The global luxury hair care market size is anticipated to value USD 31.50 billion until 2027. It is also expected to register 5.9% CAGR over the forecasted period, 2020 to 2027. The increasing disposable income of the millennial population coupled with rising awareness about hair care products is projected to propel the market growth.
In 2019, the product segment of shampoos accounted for the largest share of more than 31.4% owing to the increasing consumer demand towards the adoption of shampoos having organic and natural ingredients. The hair coloring segment is anticipated to gain the highest growth in the upcoming years due to the shifting trend towards the adoption of at-home hair coloring treatment.
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The specialty stores segment dominated the global market with a 31.0% share in 2019 on account of rising inclination among consumers for physical verification of the products. On the other hand, the e-commerce segment is estimated to witness the fastest growth in the upcoming years due to the increasing adoption of smartphones and the internet.
In 2019, Asia Pacific held the largest share of 39.3% across the global luxury hair care market owing to the rising adoption of natural and organic shampoos across countries like India and China. North America is expected to register significant growth over the forecasted years, 2020 to 2027 due to the surging consumer demand for premium hair care products and rising online spending.
Product innovation and development is carried out by the key players to widen their geographical reach and product portfolio.
Further key findings from the report suggest:
• In 2019, the shampoo segment held the largest share of 31.4% across the global market.
• The e-commerce distribution channel segment is projected to witness highest CAGR from 2020 to 2027.
• Asia Pacific accounted for the highest share of 39.3% across the global market in 2019.
COVID-19 Impact Analysis
The market has been negatively impacted due to the COVID-19 pandemic. The imposition of lockdown and restrictions over the movement of cargo has severely hampered the supply chain. Moreover, shutting down of salons due to the risk of the spread of viruses along with the lack of skilled laborers in these salons is anticipated to hinder the market demand for luxury hair care products. But, rapid technological advances undertaken by the players like the usage of organic ingredients are expected to drive the market growth.
Global Luxury Hair Care Market : Key Players
KOSÉ Corporation, L’Oréal, SEVEN, LLC, Alcora Corporation, and Estee Lauder Companies.
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