Between 2023 and 2033, the professional hair care products market is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 4.4%. Starting at US$ 23.06 billion in 2022, the market is expected to soar to a value of US$ 35.47 billion by the end of the forecast period.
Thus, the consumers are getting more sophisticated in nature and this has resulted to the modernization of buying behavior for personal care products. This has resulted in the development of unique products fulfilling the diversified consumer needs due to difference in cultures, hair types and regions.
Moreover, growing the issues of protection on hairs; there will be a need to have professional care products planted in about five or six years. In the coming years, professional hair care products is likely to register an annual growth rate of about 5%-6%.
Factors like hair stylist recommendations, the efficacy of the products and penetration in hair care services are likely to aid the accelerated growth of professional haircare products market in upcoming years.
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The professional hair care market is expected to witness growth due to factors such as increased consumer spending on personal care products, growing disposable income of consumers in emerging nations, and increasing penetration of hair salon services across the globe.
In addition, changing hair grooming pattern especially among the male consumers is expected to fuel the market growth. However, high pricing coupled with less availability of professional hair care products across the designed distribution channels are restricting the market growth.
Although, the professional hair care products market has attained a maturity level in developed countries, introduction of highly specialized products in shampoo and hair colorant category is anticipated to enhance the market growth. Also, in developing countries introduction of products addressing issues of consumers related to grey hair, dandruff and hair loss are expected to fuel the market growth.
For instance, in India inclination of consumers towards enhanced hair appearance is a key trend leading to a shift in consumers from conventional products to professional hair care products. Furthermore, increasing product visibility across multi retail outlets aids the market growth during 2015-2020.
The professional hair care products market is segmented on the basis of product type, and distribution channels. The various professional hair care products are broadly classified as conditioners, shampoos, hair colorants, hair serums, hair masks, hair sprays, and others.
Among abovementioned products, the hair colorants category is expected to witness a growth of around 8% to 9% as compared to the other products. The various distribution channels through which the professional hair care products are marketed include spa and salons, web or online shopping stores, supermarkets and hypermarkets, speciality stores, and others.
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North America is expected to dominate the market during the forecast period, accounting for more than 30% of the market share by 2020. However, Asia pacific is expected to record highest CAGR as compared to other regions. Changing consumer buying patterns supported by increasing disposable income and spending on personal care products in countries such as India and China is driving the growth of professional hair care products in this region. Furthermore, growth of organizedretail industry is expected to enhance the demand for professional hair care products in MEA.
Some of the major international players in this market include
- L’oreal Group
- Kao Group
- Henkel AG & Co.
- Aveda Corporation
- Procter & Gamble Co.
- Unilever Group, and
- PBI Group Inc.
- among the others.
As a strategic move to enhance the product visibility, these companies are focused on increasing product penetration through online retailing, and creating awareness for hair care products through advertisements.
In addition, high promotional activities such as increasing television commercials, value added packages in the hair care products range, and other offers has led to increased purchase of hair care products across the globe.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product type and distribution channels.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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