hair care market was valued at US$81.3 bn in 2015. Rising at a healthy CAGR of 3.0% during the forecast period 2016–2024, the global revenue valuation is estimated to reach US$105.3 bn by 2024.
What are the factors augmenting the growth of the global market?
Healthy and voluptuous hair has always been considered attractive. In recent times, however, innovative hair styling has also gained popularity. As a result, advanced hair styling products such as holding sprays, mousse, heat-resistant sprays, serums, sprays for curly hair, and gels are experiencing a surge in demand. Another important factor that is sustaining the growth of the global market for hair care is the demand for healthy, lustrous, and manageable hair. This factor often drives the purchase decisions of most consumers.
The influence of the fashion industry, a rise in global aging population, and the growing focus on natural hair care products are some of the emerging trends that are further propelling the market. Moreover, there has been an exponential rise in male consumers for hair care products, not only because of increased awareness but also due to growing cases of baldness and grey hair.
Which regions are most lucrative for hair care?
Asia Pacific contributes significantly to the global hair care market and accounted for a share of 33.12% in 2016. India, with a vast population, has always been the most lucrative country-wise market for hair care products and several key vendors are constantly focusing on introducing new products here. Currently, products with natural ingredients are gaining momentum, especially in urban regions. China, another Asia Pacific country with immense population, is extending the demand for hair care products due to increasing awareness regarding personal grooming and the rising disposable incomes of the consumers.
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What are the strategies adopted by key players to gain advantage over others?
The global market for hair care is fairly consolidated, with four players holding more than 55% of the market in 2015. These four players are: Procter & Gamble, Henkel, Unilever, and L’Oreal S.A. Typically, product innovation is the most successful business strategy adopted by these companies to gain ground in the hair care market. For instance, Henkel Corporation launched OSiS+ in 2024, which is a new product that enhances hair volume while sustaining its natural look. Similarly, from 2014 to 2016, L’Oreal S.A. introduced a series of hair products with oil content. Brand expansion is another strategy that works in favor of prominent names. For example, Unilever plc. has extended its product portfolio with its leading hair care brands Sunsilk, Dove, Lux, TRESemmé, and Clear.