The global hair care market is projected to grow at a CAGR of 3.35% during the forecast period (2020 - 2025).
- The changing fashion trends and rise in awareness of the availability of new, more effective, and safer hair care products have led to a significant increase in the use of these products, which in turn boosting the hair care market globally.
- Furthermore, the growing demand for organic/natural products for personal grooming has become one of the primary concerns for individuals. Among the organic hair care products, owing to its wide usage, conditioners and shampoos held a majority share in the global organic haircare market in 2018. Furthermore, anti-dandruff organic hair oils are expected to register robust growth over the forecast period.
Key Market Trends
Growing demand for organic hair care products
The high demand for natural ingredients has been quite evident in the market studied, which has led to the majority of companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients. Among the organic hair care product types, such as conditioners and shampoos, serums and oils, and styling, the former holds a majority of the share in the global organic hair care market, owing to its wide usage. Furthermore, anti-dandruff organic hair oils are expected to register a robust growth over the forecast period. The demand for organic hair care products in Western Europe is expected to increase at a substantial rate. Moreover, the growing personal care industry is expected to boost the market in Latin America.
Asia-Pacific dominated the hair care market
China is the second largest market for hair care products worldwide, only after the United States. In APAC, the country holds the largest market share, and is expected to hold its position during the forecast period. It has the potential to become the largest market of hair care products over the next five to ten years. The usage of premium hair care products is most prevalent in tier one megacities, with increasing penetration in Chinaâ€™s inland tier two and tier three cities. This is further likely to increase with the growing middle class and consumption of consumer products. The increasing internet penetration and push of e-commerce companies to attract consumers is driving the sales from e-commerce in the Asia-Pacific region, while sales from the physical retail channel continues to dominate the market.
The industry leaders include L'Oreal, Henkel, and Procter & Gamble. The key players are actively focusing on gaining larger market shares, through constant innovation in products and investments in R&D, for the development of niche products. Considering the above-mentioned factors, the competitive rivalry in the industry is assessed to be high. Some key developments in the hair care market are as follows:
- Johnson & Johnson announced plans to start vertical construction on USD 18 million at the Lake Nona facility. This expansion helps to provide internal and external service to North American-based companies and functions in the Johnson & Johnson family, as well as Fortune 500 companies.
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