The global professional hair care market was valued at US$ 19.3 billion in 2020, according to Global Professional Hair Care Market report, by Product Type (Hair Coloring, Shampoos, Styling Agent, Straightening and Perming Agent, and Others), by Application (Business to Business (B2B), and Business to Consumer (B2C) (Hypermarkets/Supermarkets, E-commerce, Salons, Specialty Stores, and Others)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East and Africa), published by Coherent Market Insights.
The global professional hair care market is expected to surpass US$ 28.8 Billion by 2028, exhibiting a CAGR of 5.3% during the forecast period (2021-2028). Increasing hair related issues is a major driver in the professional hair care market. Almost, every country in the world associates luxurious hair with youth, beauty, and good health. Male pattern hair loss or Androgenic Alopecia (AGA) is the most prevalent type of hair loss in men. It affects 30 to 50% of men by the age of 50 years. Male pattern hair loss is often regarded as a relatively minor medical condition, but it may result in anxiety and depression in some men because it impacts self-image. In 2020, Health and Beauty Association of the U.K. conducted a global study on hair loss. As per this study, in male population, the prevalence of hair fall, dandruff, and baldness was 60.3%, 17.1% and 50.4% respectively. Prevalence of greying among men aged 18-35 years was found to be 37.97%. This study also revealed awareness of hair transplantation was present among 55.5% globally. Thus, these hair issues such as hair greying, dandruff, hair loss, baldness are expected to boost the demand for professional hair care products globally.
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Browse 50 market data tables* and 45 figures* on "Global Professional Hair Care Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Professional Hair Care Market:
- Among regions, the global professional hair care market is estimated to grow significantly in the Europe region due to the presence of a highly beauty-conscious population that will boost the adoption of hair care products. For instance, as per the data released by the Health & Beauty Associations, the sale of hair conditioners witnessed a rise from US$ 334.0 million in March 2018 to about US$ 341.59 million in March 2019 in the U.K.
- On the basis of application, salons segment is expected to hold a dominant position in the professional hair care market over the forecast period. Because of their in-depth knowledge of product compatibility and competence in the hair care area, consumers prefer pre-purchase advice from hairstylists, which increases demand for professional products from salons.
Key Takeaways of the Market:
- Increasing product awareness and changing consumer dynamics is identified as a key factor driving the growth of professional hair care market. As the number of cases of hair loss and damage among the population has increased, so has the need for products containing natural ingredients. Consumers are willing to spend a greater price for products that give faster results, which is gaining in popularity among the urban and youth population. Users are more interested in products created for specific hair types, with companies focusing on active ingredient-rich solutions.
- Internet penetration has increased significantly during the last decade, particularly in North America, Europe, and Asia Pacific. Consumers now turn to the internet for information and believe online buying to be the most convenient option. As a result, the majority of manufacturers went digital and created their own product-selling web portals. As a result, the expansion of the global professional hair care market is aided by increase in internet penetration.
- Increased product awareness in rural areas is driving growth of the global professional hair care market, with companies eager to expand into new areas with products sold in small quantities at low prices. Hindustan Unilever maintained its market leadership, supported by the solid performance of its big brands such as Dove and Sunsilk, while Patanjali Ayurved had the fastest volume growth rate. This is due to high product penetration and availability in a variety of supermarkets around the country, resulting in market expansion.
- Major players operating in the global professional hair care market include Fable & Mane, Henkel AG, Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation, Avon Products Inc., L’Oreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc.
Global Professional Hair Care Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 had a negative impact on the market. Several countries went into lockdown as a result of the pandemic, causing supply chain problems, labor shortages, and work stoppages. The beauty industry (comprising skin care, color cosmetics, hair care, fragrances, and personal care) has been affected by the COVID-19 crisis, as there have been widespread retail and salon store closures leading to the weakening sales of various beauty and personal care product in the global market. Since all of the stores were closed, the global professional hair care market suffered significant losses.
