TAGS: Hair Care
According to a report by Grand View Research, the global luxury hair care market size is anticipated to reach USD 31.50 billion by 2027, expanding at a CAGR of 5.9 percent from 2020 to 2027. Increasing e-commerce sales and growth of the male wellness sector are some of the major factors contributing to the rising demand for the product worldwide.
Asian Consumers Prefer Luxury Haircare Brands
Luxury hair care brands are expected to focus more on the packaging design of products to appeal to an expanding ‘influencer generation’ in the country who keep on sharing their
hair care moments with their friends or/and followers on social media.
Asian consumers, most notably Chinese, Japanese, and Indians, see luxury cosmetics (including hair care products) as a form of social capital that marks them apart in society. High-end consumers in the Asian markets increasingly prefer luxury hair care brands that resonate on a cultural level. In the coming years, multinational luxury hair care firms are expected to introduce boutique brands to incorporate local aesthetics to increase product appeal among consumers.
Asia Pacific: Largest Regional Market
Asia Pacific emerged as the largest regional market for luxury hair care in 2019. This region is forecast to maintain its lead throughout the forecast timeframe, given the increasing popularity of prestige products among an expanding consumer base.
In an effort to stem the rapid spread of the COVID-19, countries across the Asia Pacific, most notably India, continue to push for social distancing rules, thereby forcing individuals to stay indoors. Such moves, in turn, are expected to have a negative impact on the growth of the regional market, mainly throughout the remainder of 2020.
Source: Grand View Research