According to a new report published by UnivDatos Markets Insights, the Hair Care Market is expected to grow at a CAGR of around 4% from 2022-2028. The analysis has been segmented into Product Type (Shampoo, Hair Colorant, Conditioner, Hair Styling Product, and Hair Oil); Distribution Channel (Supermarkets/Retail Stores, Salons, E-Commerce, Pharmacies, Specialty Stores, and Others); Region/Country.
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The hair care market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the hair care market. The hair care market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the hair care market at the global and regional levels.
Market Overview
Hair care is an overall term for hygiene and cosmetology involving the hair which grows from the human scalp and to a lesser extent facial, pubic, and other body hair. Hair care routines differ according to an individual's culture and the physical characteristics of one's hair. In addition, hair care products come under the category of cosmetics and personal care products. Hair care products assist men and women in maintaining the health and cleanliness of their hair while also protecting it from injuries. Moreover, the range of products available in the market for various applications depends on the type of hair. In recent years, the demand for hair care has risen dramatically due to the rising awareness among consumers of their hygiene, and lifestyle. For instance, in October 2021, Lov'n Ur Hair launched an all-natural hair growth system that promotes growth, health, education, and long-lasting results. For individuals who anticipate positive returns from careful investments, a hair care system experience.
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The Hair Care Market is expected to grow at a steady rate of around 4.50% owing to the increasing rise in the demand for hair color products, changing lifestyles, hairstyle trends, and the rise in the aging population coupled with increasing air pollution is affecting the quality of hairs. Major companies in the market offer hair care for consumers with technologically advanced features. For instance, In July 2021, Adon Hair Care Clinic, an India-based hair transplant brand, launched Grow dense Hair Serum, which is approved by the FDA and designed for hair and scalp care.
Some of the major players operating in the market include Amway Corporation, L'Oréal S.A., Henkel, Procter & Gamble Co., Unilever plc, Kao Corporation, Oriflame Holding AG, Revlon Inc., Avon Products Inc., Johnson & Johnson.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the hair care industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for hair care product manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In addition, the hair care market seems to have a moderate impact on the market. Many other options were adopted during the face such as home remedies or do-it-yourself making of products. India, which is known for its home remedies is controlling the global cosmetic industry. India's supply shortages have triggered a chain reaction throughout the world.
The global hair care market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product type, the market is segmented into shampoo, hair colorant, conditioner, hair styling product, and hair oil. The shampoo category is to witness higher CAGR during the forecast period owing to its different hair enrichment content, which includes vitamins, botanical extracts, minerals, oils, and other ingredients that assist stimulate hair growth from the scalp follicles. The changing consumer perception toward organic products, coupled with the growing utilization of environmentally sustainable products, has fueled the demand for naturally derived products. In addition, with the use of shampoos consumers can remove the unwanted buildup without shedding hair or sebum. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, Atulya, the highly acclaimed brand of Beacon Bio Life Sciences Private Limited, has launched its new Veg Keratin and Wheat Protein range of products, which includes hair shampoo, hair conditioner, hair oil, and hair mask.
· On the basis of distribution channel, the market is categorized into supermarkets/retail stores, salons, e-commerce, pharmacies, specialty stores, and others. Among these, the supermarkets/retail stores to hold a significant share in the market in 2020. This is mainly due to the availability of a wide range of goods under a single roof, eliminating the need to browse in multiple stores. Similarly, the consumers' ability to physically see the item reduces the chance of purchasing counterfeit goods. In addition, supermarkets/ retail stores are working as the biggest distribution channel due to changes in living standards and shifts in consumers' buying behavior.
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Hair Care Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising awareness about personal hygiene and well-being along with the gradually increasing disposable income levels and standards of living. Furthermore, hair care has always been a top priority for both men and women. Over 30% of men and around 22% of women, globally, prioritize hair care over skin, face, and physique. In addition, the countries like China, South Korea, Japan, and others are showing rapid progress due to which consumers in these regions experience extreme air pollution will lead to the cleaning of hair. Also, major players in the market continue to invest in launching new products for hair care. For instance, Adon Hair Care Clinic, an India-based hair transplant firm, launched Growdense Hair Serum in July 2021, which is FDA-approved and developed for hair and scalp care. This serum treats hair loss problems without any side effects and helps in hair regrowth.
The major players targeting the market include
· Amway Corporation
· L'Oréal S.A.
· Henkel
· Procter & Gamble Co.
· Unilever plc
· Kao Corporation
· Oriflame Holding AG
· Revlon Inc.
· Avon Products Inc.
· Johnson & Johnson
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the hair care market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the hair care market?
• Which factors are influencing the hair care market over the forecast period?
• What are the global challenges, threats, and risks in the hair care market?
• Which factors are propelling and restraining the hair care market?
• What are the demanding global regions of the hair care market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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