New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The hair care market is expected to grow by USD 19.67 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 4.18% during the forecast period.
What is the factor that drives the Hair Care Market growth?
The hair care market experiences growth driven by various factors, notably the impact of social media and blogging. Platforms showcase trends in shampoo, conditioner, hair oil, styling products, hair color, hair masks, dry shampoo, hair serums, and natural ingredients. Emphasis on scalp care, hair growth, and innovation in hair brushes and combs further boosts this expansion. Influencers and online content significantly shape consumer preferences, contributing to the industry's dynamism and continuous evolution.
What is the trend driving the growth of hair care market?
A prevailing trend shaping the hair care market is the increasing acceptance of home salon services, influencing its growth trajectory. These services offer solutions for hair repair, heat protection, curl enhancement, frizz control, leave-in treatments, and addressing issues like hair thinning. Moreover, the trend encompasses keratin treatments, hair extensions, innovative hair care gadgets, sustainable packaging, and hair care subscriptions. This shift towards convenient at-home services aligns with consumer preferences, augmenting the market's positive outlook.
What are the challenges faced by the hair care market?
The challenge faced by the hair care market is the pronounced concern over adverse health implications from chemical constituents in products. This challenge accentuates the demand for organic hair care, vegan hair products, and sulfate-free products. Consumers seek ethical sourcing, avoiding synthetic elements found in volumizing products, dandruff solutions, and hair loss solutions. Addressing these health-related apprehensions is a significant challenge during the forecast period, compelling industry towards safer, more natural alternatives.
How is the Hair Care Market Segmented?
The market is segmented by product (hair color, shampoo, conditioner, and others), distribution channel (offline and online), and geography (Europe, APAC, North America, South America, and Middle East and Africa).
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Which Segment is contributing more to the hair care market?
- The market share growth by the hair color segment will be significant during the forecast period. The aging population is an important driver for the growth of this segment. It is due to the elderly's use of hair dyes for graying or white hair, but changes in fashion trends and the availability of new shades are making it more common for young people to opt for different types of hair dye. The hair color segment is expected to increase during the forecast period due to a growing number of cases of premature greying.
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Is there any specific consumer demographic driving the growth of the hair care market?
APAC is estimated to contribute 34% to the growth of the global hair color market during the forecast period. The main revenue contributors to the APAC region are China, Japan, and India. The growth rate of Disposable Income and Household Total Consumption Expenditure Per capita by the consumers is one of the most significant factors contributing to this region's development. In addition, consumers are interested in shopping for fashionable and style-oriented hair care products like mists, dry shampoos, hair sprays, serums or hair growth aids that they consider to be better than buying everyday basic needs including shampoo and conditioner.
Who are the major key players in the Hair Care Market?
The hair care market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Amway Corp., CavinKare Pvt. Ltd., Chatters GP Inc., Edgewell Personal Care Co., Emami Ltd., Godrej Consumer Products Ltd., Henkel AG and Co. KGaA, John Paul Mitchell Systems, Johnson and Johnson Services Inc., Kao Corp., LOreal SA, NATULIQUE Ltd., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., Unilever PLC, Wella International Operations Switzerland Sarl, Truefitt and Hill, and Hanz de Fuko
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