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).Hair care products are the specific products developed to bring perfect solutions to hair fall issues, dandruff and hair growth, and many more.
In the Hair Care Market, the Asia Pacific region has witnessed significant growth due to the fast-developing economies of developing countries such as India, Australia, and China. The high expansion has been evident in India's Fast-Moving Consumer goods industry in the past few years because of the increasing demand for hair care products like hair oil, shampoo, conditioners, and many others. In addition, the hair care industry is fueling the disposable income of the Indian population. Hence, the Asia Pacific regional market is predicted to expand the Market Size at a 3.81%fastest rate during the forecast timeframe.
The Hair Care Market industry has major advantages due to consumers' enhanced spending capacity and the growing disposable income. The global market is fueling its market growth due to the popularity of different styling products, increased awareness about the best hair care products among consumers, and the appealing packaging style. According to the Market Outlook report, the hair care industries and other reputed firms are highly focused on strategies like significant spending on research and development activities and product innovations and capturing bigger shares to bring more scope with the innovative products. In the upcoming years, the competition among the market players of the hair care industry is getting intense while looking into the development of the global market.
COVID-19 Impact Analysis
In the COVID-19 crisis, the beauty industry has been negatively affected, including skincare, hair care, color cosmetics, personal care, fragrances, and others. The other beauty and personal care products sales have gone down due to the closure of salon stores and retailer’s stores. And, some of the salons were open on some counters, but customers were not preferring to visit the salon care services as they had fear coming in physical contact with others. As a result, many consumers have adopted the trending do-it-yourself (DIY) beauty care.
However, the emergence of DIY hair coloring has brought a new revolution in the global market. Hence, the United Kingdom's Superdrug has witnessed a 76% growth in the hair care category sale between April and May 2020. The Hair Care Market Analysis highlights that the market players are adopting new strategies to bring more hair care products.
Major Drivers Of The Market
In the global Hair Care Market, some of the major growth driving factors can be the increase in hair and scalp issues resulting in the mounting popularity of herbal products, effective advertising campaigns, and advanced technology in manufacturing processes.
According to the NCBI report, shampoos are composed of 10 to 30 ingredients, giving the consumers more verities. Hence, this is enhancing the Hair Care Market Growth in the forecast period.
Significant Opportunities For The Market
Nowadays, everyone has a common fast mode of lifestyle that sets forth the attractions of the customers on organic products that claim to be devoid of chemicals and works as a stress reliever.
Therefore, the hair care manufacturers have significant opportunities to enhance organic or natural products by emphasizing the customers' concern over the chemical-filled products' toxic effects.
The global market might hamper the Hair Care Market Share due to the high cost of the hair care product.
As per the Market Forecast report, the market players are adopting new hair care product development innovations to fight these market restraints.
Market Growth Challenges
The Market Outlook report highlights that the global market might experience major challenges due to the stagnant economic status across different nations and the high cost of various hair care products. Similarly, these challenges generate more curiosity among the leading players to combat these issues in the upcoming years.
Moreover, the stringent government rules and regulations related to hair care products might challenge the global Market.
Cumulative Growth Analysis
The Hair Care Market Share is growing significantly in the current period due to the growing demands of hair care products in the world.
The regions like Europe and the Asia Pacific are propelling the growth of the Market.
Market Segment Overview
The global Hair Care Market has been separated into hair colorant, hair styling, hair oil, conditioners, and shampoo in terms of the product segment.
Out of all segments, the shampoo product segment is registered to account for higher Hair Care Market Size during the review timeframe. This shampoo segment is growing because of the easy use of tiny travel-size packs, the emergence of organic products, increased celebrity endorsements, and high availability.
Depending on the gender segment, the global Hair Care Market has been categorized into Female and Male.
Among these gender-based segments, the ongoing trend of long hair among males increases the demand for various hair care products, especially in urban areas.
By Distribution channel:
Based on the distribution channels segment, the global Hair Care Market has been classified into e-commerce, pharmacies, and Hypermarkets.
The e-commerce channel is rapidly growing in the hair care industry due to the increased popularity of online shopping and smartphone use among users. Further, this segment has more potential growth because of the high adoption of online business among the established firms to sell out their new advanced products.
The global Hair Care Market has been segregated into scalp and hair treatment based on the application segment.
The hair treatment segment dominates the present market in the global Market Trends due to the increasing demands for hair styling gels, colorants, hair spray, hair accessories, hair growth products, glazes, and serums.
The global Hair Care Market has been segmented into Salon and homecare in terms of the end-user segment.
In the present context, the home care services have more competition because salons services are upgrading their new ideas. Recently, the salon services are focusing on the customers' needs and concentrating on data analytics to offer their best in the analysis period. Hence, it is surging the demands for the Hair Care Market Trends.
As per the Hair Care Market Analysis, the global market is segregated into many regional parts such as Europe, Asia Pacific, North America, Latin America, the Middle East, Africa, and the rest of the world.
The European regional market is considered the most profitable Hair Care Market by generating about 34.5% in the forecast timeframe. This regional market is projecting strong performance due to developed countries like the U.K. and Italy in the region. Moreover, Europeans have the trends to emphasize their aesthetics in terms of nourishment and hair. As a result, this trend has fueled several hair care product demands in the region where many popular companies have shown their presence, such as Unilever PLC, Henkel AG & Co KGaA, Procter & Gamble Company, etc. Loreal SA. In addition, European people going through hair fall and dandruff because of the hectic schedules and the stressful lifestyle in the nation are boosting up the Market in the analysis period.
Competitive Landscape Analysis
The high competition among the market players has been witnessed in the global Hair Care Market. And, these market players are:
In the Hair Care Market, the presence of these market players can be seen because of their collective efforts in the innovation of the new product. In addition, the market players are doing partnerships and promotions to thrive the Market Growth in the upcoming years.
In December 2020, Henkel Beauty Care aimed to achieve multiple products under the organic brand NAE in 2021. It has also planned to launch organic hair care products called Nature Box in France.
In December 2020, the U.S.-based company named Combe Inc. had invested in developing the hair care brand in Virtue Labs.
The Hair Care Market Forecast report includes the regional classifications, recent developments, covid-19 analysis, segments, overview, and dynamics.
Further, this report explains the market players are competing in the global market by adopting new tactics and planning to grow the Hair Care Market Revenue in the research period.
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.