The global hair care market is growing continually, with a large number of products available. Besides, increasing consumer spending on hair nourishment and personal care products increases the size of the market. The rising prevalence of hair & scalp related complexities such as dandruff, dryness, split hair, etc. create huge market demand. Moreover, the widely spreading awareness for hair care escalates the market growth to furthered height.
According to Market Research Future (MRFR), the valuation of the global hair care industry is estimated to grow at 3.40% CAGR during the review period (2017 – 2023). Additionally, the expanding hair and beauty industry and strong investments in product development substantiate the growth of the market. Rising sales of hair nourishment products worldwide define the growing landscape of the market.
Undoubtedly advancements in manufacturing and packaging technologies and blending and formulation techniques drive market growth. Also, the increasing demand for specialty products such as dandruff care, long & thick hair growth, and smoothness & shine-enhancing hair nourishment products bolster the market share. On the other hand, increasing susceptibility to cancer and asthma associated with some chemical-based products is projected to restrain the market growth in the years to come.
Players leading the global hair care include L’ORÉAL, Unilever, Shandong Baisheng Biotechnology Co., Ltd, Oriflame Cosmetics AG, OLVEA Group, REVLON Inc, Henkel Corporations (Schwarzkopf Professional), Shiseido Company, Limited, Kao Corporation, Johnson & Johnson Services, Inc., Amway, and Procter & Gamble Co., among others.
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Highly competitive, the hair care market appears fragmented with the presence of many notable players. Industry players encouraged by continually changing consumer preferences & demands, launch innovative product ideas such as thick & long, dandruff special, ayurvedic, medicinal, herbal, and so many. Manufacturers are ever ready to invest time, efforts, and money in R & D required for further formulation. They also try to expand their business/ global footprints through strategic partnership/ collaboration, mergers & acquisitions, and others.
Europe dominates the global hair care market. The region accounted for about 34.5% of the overall market share in 2017. The largest market share attributes to the presence of notable industry players and a large consumer base. Countries like the UK and Italy, with their growing cosmetic industries, hold significant shares in the regional market. Also, rising spending on wellness products in the region boosts the growth of the regional market.
North America is a thriving market for hair care products due to the availability of high-quality personal care ingredient suppliers. The US is the largest exporter of hair care products among other countries such as Mexico and Brazil. Besides, the country’s hair care industry witnesses significant R&D investments for the development of innovative hair beauty care products, which is projected to accelerate the growth of the regional market.
The Asia Pacific region holds a unique position in the global hair care market. Well-spread awareness about the benefits of hair nourishment products, alongside the rapid economic growth, substantiates the market growth. Matured ayurvedic and herbal hair care product industries in India, Japan, and China, foster the regional market growth predominantly. The APAC hair care market is likely to grow further, breaking its previous growth records by 2023.
The Middle East & Africa hair care market is growing briskly, mainly due to economic growth in the GCC countries. Additionally, the rising awareness for personal hygiene & care acts as a key tailwind for the market growth. Notably, the Middle East is a massive market for cosmetics & personal care products. Each year, there is a substantial hike in the sales of hair enhancing products in the ME markets.
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