The global hair care products market is estimated to be valued at US$ 105.86 Bn in 2021, according to the Hair Care Products Market Report, by Type (Shampoo, Conditioner & Mask, Hair Oil, Hair Gels, Hair Color, and Others (Serum, Comb, etc.)), by Distribution Type (Supermarket, Hypermarket, Specialty Stores, Convenience stores, Online, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global hair care products market is expected to surpass US$ 152.26 Bn by 2028, exhibiting a CAGR of 5.33% during the forecast period (2021-2028). Hair care products help nourish and protect hair, further enhancing its quality and texture. These products provide treatment for split ends, dandruff, weak and dehydrated hair, and various other hair problems. According to reports from the U.S. Food and Drug Administration's (FDA's), approximately 500,000 individuals have alopecia areata. Increasing hair related problems among consumers is driving the global hair care products market growth. Rapid urbanization coupled with increasing beauty consciousness among men is increasing the demand for grooming products such as hair gels among the male population. This, in turn, is fueling the growth of the hair care products market. For instance, in February 2022, Unilever PLC is a British multinational consumer goods company has generated US$ 58.9 Billion in the year 2021 from its personal care segment. The growing demand for the personal care products is driving the market for the hair care products.
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Browse 50 market data tables* and 40 figures* on "Hair Care Products Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Hair Care Products Market:
- Among regions, North America accounted for 20.5% market share in the global hair care products market in 2020. North America anticipated a significant growth in the hair care products market owing to the high expenditure made on personal care, including hair based products. The growing expenditure capacities of the population on personal care products is driving the hair care products market growth in this region.
Key Takeaways of the Hair Care Products Market:
- Among product type, Hair oil accounted for 16.4% market share in the global hair care products market in 2020. Hair oils are commonly used by an individual to avoid the incidences of hair fall, dandruff, and other hair problems. The rising incidence of hair related problems and diseases such as alopecia areata, telogen effluvium, and many other among the people is expected to drive the demand for medicated hair oil products across the globe. According to the statistics presented by the U.S. National Library of Medicines in August 2020, nearly 50 million men and women suffer from androgenic alopecia hair disease in the U.S.
- Among distribution type, the specialty stores segment is the fastest-growing segment in the hair care products market. Rising disposable income among the populace is influencing their inclination towards purchasing premium products which are widely available in specialty stores. This, in turn, is driving the segment growth. For instance, according to the International Trade Association (ITA) August 2019, premium hair products manufactured in the U.S. are among the fastest growing segments in the beauty and personal care segment.
- Major players operating in the global hair care products market include Unilever plc, Procter Gamble Co., L’Oréal S.A., Avon Products Inc., Revlon Inc., Aveda Corporation, Amka Products (Pty) Ltd., Johnson & Johnson Pvt. Ltd., Combe Incorporated, Henkel Corporation, The Estée Lauder Companies Inc., and Shiseido Company, Limited
- Technology launches, acquisitions, and research & development activities are key strategies adopted by players in the global hair care products market. For instance, in January 2021, St. Botanica, an India-based leading cosmetics brand by Emmbros Overseas Lifestyle Pvt. Ltd, introduced 'GO Colored Purple Shampoo'. It is created explicitly for bleached and blonde hair, and it is a formulation of linseed oil, purple mica, and sunflower oil that effectively helps in maintaining color-treated hair in the long run.
Global Hair Care Products Market - Impact of Coronavirus (COVID-19) Pandemic
- The consequences of the COVID-19 pandemic have led to the slowdown of the production, demand, and trade of hair care products. The salon industry is a major consumer of hair care products. According to the National Information Clearing house report, the US hair care services industry includes more than 80,000 establishments (77,000 beauty salons; 4,500 barber shops) with combined annual revenue of about US$ 20 billion. During the COVID-19 pandemic, salons were among the first businesses shuttered by government restrictions due to the close personal contact between patrons and employees and the discretionary nature of many of their services. As salons contribute to a major revenue and consumer services for hair care products, the discontinuation of these salons during the COVID-19 pandemic affected the global hair care products market. The impact on transportation has also affected the hair care products industry, as the supply of raw material and man power were reduced closed during the pandemic. The reopening of salons and other distribution channels are helping the hair care products market players to regain their market positon.
