Hair Care Market: Rising Demand from Men to Provide Promising Growth Opportunities
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.
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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.
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.
Asia Pacific to Emerge as Most Lucrative Regional Market for Hair Care Products
Of the key hair care product varieties available in the global market, the segment of shampoos accounted for a massive 30.9% of the overall market in 2015. The demand for shampoos will continue to remain strong, making the segment one of the leading revenue contributors to the global market over the next few years as well. Some of the key trends that will affect the future growth prospects of the segment include the rising demand for natural and organic products.
From a regional perspective, the market in Asia Pacific is expected to remain the most promising regional market for hair care products over the report’s forecast period. The region accounted for over 33.12% of the global market in 2016 and is likely to register steady growth and retain its dominant spot. The leading position of the Asia Pacific market is attributed to emerging economies such as China and India. The rapid urbanization in these and other developing economies has led to the easy availability of international brands of hair care products, which has led to a steady demand from both female and male demographics.
Easy Availability of International Brands and High Disposable Incomes to Fuel Demand
In the past few years, the global demand for hair care has significantly benefited from the rising pollution levels across the world. Air pollution being a chief cause of hair damage and hair loss, its worsening state is likely to lead to a significant rise in hair-related issues across the global population. Several manufacturers of hair care products have taken this into consideration and aligned their product development strategies accordingly, which is likely to be fruitful for the global hair care market in the long run.
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The rising demand for hair care products from men is another key driver for the global hair care market. Traditionally, women have been the dominant consumers of cosmetic products, but changing male fashion trends are leading to an increasing number of men paying attention to hair care. The demand for hair colors will constitute a large portion of overall demand for hair care products from men. The rapid urbanization and rising disposable incomes in in emerging economies such as China and India and other developing economies has led to the easy availability of international brands of hair care products, which has led to a steady demand from both female and male demographics.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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