The global haircare product market is anticipated to grow at a CAGR of 4.2% during the forecast period. Haircare products help in maintaining hygiene and treat hair-related issues. The primary function of hair care products is to treat damaged hair, cleanse the dirt, dandruff, and oil from the hair and scalp, and maintain the moisture content. Haircare products are the combination of natural or synthetic ingredients, including surfactants, such as sodium lauryl sulfate or sodium Laureth sulfate, a co-surfactant such as Cocamidopropyl betaine, preservatives, and emulsifiers. Based on the type of hair and its requirements, different hair care products are available in the market, such as shampoo, conditioner, hair styling gels, colorants, serums, and other hair accessories.
Top Driver: Growing Disposable Income of Consumers and Increasing Penetration of Hair Salon Services
The haircare market is expected to witness healthy growth attributing to factors such as growing disposable income of consumers, increased consumer spending on personal care products, and increasing penetration of hair salon services worldwide. Besides, changing hair grooming trends, especially among the male consumers, is expected to drive the market growth. Also, in developing countries, the introduction of products concerning consumer’s issues related to grey hair, dandruff, and hair loss are expected to propel the market growth.
On the other hand, high pricing, coupled with a lack of professional haircare products across the designed distribution channels, are hindering the market growth.
Shampoo Segment Accounted for the Largest Market Share
On the basis of type the market can be segmented into Hair Spray, Conditioner, Shampoo, Hair Oil, Others. The shampoo segment accounted for the largest market share since shampoos are considered to be the primary source of hair cleaning and are widely used among all types of population. The conditioner segment was found to be fastest growing followed by hair oil segment. On the basis of distribution channel, the market can be segmented into Hypermarket/Supermarket, Specialty Store, Online Stores, Convenience Stores, Others.
Growth In Consumption Of Consumer Products to Benefit Asia Pacific Market
China is among the second largest market for hair care products after the United States. Asia Pacific, the country holds the largest market share, and is anticipated to hold its position in the coming years. The growth in the consumption of consumer products would help the industry in the next few years. The surge in the internet penetration and push of e-commerce companies to attract consumers is driving the sales from e-commerce in the Asia-Pacific region, while sales from the physical retail channel continues to dominate the market.
Players to Focus on Haircare Products Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. L’Oreal USA, Unilever, Goody Products Inc., CONAIR CORPORATION, Henkel AG & Co. KGaA, Diamond Products Company, Aveda Corp, REVLON, Kao Brands Company, Avon Products, Inc. and Neutrogena Corporation among others could be at the forefront of the competition in the global market.
L’Oreal Paris: In January 2013, L’Oreal Paris, global hair authority and R&D leader launched a new franchise five years in the making – Advanced Haircare. Designed to help American women change the life of their hair, this clinically-tested1 collection, on shelves now at mass retailers, consists of five tailored modules with shampoos, conditioners and hair treatments to deliver instant results and lasting transformation.
SalonQuest, LLC: In 2016, SalonQuest, LLC (DBA Aquage), the provider of Aquage and Biomega Haircare, had been acquired by the Professional Division of Connecticut-based Conair Corporation.
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