Global Hair Care Market – Overview
The global Hair Care market is a well-established space having a plethora of hair care products available to address the augmenting demand for hair problem treatments ranging from hair-fall to strengthening. The market is driven by increasing hair problems that are quadrupling due to the growing age, urbanization and environmental changes such as growing pollution levels in the air and water. As they say, every problem has a solution. Similarly, the hair care market has the solution for each and every issue related to the hair health.
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The market is largely dependent on the consumer preference that keeps changing very often. Market players fervently suffice consumer demands, willingly investing substantial amounts for the R&D requirements. The hair care manufacturers while developing a new product, they try to address environmental concerns by using herbal or organic ingredients, organic processes and use renewable chemicals instead of the traditional ones.
The recent invention of Dry Shampoo which coats the hair with an oil-absorbing powder without the use of water is the best archetype that defines the level these manufacturers are concerned about the environment. If every person residing on the earth start using the dry shampoo, a considerable amount of water will be saved per year in the today’s scenario of water scarcity. Although there have been many such inventions witnessed so far, this market has proven that there is still ample room available for innovation.
The Hair Care market is garnering huge prominence witnessing rapid expansions. Considering the potential the market holds to grow further in the future, Market Research Future (MRFR) in its recently published study report, asserts that the global Hair Care market is forecasted to grow exponentially by 2023, registering a 3.40% CAGR during the review period.
Expanding hair and beauty industry coupled with the strong marketing strategies by the players drives the market growth. Outstanding results provided by the hair care products is also a key factor, propelling the market growth. Furthermore, risk factors fueling the hair and scalp problems such as pollution, and effects of products with heavy chemical composition among others coupled with the availability of the range of products to fight those issues drive the market growth.
The trend of greater consumer awareness backed by independent beauty blogs, including names of active ingredients in products, harmful chemicals, and their functionalities is providing impetus to the market growth, making people progressively more knowledgeable.
On the other hand, the factors such as increasing usages of harmful chemicals and process used during the developments of products that can cause chronic diseases cancer and asthma, are restricting the market growth of synthetic/non-herbal products. Adversely, such risks factors, are supporting the market growth of chemical free and natural products. Advancements in organic farming and increased awareness on benefits of organic products have boosted demand for organic hair care ingredients.
Also, availability of ample counterfeit, low quality and low-cost products that have already hampered the market growth affecting a large chunk of consumers with its side effect. Availability of good quality local brands affect the market growth of established global brands in the region.
The Global Hair Care Market is driven by some of the leading players operating in the market including L’ORÉAL, Unilever, Shandong OLVEA Group, Baisheng Biotechnology Co., Ltd, REVLON Inc., Oriflame Cosmetics AG, Shiseido Company Limited, Kao Corporation, Henkel Corporations (Schwarzkopf Professional), Amway, Procter & Gamble Co and Johnson & Johnson Services, Inc. Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.
Hair Care Global Market – Competitive Analysis
The Hair Care Market is highly competitive and fragmented due the constantly changing consumers’ preferences and demands. Surprisingly players operating in the market are ever ready to supply their demands like product with different types of preservatives, etc. which also shows that the industry is ready to invest time and money for further required R&D and formulation work.
The manufacturers compete on the basis of product portfolios, product differentiation, and product pricing to gain maximum market shares. Players try to expand their business by entering new and less explored geographies like Latin America, Africa, and APAC.
Industry/ Innovations/ Related News:
June 5, 2018 – Henkel AG & Company, KGaA (Germany), a leading global brand for personal, home care and consumer goods announced the acquisition of TSG Consumer Partners, an American private equity company, to add three big hair care brands to its portfolio, allowing expansion in North America region.
Global Hair Care Market – Segments
MRFR has segmented the market into five key dynamics for the convenience of the report and enhanced understanding;
By Products: Comprises Hair Styling, Shampoo, Hair Colorant, Conditioners, and Hair Oil, among others.
By Applications: Hair Treatment, and Scalp Treatment among others.
By Distribution Channels: Hypermarkets, E-Commerce, and Pharmacies among others.
By End-Users: Home Care and Salons among others.
Hair Care Market – Regional Analysis
Europe accounted for the dominating market for the hair care, possessing about 34.5% of market share in 2017. The spurted growth of hair colorants and other hair care products backed by the increasing aging population substantiates the market growth in the region. Besides, the presence of matured players and funding and investments transpired by them and growing cosmetic industries primarily in the countries like the U.K., Italy, and Germany among others, support the market the region.
North America market stands second in terms of both the market size and revenue. The market is escalating rapidly in the view of the high level of product innovation, changing formulations and emerging trends in the field of hair care. An average American consumer increasingly spends on hair care products.
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