TAGS: Hair Care
According to a new report by Transparency Market Research, the global hair care products market to exceed valuation of USD 72 bn by 2031. In terms of revenue, the market is estimated to expand at a CAGR of 5.1% respectively, during the 2031 forecast period, owing to numerous factors.
Increased awareness about hair care, high penetration of salon services, and rise in disposable income are some of the major factors fueling the growth of the global hair care products market.
Key Segments of Hair Care Products
The shampoo segment accounts for major share in the global hair care products market followed by the conditioner & mask segment. Rising prevalence of hair disorders, such as dandruff, hair fall, oily hair, dryness, and itchiness is responsible for the adoption of hair care products globally. Rapid urbanization, increasing per capita income, and change in lifestyle are also significantly contributing to the growth of the global market.
The market is witnessing increased demand for natural and organic hair care products, owing to several health hazards associated with the use of synthetic products. Although conventional shampoos undeniably clean the hair, they are known to cleanse sometimes to the point of eliminating the vital natural oils of the hair and the scalp, causing them to dry out, leading to itchiness.
The synthetic segment accounts for a major share in the global hair care products market. Majority of hair care products available in the market today is made artificially. However, organic products are anticipated to grow at a significant rate during the forecast timeline. Organic hair care products are made with types that meet the same standards as organic food. This means no harsh chemicals. Hence, these products have no side effects. This is leading to the growing demand for organic hair care products. Organic hair care products are often made from natural or plant-based sources.
Women Segment Held Major Share in 2020
In terms of end-user, the women segment held major share in 2020. Rising disposable income, growing working women’s population across the world, and increasing aspiration to obtain healthy hair are expected to fuel the demand for hair care products among women in the global market. Inclination of the younger generation toward natural and organic products is expected to increase the demand for hair care products across the world.
Based on distribution channel, the offline channel accounts for maximum share of the global hair care products market. Various factors contribute to the expansion of this segment in the global market. Offline channels enable buyers to check the product, and buy as per their requirement. However, the online channel is expected to grow at a significant rate during the forecast timeframe.
Hair care products are sold by leading players globally with the help of big retail giants, and manufacturers of hair care products also sell the products through regional retail players, and through authorized offline distribution channels, which is projected to drive the market during the forecast period.
Source: Transparency Market Research