Hair care products including shampoos, conditioners, oils, serums and other styling products are used extensively to maintain hair health and enhance its appearance. Rising consciousness about physical appearance and grooming is driving significant demand for hair care regimes worldwide.
The Hair Care Products Market Size is witnessing strong growth on account of growing focus on self-grooming and personal care. Changing lifestyles and increasing disposable incomes are enabling people to spend more on hair treatments and styling products. Wide availability of herbal, natural and customized products catering to specific hair issues such as dandruff, hair fall and split ends is further propelling the sales of hair care merchandise. Rapid urbanization, hectic schedules and busy lifestyles have fuelled the need for easy to use hair styling solutions as well.
The hair care products market is estimated to be valued at USD 99.47 Bn in 2024 and is expected to reach USD 124.01 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031
Key Takeaways
Key players operating in the hair care products market are L’Oreal Group, Henkel AG & Co. KGaA, The Procter & Gamble Company, Kao Corporation, and Unilever PLC.
Second paragraph is talking about the key opportunities in market and third paragraph is talking about global expansion of market. Growing e-commerce platforms and increasing spend on marketing and advertisements by major brands are providing lucrative growth opportunities. Moreover, penetration in emerging nations of Asia Pacific and Latin America through efficient distribution networks presents substantial untapped potential over the coming years.
Market drivers
Rising beauty consciousness among consumers is a key growth driver for the hair care products market. Growing focus on personal appearance and grooming, especially among millennials and generation Z is propelling sales of hair masks, serums, and stylers. Escalating demand for natural, herbal, and customizable products formulated for diverse hair types and issues is also fueling market expansion. Furthermore, increasing spend on health and personal care owing to rising incomes in developing regions will continue augmenting market revenues over the forecast period.
PEST Analysis
Political: Government regulations on the use of chemicals in hair care products can impact the market. Some jurisdictions ban certain ingredients due to health concerns.
Economic: Rising disposable incomes in developing nations is expanding the customer base for premium hair care lines. However, economic downturns can negatively impact consumer spending on such products.
Social: Changing beauty norms where maintaining a good hair and scalp health are important. Also, social media is increasing awareness about hair care routines and new product launches.
Technological: Innovations in ingredients are resulting in products promising specific benefits like repairing damaged hair, reducing hair fall, promoting growth etc. Additionally, online retail is providing convenient access.
North America and Western Europe hold the major share of the global hair care products market in terms of value. This can be attributed to the high consumer spending on personal grooming and styling products in countries like the US, Germany, UK and France. With growing hair and beauty consciousness, the markets in Brazil, China and India are expanding rapidly.
The Asia Pacific region has emerged as the fastest growing market for hair care products. This is because of rising disposable incomes, expanding middle class, growing working women population and increasing influence of western lifestyles and celebrities. Moreover, the availability of international brands at affordable prices through e-commerce is boosting trial rates. Countries like China, India, Indonesia, Vietnam and South Korea will continue driving future growth.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)