Straits Research forecasts the hair care market to witness significant growth, reaching a revenue of USD 112,270.54 million by 2031, with a CAGR of 3.2% over the forecast period

There is a growing market for damage control hair care products, including shampoo, conditioner, and hair oil. Global companies like Garnier, P&G, and Unilever are competing to capture a significant share of this market. Customers prefer using these products as alternatives to costly procedures like hair transplants or tattoos. This consumer preference is expected to drive the market for damage control products in the foreseeable future.

New York, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Hair care involves using various products to cleanse, maintain, and improve the texture and appearance of the hair. Gels, oils, rinses, tonics, masks, serums, shampoos, dressings, conditioners, and sprays are typical examples of these products. Several companies are currently releasing silicone- and sulfate-free products that are novel and innovative to keep up with the ever-changing hair trends. Due to the diversity and complexity of hair types and concerns, several businesses offer customized products to meet the needs of specialized consumers. These products range from cleansing, styling, softening, and strengthening to scalp care, damage repair, thermal protection, frizz control, color retention, moisturizing, and bond-building.

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Increasing Portfolios and other Investments Drive the Global Market

The industry is under increasing pressure due to the accessibility and easy availability of hair care products such as shampoo, conditioner, oil, and spray. Consumer spending on hair care products is also rising. The market has also seen an increase in millennials with hair problems like hair loss and dandruff due to changing lifestyle habits, along with a rise in stress levels among the population of working-class women, which is anticipated to boost demand for these products in the forecast period. In response to the rising price of hair care products, market participants use various strategies to gain market share, including product innovation, market expansion, promotional investments, etc. For instance, Loreal Paris launched the Botanicals Fresh Care hair care brand in 2017 to strengthen its position in the high-end hair care market in the United States.

Increased Demand for Damage-Reducing Haircare Products Creates Tremendous Opportunities

Two of the most common hair care-related problems people confront worldwide are hair loss and an oily scalp. These problems are primarily caused by steamy, muggy weather, pollution, and other elements that force people to clean their hair daily, robbing their scalps and hair of natural oils. The sebaceous glands produce more oil. They are causing the scalp to get greasy as a result. 40% of persons who experience hair loss are women, according to the American Hair Loss Association. While genetic factors accounted for the bulk of cases, market research shows an increase in the percentage of hair loss brought on by environmental factors, other chemicals, and everyday hair products.

As a result, there is a huge market for hair care products like shampoo, conditioner, hair oil, and a wide variety that help to prevent damage and hair thinning. As a result, several multinational hair care firms, such as Garnier, PandG, and Unilever, compete to sell a sizeable share of the market for damage-controlling hair care products. Instead of spending money on a costly medical procedure like a hair transplant (USD 1300-2200/1000 grafts in South Korea), consumers are attempting to use hair damage management products inside and out. As a result, consumer desire for better damage control products will dominate the market throughout the anticipated period.

Regional Analysis 

Asia-Pacific's hair care market revenue is anticipated to expand at a CAGR of 3.75% during the projection period. The market is driven by consumer concerns about scalp health, particularly those related to hair thinning, hair loss, dandruff, and sensitive scalps. Additionally, the region's harsh climate is a significant factor in the market's rise. Furthermore, the creation of novel hair care products aimed at certain consumer groups (consumers with hair loss difficulties) is becoming increasingly popular. The market will eventually grow due to this and China's expanding per capita spending on personal care products. The increased demand for natural, organic, and customized individual care products is also a significant worry for consumers today.

Europe is anticipated to grow at a CAGR of 2.60% during the forecast period. The Spanish hair care market has undergone significant changes due to the launch of numerous hairstyling, hair regrowth, and hair colorant products over the past ten years. Throughout the projection period, the hair colorant and conditioner segments may have rapid adoption rates, while the shampoo segment is predicted to maintain its market dominance. Consumer worries about scalp health, such as hair thinning, hair loss, dandruff, and sensitive scalps, are expected to increase, leading to market growth. Creating cutting-edge hair care products tailored to different age groups and genders and rising per capita spending could hasten market growth.

Key Highlights

  • The global hair care industry share was valued at USD 84,556.80 million in 2022. It is projected to reach USD 112,270.54 million by 2031, growing at a CAGR of 3.20% during the forecast period (2023-2031).
  • Based on type, the global hair care market is bifurcated into shampoo, conditioner, hair color, hair oil, hair creams, masks, hair styling products, and other types. The shampoo segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.50% during the forecast period.
  • Based on distribution channels, the global hair care market is bifurcated into supermarkets/ hypermarkets, specialty stores, online stores, drug stores/ pharmacies, convenience stores, and other distribution channels. The supermarkets/ hypermarkets segment is the highest contributor to the market and is estimated to boost at a CAGR of 2.55% during the forecast period.
  • Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 3.75% during the forecast period.

Competitive Players

The global hair care market's top 13 key players are Shiseido Co. Ltd, Johnson and Johnson Services Inc., Unilever PLC, Amway Corporation, Procter and Gamble, L'Oréal SA, Henkel AG and Co. KGaA, Natura and Co., Beiersdorf AG, The Estee Lauder Companies, Himalaya Global Holdings Ltd, Dabur India Ltd, Kao Corporation, and Oriflame Group.

Market News

  • In March 2023, Dyson confirmed the launch of 20 new hair products globally in the next four years.
  • In March 2023, Vantage Personal Care launched Jeesperse® NoLo Self-Emulsifying bases for waterless hair care applications.

Global Hair Care Market: Segmentation

By Types

  • Shampoo
  • Conditioner
  • Hair Color
  • Hair Oil
  • Hair Creams
  • Masks
  • Hair Styling Products 
  • Other Types

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • Online Stores
  • Drug Stores/ Pharmacies
  • Convenience Stores
  • Other Distribution Channels

By Regions

  • North America
  • Europe
  • Asia-Pacific

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