Here, the firm outlines some of its key data and insights for hair care in this guest article.
Market overview: global
The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period.
The market for hair care market is highly consolidated due to high number of acquisitions, mergers, and partnerships for business expansion and improvement in product portfolio.
For instance, L’Oréal and Natura Cosmetics SA have entered into agreement for selling The Body Shop to Natura from 7 September 2017.
Also, L’Oréal entered into a partnership with STATION F in the same year, for the development of early-stage digital beauty startup acceleration.
The leading four companies, namely Henkel, Procter & Gamble, L’Oreal S.A., and Unilever, held over 55% of the market in 2015.
Augmenting the growth of the global market: ageing populations & naturals
Healthy and voluptuous hair has always been considered attractive. In recent times, however, innovative hair styling has also gained popularity.
As a result, advanced hair styling products such as holding sprays, mousse, heat-resistant sprays, serums, sprays for curly hair, and gels are experiencing a surge in demand.
Another important factor that is sustaining the growth of the global market for hair care is the demand for healthy, lustrous, and manageable hair. This factor often drives the purchase decisions of most consumers.
The influence of the fashion industry, a rise in global aging population, and the growing focus on natural hair care products are some of the emerging trends that are further propelling the market.
Moreover, there has been an exponential rise in male consumers for hair care products, not only because of increased awareness but also due to growing cases of baldness and grey hair.
Markets to watch: emerging regions
Growing demand for superior quality hair care products from the rapidly expanding middle class consumer population is one of the key trends marking the growth of the global hair care market.
The emerging markets including the Middle East and Africa, Latin America, and Asia Pacific have been thriving with increasing demand.
Rapidly increasing disposable incomes of the middle class are also responsible for the growth of the market.
Highly alluring TV commercials and the introduction of innovative products are some other factors that are likely to open up more windows of opportunities.
Asia currently dominates market share for hair care
Asia Pacific accounted for the 33.12% shares in the global hair care market in 2016.
This growth is attributable to the high population base in the countries such as China, Japan, and India.
Additionally, the growth of the hair care market is fueled by the increasing number of people facing hair and scalp problems such as hair fall and damage.
Rising consciousness for hair and desire of having good hair is supporting growth of the hair care market.
The rapid urbanization has made the new and all hair care products available such as hair colours, styling products, oils, conditioners, and shampoos.
