ALBANY, New York, June 3, 2019 /PRNewswire/ -- The global hair care market has gained traction with the introduction of new hair care products and rise is demand for lustrous hair, reports Transparency Market Research. The market features a highly consolidated vendor landscape with the presence of numerous international and local manufacturers. Key companies in the hair care market comprise Amka Products (Pty) Ltd., Avon Products Inc., Revlon Inc., L'Oreal S.A., and Unilever plc. These companies are focusing on research and development activities to develop new products and expand their revenue share in the market.
As per expert analysts, the hair care market is anticipated to rise steadily at a CAGR of 3% during the forecast period of 2016 to 2024. Progressing at this rate the market is anticipated to rise from its initial valuation of US$ 81.3 bn to reach a value of US$ 105.3 bn in 2024.
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Based on product type, the global hair care market is classified into shampoo, conditioner, hair color, hair oil, and hair styling products. Among these, the shampoo segment is anticipated to generate the highest revenue in the market holding 30.9 % of the market's share in 2015. The growth of this segment is driven by product innovations and high consumer demand.
The geographical segments of the global hair care market include Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. Out of these, Asia Pacific perceived to hold supremacy over the market on account of rising urbanization and high demand from emerging countries such as China and India.
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Rising Level of Pollution to Drive Growth
Air pollution is one of the leading causes of hair damage and related diseases leading to hair loss. Consequently, a global rise in the level of pollution has contributed to the hair care market's growth. It has also encouraged the manufactures to formulate new hair care products offering enhanced results. Moreover, the increase in consciousness regarding hair grooming and expansion in the beauty industry has facilitated growth.
Apart from the drivers mentioned above, rising disposable incomes in emerging economies and urbanization have enhanced the growth prospects of the global hair care market. Additionally, there is a high demand for hair care products from the young generation. Besides, unlike earlier times where the cosmetic industry was mainly driven by women population, there is a high demand for hair care products from the male population. These factors have significantly driven the growth of the hair care market.
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Furthermore, there is s spur in the development of botanical and plant inspired hair care products owing to a rise in demand for natural ingredients. The organic hair oils are immensely popular among the consumers and generate maximum revenue for the hair care market. Additionally, expansion in the e-commerce industry enabling the customers to purchase foreign brands has contributed to the market's expansion.
However, there are a few restraining factors that may confine the market's growth. Factors such as economic slowdown and high costs of hair care products may hinder the market's growth. Nonetheless, rising awareness regarding hygiene and availability of numerous hair styling solutions may create avenues for the market.
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New Hair Care Campaigns to Present Growth Opportunities
Prominent manufacturers use innovative hair care campaigns to create awareness regarding their hair care products. For instance, Sephora has launched an innovative hair care campaign where it allows the users to choose the hair type while shopping for hair care products online. This allows users to buy products suitable for their hair type without investing much time. Such campaigns have considerably benefitted the hair care market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Hair Care Market (Product Type - Shampoo, Hair Color, Conditioner, Hair Styling Products, and Hair Oil) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024".
The global hair care market is segmented as follows:
- Product Type
- Hair Color
- Hair Styling Products
- Hair Oil
- 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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