Hair Care Market to Flourish with 5.4% CAGR, Driven by Asian Demand and Natural Ingredient Craze, Forecast to 2030
Research Reports
Feb 16, 2024
Hair Care Market Insights
Hair Care Market is projected to reach USD 71563.64 Million, registering a CAGR of a 5.4% from 2022 to 2030.
Hair Care refers to the hygiene and cosmetic care handed for the hair so that it would be healthy, clean, and stylish. Hair-care through different services as well as products includes care of scalp hair, facial hair, and hair on other corridors of the body. To take care of hair various treatments are given to the hair, similar treatments as cutting, plucking, waxing, and coloring, among others. These treatments are given to hair according to the type of hair, client’s demand, and of course fashion trends. Various hair care products are hair spray, hair oil painting, conditioner, and soap. Other products also include hair gel, hair serum, hair masks, hair color etc.
Regional Analysis
Asia Pacific held the largest share in recent times. The inclination of consumers towards hair and scalp care enterprises, coupled with new brands tapping into the market in the region, is expected to drive the regional market. In July 2021, Adon Hair Care Clinic, an India- based hair transplant brand, launched Grow Dense Hair Serum, which is approved by the FDA designed for hair and scalp care.
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Europe is expected to register the alternate-fastest CAGR over the forecast period. Rising consumer interest in different products and adding online beauty spending are some of the crucial factors fueling the product demand within the region.
The market in Europe has been disrupted by the mushrooming growth of direct- to- consumer channels and the use of social media. Accordingly, mainstream brands similar as Head & Shoulders continue to face violent competition from ‘masstige’ (prestige for the millions) brands- Aveda, Palmer’s and Kérastase.
Market Segmentation
By Product Analysis
Hair Oil Segment to Hold Highest Market Share
Based on the product, the market is segmented into hair colorants, soap, conditioner, hair oil, and others.
The soap segment is expected to hold a major share due to enjoying various hair enrichment content similar as vitamins, botanical excerpts, minerals, canvases , and others, which help stimulate the hair from the scalp follicles. either, the intense operation of soap by numerous consumers is expected to boost the member’s demand.
The hair colorants, soap, conditioner, and hair oil parts retain a robust market presence due to the growing demand for hair care in a beauty salon, gym, and massage remedy.
The other sub-segments, similar as hair styling gel and hair spray, have gained positive traction among consumers. This is owing to the massive adoption of multiple types of hairstyling by youthful consumers backed by the evolving fashion trend.
By Distribution Channel Analysis
Supermarket/ Hypermarket is Segment to Remain at the Forefront
Based on the distribution channel, the market is fragmented into supermarkets, hypermarkets, specialty stores, online stores, and others.
The supermarket/ hypermarket segment is expected to hold the largest share because of the vacancy of a wide range of goods under a single roof, barring the need to browse in multiple stores. Also, the consumers’ capability to physically see the item reduces the chance of purchasing counterfeit goods.
Key Companies in the Hair Care Market Include –
- L’ORÉAL
- Unilever
- OLVEA Group
- Shandong Baisheng Biotechnology Co. Ltd
- REVLON Inc
- Oriflame Cosmetics AG
- Henkel Corporations
- Shiseido Company Limited
- Amway
- Kao Corporation
- Procter & Gamble Co.
- Johnson & Johnson Services Inc
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Recent Develpoment
On Jun. 17, 2023,
The FMCG business Marico Ltd. revealed plans to grow its distribution network and launch new products in order to increase its market share in hair oil. Over the next two to three years, the company wants to enhance its value-added hair oil market share in order to accomplish the anticipated growth.
On May 29, 2023,
The goal of Henkel, a large German consumer brand, is to quadruple its market share to around 30% of the premium segment by 2025 by launching a hair style product for males. Over the next five years, Henkel hopes to capture a quarter of the estimated Rs 5000 crore Indian hair dye industry.
The business intends to increase its footprint in non-salon channels such as internet sales and contemporary trade. The business reentered the haircare market in November 2022 by introducing hair colorants under the Schwarzkopf brand in the B2B or professional hair care and styling sector. Henkel plans to introduce more foreign brands to the nation.
On Apr.18, 2023,
Leading ashwagandha supplier Ixoreal (India) revealed plans to address consumer demand for high-performing natural ingredients in skin and hair care products by investigating the unexplored beauty and personal care industry. The company targets prospects in the beauty and personal care sectors and operates mostly in the nutraceuticals industry.
On Mar. 27, 2023,
A prominent player in the Indian FMCG industry, Godrej Consumer Products (GCPL) introduced Godrej Selfie, an inexpensive hair color line, with an eye toward the Rs 450 crore South Indian market. The brand offers both short and long hair pack options for men and women in an effort to democratize the hair color business in South India.
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