This MRFR Market Perspective Examines the Historical Trends and Current Scenario of the “Global Hair Care Market” to Deliver a Highly Pertinent Growth Forecast. The Report Includes Key Trends, Drivers And Restraints That Are Likely To Influence The Market Over The Next Five Years.
Hair Care Market – Scenario:
The Global Hair Care Market is expected to register a CAGR of 3.40% during the forecast period. In the Global Hair care Market, a large number of products are available to address the growing demands for hair problems including hair and scalp treatment. In recent years, the global market for hair care witnessed a huge growth.
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This can be attributed to the increasing cosmetic expenditures, rising prevalence of hair related diseases, expanding hair and beauty industry, and strong marketing strategies by the players. However, increasing susceptibility to diseases such as cancer and asthma by the use of hair care products is estimated to restraint the market growth during the forecast period.
Further, the formulation of many hair care products is inclusive of various chemicals such as sodium lauryl sulfate, diethanolamine, peroxide, and others. The potential ill effect of these chemicals on health arises from itching to possible risks of asthma, cancer, and others. In the presence of such risks factors, the hair care market is witnessing increasing demands for Ayurveda products. Following the same course, a number of market players are incorporating natural composites in hair care products. Additionally, to fulfill such increasing demands, new market players such as Patanjali Ayurveda have entered the market with product lines including ayurvedic shampoos, hair oils, and others. According to the Indian Brand Equity Foundation, the penetration of the Ayurvedic hair oil penetration was estimated to be about 8.0% in 2017.
Hair Care Market – Segmentation
A variety of products are available in the global haircare market. On the basis of product, the market is segmented into hair styling, shampoo, hair colorant, conditioners, and hair oil. Under the shampoo segment, the major products offered in the market are inclusive of botanical/herbal, vitamin/mineral fortified, and moisturizing/ hydrating shampoos. Shampoos have been popular in the hair care market. This can be attributed to their dual function of cosmetology and therapeutics. A variety of the shampoos available in the market performs both the cleansing of hair as well as can also be used for the treatment of conditions like dandruff. Thus, the shampoo segment held the largest market in 2016 and is estimated to reach USD 30,780.1 million by 2023 from USD 24,164.4 million in 2016.
On the basis of application segment, the global haircare market is sub-segmented into hair treatment and scalp treatment. In the recent years, the hair health has degraded due to the ill effects mounted by pollution. Moreover, increasing number of cases reported for hair diseases like alopecia areata, and others, generated huge demands for hair care products. As a result, the consumption rates of the hair care products used in the treatment of the hair have increased. Thus, the hair treatment segment is estimated to be the fastest growing segment during the forecast period.
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The global haircare market, by region, is divided into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Europe accounted for the largest market share of about 34.5% in the global haircare market. The large share is majorly attributed due to the presence of developed economies such as the U.K., Italy, and others, and growing cosmetic industries within the region. Americas accounted for the second largest market share whereas Asia Pacific is expected to grow at the fastest CAGR of 3.81% during the forecast period. The presence of huge opportunities and continuously developing economies drive the market within the region. The Middle East and Africa with the presence of low-income countries accounted for the least market share in 2016.
Further, relatively the Asia Pacific region have huge opportunities for the development of hair care market due to the presence of developing economies such as India, Australia, China, and others. In the recent years, the Fast-Moving Consumer Good (FMCG) sector of India witnessed a huge growth. This boosted the market for various hair care products such as shampoo, hair oil, conditioners, and others within the region.
According to the Indian Brand Equity Foundation in 2017, the Indian FMCG sector is estimated to register a CAGR of 20.6% and is estimated to reach USD 103.7 billion by 2020 from USD 49 billion in 2016. Simultaneously, the disposable income in India has increased giving greater liberty to the individuals for higher spending on personal care products. Therefore, such changes in the lifestyle are estimated to increase the consumption rate of hair care products within the region. This can be seen as an opportunity by the market players to expand their products within the growing regions of Asia Pacific.
Major TOC of Hair Care Market Research Report – Forecast to 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Hair Care Market, by Product
7 Global Hair Care Market, by Application
8 Global Hair Care Market, by Gender
9 Global Hair Care Market, by Distribution Channel
10 Global Hair Care Market, by End User
11 Global Hair Care Market, by Region
12 Competitive Landscape
13 Company Profiles
14 MRFR Conclusion
16 List of Tables
17 List of Figures
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