TAGS: Hair Care
According to Transparency Market Research Report, the global hair care market has been growing at an exceptional rate in the past few years and is expected to maintain the pace in future too. Regional and global players are leveraging the potential of hair cosmetics to establish a steady stronghold in the hair care market.
The global hair market was valued at USD 81.3 billion in 2015 and is projected to expand at a steady 3 percent CAGR between 2016 and 2024. The market is expected to reach USD 105.3 billion by the end of 2024.
Shampoos & Hair Colors to Lead the Market
Based on the type of products, the global hair care market is divided into shampoo, hair color, conditioner, hair styling products, and hair oil. The shampoo segment is expected to hold 30.9 percent share of the global hair care market.
With the rising pollution levels, people are frequently considering washing their hair. Even doctors recommend periodical hair wash to maintain freshness and prevent hair diseases. At the same time, youth is facing issues with hair loss, dandruff, and other scalp related problems. Players in the global hair care market have introduced shampoos that address these problems, thus aggravating the demand in the global hair care market.
The increasing interests among people in improving their appearance and maintaining healthy hair has increased consumption of hair color products, giving the hair colors segment highest share in the global hair care market.
Region Wise Growth
Among the various regions, Asia Pacific is witnessing abundant prospects over the past few years. In 2016, the region held 33.12 percent of the total share in the market. Economies of India and China have seen a proliferation of hair care products targeted towards male population.
Meanwhile, North America and Europe will continue to remain prominent in the global hair care market.
Some of the key players in the global hair care market are
Procter & Gamble, Avon Products, Loreal Sa, Unilever Inc., Neutrogena Corporation.
Source: Transparency Market Research