Hair Care Market to Hit USD 112.97 Billion by 2028 | With a CAGR 5.6%
The global hair care market covered major segments by Product (Hair Colorants, Shampoo, Conditioner, Hair Oil, and Others), by Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Online Stores, and Others), and region.
Pune, India, April 18, 2023 (GLOBE NEWSWIRE) — The global hair care market size was valued at USD 75.06 billion in 2020 and is projected to grow from USD 77.15 billion in 2021 to USD 112.97 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period.
Factors such as the increasing cases of hair loss among men, coupled with the prevalence of several hair-related ailments, are anticipated to boost the adoption of the product globally. According to a study published in the Journal of Clinical and Diagnostic Research in 2018, 60.3% of working-class males suffer from hair loss problems, while 17.1% experience dandruff problems.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.6% |
| 2028 Value Projection | USD 112.97 Billion |
| Market Size in 2020 | USD 75.06 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 155 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Hair Care Market Growth Drivers | Increasing Focus on the Development of Organic and Natural Products to Surge Demand |
| Increasing Hair-Related Issues to Aid Market Growth |
The hair care market report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2028.
How will you analyze the competitional analysis between top key players included in the report?
With the aim of clearly revealing the competitive state of the industry, we concretely analyse not only the leading plyers that have a voice on a global scale, but also the regional small and medium-sized players that play key roles and have plenty of potential growth.
List of Key Players Profiled in the Hair Care Market Report:
- L’Oréal S.A. (Clichy, France)
- Coty Inc. (Amsterdam, North-Holland)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
- Unilever PLC (London, United Kingdom)
- The Procter & Gamble Company (Ohio, United States)
- Revlon, Inc. (New York, United States)
- Kao Corporation (Tokyo, Japan)
- Natura & Co. (State of São Paulo, Brazil)
- Johnson & Johnson (New Jersey, United States)
- Aveda Corporation (Minnesota, United States)
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Market Segmentation:
Based on the product, the market is categorized into such as hair colorants, shampoo, conditioner, hair oil, and others.
- On the basis of the product, the hair colorants segment is expected to hold the largest global hair care market share during the forecast period. This is due to the increasing spending capacity on personal care products that will boost the demand for advanced hair colorants across spas, salons, etc. The segment held a market share of about 19.94% in 2020.
Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online stores, and others. Lastly, on the basis of region, the market is divided into Europe, North America, Asia-Pacific, the Middle East and Africa, and South America.
The market Exhibited a Negative Growth Rate of -4.63% in 2020; Closed Stores, Lockdown to Blame
In 2020, the COVID-19 pandemic led to a major disruption in human lives. The rate of infection grew at a colossal rate, along with a high mortality rate. To contain the spread of the disease, the government agencies announced complete lockdown and stringent imposition of social distancing norms followed. Owing to this, several stores and industries were closed hampering the operational capabilities. This led to the market exhibiting a negative growth rate of -4.63% in 2020.
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What does the Report Include?
The market report includes detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Focus on Hair Maintenance Products among Men to Promote Growth
The growing westernization and the increasing spending capacity has led to a high demand for grooming products. The trend of flexing long hair and adopting unique hairstyles by men, especially in urban areas, is expected to boost the demand for the product worldwide. In April 2017, a research study by the International Journal on Trichology found that around 40% of male students in China and about 12.5% male students in India preferred coloring hair. The study further provided insight that men are not just interested in grooming themselves, but are taking significant efforts to enhance their appearance through dying, coloring, and styling. Therefore, the increasing focus on grooming has led to the high demand for hair maintenance products that will boost the global hair care market growth during the forecast period.
REGIONAL INSIGHTS
Europe to Remain Dominant; Increasing Beauty Businesses to Aid Growth
Among all the regions, Europe is expected to dominate the market during the forecast period. This is due to growing awareness regarding fashion and cosmetics across all age groups that is leading to a thriving beauty business in the region. Moreover, the presence of established companies such as L’Oréal and Henkel is expected to boost the demand for advanced hair care solutions. Europe stood at USD 27.09 billion in 2020.
The market in Asia-Pacific is anticipated to grow at a steady rate owing to the improved living standards. Moreover, the increasing consciousness among people regarding personal grooming in countries such as China and India will boost the demand for hair care products in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Innovation Key Players to Intensify Industry Competition
The market comprises small, medium, and large companies that are striving to maintain their presence by developing advanced hair care products to maintain their presence and further expand their global footprint. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global marketplace.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Hair Care Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Hair Colorants
- Shampoo
- Conditioner
- Hair Oil
- Others
- By Distribution Channel (Value)
- Supermarket/Hypermarket
- Speciality Stores
- Online Stores
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
TOC Continued…!
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