0% CAGR between 2016 and 2024.
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The increasing demand for natural hair care products due to the rising acceptance that they help maintain healthy hair in the long run is the key growth driver of the global hair care market. The purchasing decision of consumers are increasingly being impacted by this trend, and as a result traditional plant and botanical source based products are making a comeback. Companies are also striving to introduce new products that are inspired by natural ingredients.
In emerging economies, excessive urbanization and changing lifestyle has taken a toll on health and beauty regimes of individuals. This is making a comeback for natural and organic hair care and skin care products as they are free of chemicals and synthetic ingredients.
The rising awareness for personal grooming and rising disposable incomes is also displaying a demand for premium hair care products in these countries. Consumers especially the youth are willing to spend on an array of hair styling products such as mousse, gels, sprays, etc. for appearance. In the UAE, willingness of consumers to spend on premium hair care products is leading to the rising demand for salon-inspired products.
The ever-increasing influence of the fashion industry and a rising aging population is leading to an increasing demand for hair colors. Male consumers have been observed to be major consumer of this product segment as male grooming products have gained much popularity in recent years.
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Henkel, L’Oreal S.A, Procter & Gamble, and Unilever that collectively held more than 55% of the global hair care market in 2015 depict a considerably consolidated vendor landscape, as per a research report by Transparency Market Research (TMR). To maintain a strong presence, product innovation has thus far been the most successful business strategy for companies in the hair care market, says the author of the report.
A case in point is Henkel Corporation. In January 2014, the company introduced OSiS+, a new hair product that gives volume. L’Oreal S.A too introduced a series of hair products with oil content. Brand expansion has also been favorable for some of the key players such as Unilever plc., which has leading hair care brands Dive, Sunsilk, Lux, Clear, and TRESemmé to its name.
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