Hair Care Market Size to be Driven by the Increased Demand from Personal Care Segment in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Hair Care Market Size, Share, Growth, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Hair Care market, assessing the market based on its segments like type, product and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 92 billion
- Forecast CAGR (2023-2028): 4%
- Forecast Market Size (2026): USD 25.35 billion
The global hair care market has grown steadily over the years, with increasing understanding of the importance of hair care boosting the market. The rising e-Commerce industry in the beauty and personal care segment is propelling this market’s growth.
Industry Definition and Major Segments
Hair care is an encompassing term for grooming and cosmetology pertaining to hair that grows from the human scalp. Hair care habits differ according to culture, fashion trend and the physical features of one’s hair. Haircare by various services and products includes scalp hair, facial hair, and hair on other areas of the body.
To care for hair, various treatments are applied to it, including shaving, plucking, waxing, and colouring, among others. Shampoo, hair colour, conditioner, hair colouring products, and hair oil are some of the products available in the hair care industry.
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Based on types, the hair care market can be divided into:
- Hair Care Product
- Hair Care Service
Based on product, the hair care market can be segmented into:
- Shampoo
- Hair Colour
- Hair Styling Products
- Hair Oil
The global market for Hair Care includes:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growing understanding of hair care products among both men and women is boosting the demand for hair care products. Hair colour would be in high demand as a result of the current fashion trend. There are several brands available in the market, which will drive the market. As consumers prefer natural or herbal products, natural hair care products are expected to dominate the market. The increased hair issue around the world is improving the hair care industry.
The growing hair-related problems and fashion industry trends are expected to drive the demand in the coming years. Furthermore, increased global penetration of salon services and an increase in demand for professional products are expected to fuel the market in the forecast period. Also, technological advancements in food manufacturing are expected to fuel the market during the forecasted years.
As consumer income in this area rises, Asia Pacific is expected to hold the largest share of the market during the forecast period. The growing fashion trend and influence of the western lifestyle in this area is boosting the demand for hair care products. According to estimates, India has the largest market share for hair oil products.
India has the most hair oil products on the market. China is also projected to have the highest CAGR during the forecast period because Chinese women are very beauty conscious, spending more than 40% of their earnings on beauty care items. The fact that China has the world’s largest ageing population is boosting the demand for hair colour products.
Key Market Players
The major players in the market are Henkel AG & Company, KGaA, Kao Corporation, L’Oréal S.A., Procter & Gamble, (NYSE: PG), Unilever and a few others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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