Hair Care Products Market Foreseen to Grow Exponentially over 2025
Hair care products help nourish and protect hair, further enhancing its quality and texture. It provides treatment for split ends, dandruff, and weak and dehydrated hair among various other hair problems. Increasing hair problems among consumers is growth of the global hair care products market. Increasing number of manufacturers are launching new products to reduce hair problems. For instance, in January 2017, Unilever plc launched Dove DermaCare Scalp Anti-dandruff Shampoo. Furthermore, rampant advancements in technology is propelling growth of the global hair care products market. For instance, Henkel Corporation launched Schwarzkopf Professional SalonLab, a digital system for customizing and quantifying hair care experience, in January 2018.
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Growing urbanization coupled with increasing beauty consciousness among men is increasing the demand for grooming products such as hair gels among the male population. This in turn is fuelling growth of the hair care products market. According to Coherent Market Insights, men’s grooming products market was valued at US$ 54.7 billion in 2016 and is expected to exhibit a CAGR of 8.91% during the forecast period (2017 – 2025). Stringent government regulations on cosmetic products such as Regulation (EC) No 1223/2009, which provides guidelines for manufacturing, labelling and others of various cosmetic products including shampoo is restraining growth of the global hair care products market. JR Beauty Organic Permanent Powder Hair Color, contained sodium perborate, which could cause eye damage, respiratory irritation, and harm fertility. The hair color was thus, recalled from the market in European by the European Commission’s Rapid Alert System, RAPEX.
Among product type, the shampoo segment held a dominant position in the hair care products market in 2016 and is expected to retain its dominance over the forecast period. High availability of specialized products such as herbal shampoo, baby shampoo, anti-dandruff shampoo, gluten-free shampoo, and shampoo for color treated hair, in turn is fuelling growth of this segment. For instance, Keranique launched a shampoo for color treated hair, in November 2017 and Unilever plc launched Dove Baby shampoo in April 2017. Furthermore, dry shampoo is gaining significant traction due its advantages such as increased ease and convenience over liquid shampoo. This in turn, is fuelling growth of the shampoo segment.
Among regions, Asia Pacific held a dominated position in the market for hair care products, and accounted for 35.48 billion in 2016. This is attributed to increasing sales for grooming products in countries such as China, South Korea, Japan, India, and Australia. According to International Trade Association (ITA), the domestic sales in China, in 2015 accounted for US$ 50 billion. Furthermore, the personal care and cosmetics segment in Australia is expected to grow by 4% during 2016 to 2018.
The market in Europe is expected to witness substantial growth. According to German Cosmetic, Toiletry, Perfumery and Detergent Association, the beauty products sector in Germany was valued at US$ 16.74 billion in 2016 and grew by 1.6% from 2015. Hair care products formed a major share of US$ 3.7 billion in 2016 in the beauty products market in Germany. Furthermore, according to the U.S. International Trade Association, annual expenditure on hair products in France was US$ 1.498 million in 2015. Thus, increasing demand for beauty and personal care products in Germany and France is expected to drive growth of the hair care products market in Europe.
Growing demand for personal care and cosmetic products is driving the hair care products market in North America. According to the U.S. Census Bureau, total retail trade sales of health and personal care products was US$ 299,263 million in 2014, which increased to US$ 315,257 million in 2015.
Asia Pacific accounted for highest market share of 43.45% in 2016 and is expected to sustain its dominance throughout the forecast period. Major manufactures are launching new products in this region to meet the rising demand for hair care products. For instance, in June 2016, L’Oréal S.A. announced the launch of a range of new hair care products including shampoo, conditioner and oil in India with natural ingredients.
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Manufacturers operating in the global hair care products market are adopting various strategies such as merger and acquisitions, collaborations, and new product launches to strengthen their foothold in the global market. For instance, in November 2017, Unilever plc announced its plans to acquired Sundial Brands LLC. In January 2018, L’Oreal S.A. introduced Elvive brand, a hair care line designed to help revive hair damage.
Key players operating in the global hair care products market include Unilever plc, Procter Gamble Co., L’Oreal S.A., Avon Products Inc., Revlon Inc., Aveda Corporation, Amka Products (Pty) Ltd., Johnson & Johnson Pvt. Ltd., Combe Incorporated, and Henkel Corporation.
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