2nd Aug 2019 – The global hair
care market is estimated to value at USD 211.1 Billion by 2025 and is
expected to continue growing at a higher rate during the forecast period. Rise
in demand for hair color products, rise in aging population coupled with
increasing air pollution are expected to contribute to the market growth in the
forecast period. Rise in hair problems and growing need for natural products
are likely to contribute to the market growth in the forecast period. Enlarging
opportunities coupled with technological innovation and rising need for
professional hair services propel the market growth in the forecast period.
Overall, the hair care market is expected to witness a CAGR of 3.1% during the
forecast period.
Hair cosmetics can be categorized into
two broad categories, namely cosmetic colors and permanent colors. Cosmetic
colors have temporary effect on hair whereas permanent colors such as permanent
waxes, bleaches, and relaxers have a permanent effect on hair. The end-result
is to reduce the hair abnormalities. From the medical perspective, hair
cosmetics cater to scalp treatments according to diversity of hair types and ethnicity.
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Hair conditioners are also used for hair
color preservation to enhance its smoothness and strength. Typical ingredients
of conditioners include cationic surfactants, propyltrimonium, and
stearamidopropyl dimethylamine. Other conditioner components include fatty
alcohols, wax, guar gums, and emulsifiers such as ethoxylated alcohols. Instant
hair conditioners, as the name suggests, are applied immediately to stay in
hair for a specific time.
The hair care market is segmented into
type, product, and geography. “Type” category is segmented into services and
products. “Services” category will account for a significant share in the
forecast period. “Product” segment is anticipated to rise at a staggering CAGR
in the coming years owing to rise in consumer spending and expansion of salon
services to accelerate the product demand. Product category further includes
shampoo, conditioning, color, soil, and styling products.
Geographic segmentation for hair care
market spans North America, South America, Europe, Asia-Pacific, Middle East
and Africa. North American hair care market is expected to account for a
significant market share in the forecast period. Factors such as presence of
small and large MNCs emphasizing on quality hair care products are fueling the
customer base. Subsequently, rise in annual expenditure on hairstyle products
is expected to bolster the regional growth.
Asia-Pacific’s market growth accounts
for a significant growth in the forecast period with India and China being the
largest manufacturers of hair care products. Rise in expansion of international
brands in the APAC sector is expected to fuel the market demand in these
regions.
The key players in the hair care
industry include L’Oréal, P&G, Kao Corporation, Hindustan Unilever Ltd,
Henkel Corporation, Marico Limited, Aveda Corporation, Combe Inc, and Johnson
& Johnson. Prominent players are entering into collaborations and
partnerships to enhance their market share.
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