In the era of social media, when people are giving more importance to appearance and grooming, the hair care industry has also taken a progressive path. Also, with increasing levels of pollution, researchers are suggesting to take good care of skin and hair. To harness the benefits of this booming market, the market players are introducing innovative hair care products for the consumers. In this blog, we will get insights into why the hair care market is a revenue-generating arena. Here are some statistics illustrating the importance of hair care in the daily lives of people.
- Even in the pandemic, the hair care product demand increased by almost 2.1% in 2020.
- Almost 86.1% of surveyed men confessed that hair styling is a reflection of their personality
- In the UK, almost 44.1% of men (aged between 16 to 24) are worried about hair loss
- In the year 2023, data revealed that almost 71.2% of women are more confident when they have a good hair day.
- For the complete 12 months in the year 2023, hair care products sales grew by 26.1% in Europe.
The data is testimony that hair care has become an imperative aspect of people’s lives. Furthermore, the hair care market is an umbrella term used for various products used by consumers. Let us now discuss in detail the types of hair care products used by people.
- Shampoo
It has been estimated that a whopping 96 million people used Pantene Pro-V in the year 2020, in the United States. More and more people are becoming conscious of the health of hair and trying to resolve issues such as hair fall, dandruff, etc. In recent years, people have been demanding more sulfate-free shampoos on the back of their gentler and milder competition.
- Conditioner
In recent years, the usage of conditioners has increased significantly. It helps smoothen and detangle the hair by eradicating split ends and reducing breakage. Other than this, the spike in the problems associated with hair and scalp issues has grown across the globe, leading to a large number of people using conditioner. For instance, almost 90% of Japanese households do have air conditioning products.
- Hair colors
It has been estimated that almost 18.1% of adult men and 75.2% of adult women have used hair dye products. More than dark brown and black, demand for colors such as caramel brown, deep wine, beige, and burgundy is growing.
- Hair masks, heat protectant, curl gel, and pomade
There is an increase in the problems associated with hair and scalp issues in a large number of people across the globe. For instance, in the year 2019, a survey revealed that 4.1% of respondents stated that they had used hair masks numerous times. The hair masks reduce hair breakage, diminish frizz, and add shine to dull hair strands. Other than this, almost 160.1 million people are suffering from the alopecia areata. Market players are providing customized hair care solutions to consumers.
The adoption of hair care routines has taken some speedy pace and even outstripped the adoption of skin care routines. Also, some latest trends are going on in the industry which are:
- Anti-dandruff products have gained popularity
It has been estimated that dandruff affects almost 50.1% of the population. Numerous brands are turning to launch dandruff care products with alluring product designs. For instance, a prominent brand Head and Shoulders claimed that its anti-dandruff shampoo has been used by almost 1.31 billion people in almost 140 nations.
- Hair water is considered to be a miracle treatment
The hair water is hailed as an elixir for giving longer hair growth, boosting scalp health, eliminating hair damage, and eliminating dandruff. Market players have designed miraculous hair water to add moisture to the hair.
- Obsession with rosemary oil for hair
The video on the TikTok application has gone viral over the past few years and got almost 2 billion views. The benefit of rosemary oil for hair is that it can eliminate hair follicles from dying off. Hence, rosemary oil has gained significant importance for hair care.
Hair Care Market Analysis:
The hair care market is projected to cross almost USD 223 billion by the year 2036. The market is growing at a CAGR of almost 10% during the forecasted period and garnered almost USD 99 billion in the year 2023. The growth of the market can be attributed to the following factors:
- Surge in the hair related issues
- Rising demand for natural and organic products
- Rise in global pollution
- Widespread adoption of hair coloring
However, people with sensitive hair are experiencing allergic reactions on their scalp. This is acting as a growth restraining factor for the growth of the market. Various market players are introducing more chemical-free products and overcoming the challenge.
Other than this, the Asia Pacific, having a large consumer base, is projected to witness significant growth. The consumers are investing in hair care products more than ever. The second region witnessing the highest growth is North America. The growth of the market in the region can be attributed to the rising self-care awareness among people.
Some of the prominent market players in the domain are L’Oreal S.A, Coty Inc, Henkel AG & Co KGaA, Unilever PLC, Aveda Corporation, The Procter and Gamble Company, Revlon Inc, Kao Corporation, Natura & Co, Johnson and Johnson Services.
In a nutshell,
The above-written information shows that the hair care market is offering lucrative opportunities for growth in the forecasted period. However, it is crucial for the bussing as well as established market players to understand the intricacies of the market. An extensive market research report provides detailed information on aspects such as regional growth, growth restraints, market players, latest trends, growth aspects, etc. These factors are helpful for market players to carve a niche for themselves and stand ahead in the competition. Moreover, the market players can make prudent decisions for their business.