Hair Care Industry Key Developments and Growth Factors 2020

Beauty Consultants

Updated on Nov 14, 2019

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In the Global Hair Care Market, many products are available to address the growing demands for hair problems including hair and scalp treatment. In recent years, the global market for hair care witnessed a huge growth. The Global Hair Care Market is expected to register a CAGR of 3.40% during the forecast period.


A variety of products are available in the Global Hair Care Industry.


Based on product, the market is segmented into hair styling, shampoo, hair colorant, conditioners, and hair oil. Under the shampoo segment, the major products offered in the market are inclusive of botanical/herbal, vitamin/mineral fortified, and moisturizing/ hydrating shampoos. Shampoos have been popular in the hair care market. This can be attributed to their dual function of cosmetology and therapeutics. A variety of the shampoos available in the market performs both the cleansing of hair as well as can also be used for the treatment of conditions like dandruff. Thus, the shampoo segment held the largest market in 2016 and is estimated to reach USD 30,780.1 million by 2023 from USD 24,164.4 million in 2016.


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Research Methodology



Major Vendors:


Unilever


L’ORÉAL


Shandong Baisheng Biotechnology


OLVEA


Oriflame Cosmetics, etc.


The global haircare market, by region, is divided into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Europe accounted for the largest market share of about 34.5% in the global haircare market. The large share is majorly attributed due to the presence of developed economies such as the U.K., Italy, and others, and growing cosmetic industries within the region. Americas accounted for the second largest market share whereas Asia Pacific is expected to grow at the fastest CAGR of 3.81% during the forecast period. The presence of huge opportunities and continuously developing economies drive the market within the region. The Middle East and Africa with the presence of low-income countries accounted for the least market share in 2016.


All the major global brands are offering the same range of hair care products resulting in a competitive market. To stand out, brands are now spending more on research and developments and are coming up with exclusive products. For instance, Davines has introduced The Wake-up Circle with masking properties common in skincare. Philip Kingsley has launched a waterproof hair screen. These innovations help in breaking clutters prevalent in the market and give the product an edge over the competitors.


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The U.S. is one of the largest markets for hair care owing to the presence of many multinational companies, such as Revlon, MAC Cosmetics, Avon, and L’Oreal.


Asia Pacific is expected to grow at a rapid speed. Japan, China, and India are the major markets in this region. Among these, India is expected to register the fastest CAGR owing to the presence of several hair oil products.


The Middle East and Africa generate the least amount of revenue due to the presence of low-income countries in the region.


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