ALBANY, New York, November 1, 2016 /PRNewswire/ --
The global hair care market is expanding at a steady pace and is likely to continue doing so during the course of the forecast period. One of the most important factors responsible for this stability is the demand for healthy, lustrous, and manageable hair and this need drives the purchase decisions of most consumers.
The market for hair care products expected to grow significantly across developing and developed regions owing to increasing R&D activities for the enhancement of these products. Moreover, an emphasis on innovation in technology for the formulation of new hair care products is expected to impact the market globally.
The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period.
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Accounting for a 30.9% share in 2015 in terms of revenue, the shampoo segment leads the global hair care market. The demand for shampoos across regions is dependent on several economic, social, and geographic factors, such as the growing impact of weather conditions and pollution on hair, a rise in per capita income of the consumer, and the emergence of men's grooming products.
"The demand for natural and organic products is a trend noted in the shampoos segment and herbal shampoos are predicted to witness strong growth in the coming years," the author of the report states. Emerging economies such as China, India, and countries in the Middle East are anticipated to contribute significantly to the herbal shampoos market.
Asia Pacific accounted for the leading share of 33.12% in the global hair care market in 2016. The Middle East and Africa (MEA) market, on the other hand, is expected to expand at a strong CAGR of 4.0% during the forecast period. Countries such as China, India, and the UAE. India has always presented a strong interest in hair care products and companies have been looking to tap into the growing trend of natural products, especially in urban regions. The increasing awareness regarding personal grooming and rising disposable incomes of the consumers has spurred the market for premium hair care products in China. In the UAE, consumers are willing to spend on hair care, a decision that has resulted in the growing demand for salon-inspired products.
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Emergence of the Middle Class a Positive Growth Booster
As mentioned earlier, the growing focus on natural hair care products is one of the most influential trends taking the global market by storm. "Consumers' purchasing decisions are increasingly influenced by this trend and as a result, conventional natural ingredients from plants and various botanical sources are making a comeback," the lead analyst reports. Companies are also launching new product lines inspired by natural ingredients.
The popularity of hair care products has been steadily growing among the urban population across the globe, more so in the developing economies of Asia Pacific, the Middle East and Africa, and Latin America. The emergence of the middle class, with its increased disposable income and purchasing power of the people, is also characterized by the growing sophistication of its consumers. This has had a significant impact on the demand for premium hair care products, thereby driving the global market.
This review is based on the findings of a TMR report titled "Hair Care Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Global Hair Care Market, by Product Type
- Hair Color
- Hair Styling Products
- Hair Oil
Global Hair Care Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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