Hair Care Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product Type (Shampoo, Hair Colorant, Conditioner, Hair Styling Product, and Hair Oil); Distribution Channel (Supermarkets/Retail Stores, Salons, E-Commerce, Pharmacies, Specialty Stores, and Others); and Region/Country
Global Hair Care Market is expected to grow at a significant rate of around 4% during the forecast period. Hair care is an overall term for hygiene and cosmetology involving the hair which grows from the human scalp and to a lesser extent facial, pubic, and other body hair. Hair care routines differ according to an individual’s culture and the physical characteristics of one’s hair. In addition, hair care products come under the category of cosmetics and personal care products. Hair care products assist men and women in maintaining the health and cleanliness of their hair while also protecting it from injuries. Moreover, the range of products available in the market for various applications depends on the type of hair. In recent years, the demand for hair care has risen dramatically due to the rising awareness among consumers of their hygiene, and lifestyle. For instance, in October 2021, Lov’n Ur Hair launched an all-natural hair growth system that promotes growth, health, education, and long-lasting results. For individuals who anticipate positive returns from careful investments, a hair care system experience.
Amway Corporation, L’Oréal S.A., Henkel, Procter & Gamble Co., Unilever plc, Kao Corporation, Oriflame Holding AG, Revlon Inc., Avon Products Inc., and Johnson & Johnson are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, shampoo category to witness robust CAGR during the forecast period”
Based on product type, the market is segmented into shampoo, hair colorant, conditioner, hair styling product, and hair oil. The shampoo category is to witness higher CAGR during the forecast period owing to its different hair enrichment content, which includes vitamins, botanical extracts, minerals, oils, and other ingredients that assist stimulate hair growth from the scalp follicles. The changing consumer perception toward organic products, coupled with the growing utilization of environmentally sustainable products, has fueled the demand for naturally derived products. In addition, with the use of shampoos consumers can remove the unwanted buildup without shedding hair or sebum. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, Atulya, the highly acclaimed brand of Beacon Bio Life Sciences Private Limited, has launched its new Veg Keratin and Wheat Protein range of products, which includes hair shampoo, hair conditioner, hair oil, and hair mask.
“Amongst distribution channels, the supermarkets/retail stores to hold a significant share in the market in 2020”
On the basis of distribution channel, the market is categorized into supermarkets/retail stores, salons, e-commerce, pharmacies, specialty stores, and others. Among these, the supermarkets/retail stores to hold a significant share in the market in 2020. This is mainly due to the availability of a wide range of goods under a single roof, eliminating the need to browse in multiple stores. Similarly, the consumers’ ability to physically see the item reduces the chance of purchasing counterfeit goods. In addition, supermarkets/ retail stores are working as the biggest distribution channel due to changes in living standards and shifts in consumers’ buying behavior.
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising awareness about personal hygiene and well-being along with the gradually increasing disposable income levels and standards of living. Furthermore, hair care has always been a top priority for both men and women. Over 30% of men and around 22% of women, globally, prioritize hair care over skin, face, and physique. In addition, the countries like China, South Korea, Japan, and others are showing rapid progress due to which consumers in these regions experience extreme air pollution will lead to the cleaning of hair. Also, major players in the market continue to invest in launching new products for hair care. For instance, Adon Hair Care Clinic, an India-based hair transplant firm, launched Growdense Hair Serum in July 2021, which is FDA-approved and developed for hair and scalp care. This serum treats hair loss problems without any side effects and helps in hair regrowth.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Hair Care Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Hair Care Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global hair care market were the three major steps undertaken to create and analyze the adoption of hair care in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hair care market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the hair care market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hair care market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hair care market. Further, we conducted factor analysis using dependent and independent variables such as various product types and distribution channels of the hair care market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hair care market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hair care market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the hair care market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global hair care market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hair care market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product types and distribution channels in the global hair care market.
The main objective of the Global Hair Care Market Study
The current & future market trends of the global hair care market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the hair care market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product types and distribution channels.
- Define and analysis of the regulatory framework for the hair care
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the hair care market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the hair care market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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