ID: MRFR/CR/4562-CR | February 2021 | Region: Global | 115 pages
Market Research Future (MRFR) anticipates the Hair Care Market to escalate at a rate of 5% over the forecast period (2019 to 2027).
The COVID-19 outbreak and the lockdown have had a negative impact on various industries, given the temporary shutdown of various manufacturing facilities and weakened consumer demand. The beauty and personal care industry have witnessed devastating effects of the SARS-CoV-2 pandemic, which has prompted vendors to focus more on bolstering their supply chains and accelerating their operations to develop a wider range of hair care products, to once again capture the attention of the consumers. Also, with the lockdown being lifted up across countries and the novel coronavirus seemingly under control, the demand for hair care products is projected to gain traction, leading to market recovery in the ensuing years.
Rise in Hair and Scalp Issues to Foster Market Demand
Rise in scalp and hair issues, surge in effective advertising campaigns, mounting popularity of herbal products and the technology advances in manufacturing processes are some of the key growth boosters in the global haircare market. Increasing disposable income, as well as the enhanced spending capacity of consumers, also benefits the global industry. Appealing packaging style, significant awareness among consumers about best hair care products on the market and the popularity of various styling products also bolster business growth.
Mounting Demand for Organic Hair Care Products to be Opportune for Firms
Fast paced lifestyle has become a common norm nowadays, which has steered the consumers’ focus on organic products that claim to relieve stress and are devoid of chemicals. This is a significant opportunity for hair care manufacturers, as they are increasingly focusing on developing natural or organic products to address the growing concerns among consumers regarding toxic effects of chemical-filled products.
High Cost of Hair Care Products to be a Challenge
High cost of several hair care products and the stagnant economic status across various countries could significant challenges for the leading players in the years to come.
Demand for Shampoo to Escalate at a Fast Pace
Major products considered in the report include shampoo, hair styling, hair oil, conditioners and hair colorant. The shampoo market is expected to grow at a strong rate owing to the surge in celebrity endorsements, emergence of organic products, high availability and ease of use of tiny travel-size packs.
Applications of Hair Care Products to surge in Hair Treatment
Different applications are hair treatment as well as scalp treatment. With the escalating demand for colorants, hair styling gels, hair spray, serums, hair growth products, hair accessories and glazes, it is anticipated that the hair treatment segment can take the lead in the global market.
Hair Care Products Gain Popularity among Men
The gender-based segments are female and male. The trend of long hair along with grooming among men, mostly in urban areas, is pushing the preference for different hair care products among this gender.
Popularity of E-commerce to Rise as Smartphone Use Soars
Various distribution channels are e-commerce, pharmacies and hypermarkets. The e-commerce channel is rapidly gaining traction in the hair care industry, due to the surging use of smartphones and the increased popularity of online shopping among consumers. Also, established firms progressively opting for online business to sell their products could boost the segment’s growth over the next few years.
Salons to Capture a Higher Share in the Global Market
Top end-users analyzed in the report are home care as well as salons. Salons are increasingly getting upgraded and are therefore, giving competition to home care services. Moreover, salons concentrating on data analytics and understanding their customers’ needs to provide them with personalized services will also benefit the segment in the ensuing period.
Europe to Claim the Top Position
Europe stands as the most profitable market for hair care, holding a share of nearly 34.5%. The strong market performance is the result of the presence of highly developed nations like Italy, the U.K., coupled with the thriving cosmetic industry in the region. Europeans are known for their focus on their aesthetics, with respect to hair as well as scalp nourishment. This trend has fostered the demand for several hair care products in the region, while the presence of well-known companies like Procter & Gamble Company, Unilever PLC, Loreal SA and Henkel AG & Co KGaA also favors the regional market. The UK hair care market is expected to experience solid growth in the ensuing years, in view of the mounting number of millennials facing issues such as dandruff and hair fall due to stressful lifestyle and hectic schedules of working-class female population in the country.
APAC to Witness Accelerated Growth during Review Period
Asia Pacific is rife with significant growth scope for the hair care market, considering the presence of fast developing economies like Australia, China, and India. Over the years, the Fast-Moving Consumer Good/FMCG industry in India has observed a stunning growth, giving a major boost to the demand for hair care products including conditioners, hair oil, shampoo, and more. The rising disposable income of people in India is also favoring the hair care industry, as consumers are able to purchase premium goods backed by enhanced spending capacity. Taking into account these factors, MRFR expects the APAC market to escalate at the fastest rate of 3.81% in the following years.
Players Focus on R&D to Introduce Innovative Products
Reputed firms in the market are majorly focused on capturing bigger shares, backed by strategies including product innovations and significant spending on R&D activities to come up with innovative products. Considering these developments, the competitive landscape of the hair care industry is expected to intensify in the coming years.
MRFR has critically assessed the hair care market size, taking into account the base year, projected period as well as the size during the given period. The market study also comprises some of the key developments post the COVID-19 outbreak in the market. The US hair care market analysis and organic hair care market size have also been focused on by MRFR experts. Besides, the mass-market manufacturer hair care list and the top strategies followed by them are also profiled in the MRFR report.
Scope of the Report
The scope of the report covers players’ marketing strategies for hair care products, shampoo market segmentation, hair care products market share, hair care industry market research and the hair styling products market. The report also presents the latest business scenario coupled with the historical and the projected size.
By Distribution channel
Frequently Asked Questions (FAQ) :
Hair Care Market is projected to grow at approximately 3.40% CAGR during the assessment period (2017-2023).
The availability of a wide spectrum of products, continual product development and innovations, product awareness campaign initiated by the manufacturers, are major tailwinds pushing the growth of the Global Hair Care Market.
Europe holds the largest share in the Global Hair Care Market, followed by North America and the Asia Pacific, respectively.
Hindustan Unilever, Shandong Baisheng Biotechnology Co., Ltd., OLVEA Group, L’ORÉAL, REVLON Inc., Henkel Corporations (Schwarzkopf Professional), Shiseido Company, Limited, Oriflame Cosmetics AG, Johnson & Johnson Services, Inc., Kao Corporation, Amway, and Procter & Gamble Co., are some of the top players operating in the Global Hair Care Market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global hair care market adopt to gain a larger competitive advantage.