Hair Care Market to Gain Traction as Innovative Products Breeze in

The global hair care market is advancing at a stable pace, fuelled by the growing desire of consumers for healthy, lustrous, and sleek hair, says Transparency Market Research (TMR). The hair care market consists of several kinds of products including hair color, shampoo, hair conditioner, hair oil, and hair styling products. These are some key product segments of the global hair care market. In 2015, the global market for hair care products was pegged at US$81.3 bn, according to a research report by TMR. It is expected to attain a revenue worth US$105.3 bn by the end of 2024, displaying a constant CAGR of 3.0% between 2016 and 2024. 

Q. What are the key trends and opportunities influencing the growth of the global hair care market? 

Growing demand for superior quality hair care products from the rapidly expanding middle class consumer population is one of the key trends marking the growth of the global hair care market. The emerging markets including the Middle East and Africa, Latin America, and Asia Pacific have been thriving with increasing demand. Rapidly increasing disposable incomes of the middle class are also responsible for the growth of the market. Highly alluring TV commercials and the introduction of innovative products are some other factors that are likely to open up more windows of opportunities.  

Q. Which geographical segments can contribute significant revenue to the overall market for hair care products?

Although Europe and North America display considerable demand for hair care products, developing countries such as India, Russia, China, Indonesia, Thailand, and South Korea have been recognized as a terrain rampant with growth opportunities. Local manufacturers in Asia Pacific, Africa, and Latin America have been considering customer preference while developing new products, harnessing advanced technology in the production processes. While there is an extensive use of hair oil in Asia Pacific, North America has been witnessing a high demand for hair conditioners. As the lifestyle standards of the population in developing countries has been improving, the demand for superior hair care products will keep rising. 

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Q. What does the vendor landscape of the global hair care market look like? 

The global hair care market is consolidated with regards to vendor landscape, states TMR. The top market players, L’Oreal S.A., Henkel, Unilever, and Procter & Gamble held a combined share of 55% in the global market for hair care products in 2015. A number of hair care manufacturers are introducing innovative products. For instance, in June 2017, it was announced that Kenra Professional, a Korean skin care company, is planning to launch its anti-aging range of hair care products that is imbued with the magic of snails. Snails are a crucial part of Korean traditional anti-aging secrets. This is because snail protein can significantly rejuvenate dull hair, reducing breakage and boosting lowered elasticity, which is an inevitable outcome of aging.   

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