Hair Care Market to Reach USD 112.97 Billion by 2028
The global hair care market size is expected to showcase exponential growth by reaching USD 112.97 billion by 2028 while exhibiting a CAGR of 5.6% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Hair Care Market, 2021 – 2028”.The report further mentions that the market stood at USD 75.06 billion in 2020. Factors such as the increasing cases of hair loss among men, coupled with the prevalence of several hair-related ailments, is anticipated to boost the adoption of the product globally. According to a study published in the Journal of Clinical and Diagnostic Research in 2018, 60.3% of the working-class males suffer from hair loss problems, while 17.1% experience dandruff problems.
Market Exhibited Negative Growth Rate of -4.63% in 2020; Closed Stores, Lockdown to Blame
In 2020, the COVID-19 pandemic led to major disruption in human lives. The rate of infection grew at a colossal rate, along with a high mortality rate. To contain the spread of the disease, the government agencies announced complete lockdown and stringent imposition of social distancing norms followed. Owing to this, several stores and industries were closed hampering the operational capabilities. This led to the market exhibiting a negative growth rate of -4.63% in 2020.
List of the companies profiled in the global market are L’Oréal S.A. (Clichy, France), Coty Inc. (Amsterdam, North-Holland), Henkel AG & Co. KGaA (Düsseldorf, Germany), Unilever PLC (London, United Kingdom), The Procter & Gamble Company (Ohio, United States), Revlon, Inc. (New York, United States), Kao Corporation (Tokyo, Japan), Natura & Co. (State of São Paulo, Brazil), Johnson & Johnson (New Jersey, United States), Aveda Corporation (Minnesota, United States), and more.
Based on the product, the market is categorized into such as hair colorants, shampoo, conditioner, hair oil, and others.
- On the basis of the product, the hair colorants segment is expected to hold the largest global hair care market share during the forecast period. This is due to the increasing spending capacity on personal care products that will boost the demand for advanced hair colorants across spas, salons, etc. The segment held a market share of about 19.94% in 2020.
Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online stores, and others. Lastly, on the basis of region, the market is divided into Europe, North America, Asia-Pacific, the Middle East and Africa, and South America.
What does the Report Include?
The market report includes detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Focus on Hair Maintenance Products among Men to Promote Growth
The growing westernization and the increasing spending capacity has led to a high demand for grooming products. The trend of flexing long hair and adopting unique hairstylesby men, especially in urban areas, is expected to boost the demand for the product worldwide.
In April 2017, a research study by the International Journal on Trichology found that around 40% of male students in China and about 12.5% male students in India preferred coloring hair. The study further provided insight that men are not just interested in grooming themselves, but are taking significant efforts to enhance their appearance through dying,coloring, and styling. Therefore, the increasing focus on grooming has led to the high demand for hair maintenance products that will boost the global hair care market growth during the forecast period.
Europe to Remain Dominant; Increasing Beauty Businesses to Aid Growth
Among all the regions, Europe is expected to dominate the market during the forecast period. This is due to growing awareness regarding fashion and cosmetics across all age groups that is leading to a thriving beauty business in the region. Moreover, the presence of established companies such as L’Oréal and Henkel is expected to boost the demand for advanced hair care solutions. Europe stood at USD 27.09 billion in 2020.
The market in Asia-Pacific is anticipated to grow at a steady rate owing to the improved living standards. Moreover, the increasing consciousness among people regarding personal grooming in countries such as China and India will boost the demand for hair care products in the region between 2021 and 2028.
Product Innovation Key Players to Intensify Industry Competition
The market comprises small, medium, and large companies that are striving to maintain their presence by developing advanced hair care products to maintain their presence and further expand their global footprint. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global marketplace.
- September 2018 – Marico Limited announced the launch of its new hair tonic, True Roots. According to the company, the botanical haircare product can help to delay the hair greying process in the users.
Max Holm earned MA degree in Mathematics from Saint Elizabeth. Max Holm associated Fit Living Tips and love to write about Digital Marketing, blogging, and also loves to share tips and technique to promote business