TAGS: Hair Care
According to Allied Market Research report titled, "Professional Hair Care Market by Form and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global professional hair care market size was valued at USD 18596.9 million in 2018 and is projected to reach USD 26,242.7 million by 2026, registering a CAGR of 4.6 percent from 2019 to 2026.
Rising Concern Over Hair Protection
Over the past couple of decades, there has been a rise in the concern over the hair protection, hair fall, hair density, as well as the quality of hair that needs to be maintained from time to time among the customers. This triggers the demand for various professional hair care products such as shampoo, hair color, and others.
Increase in celebrity influence, persistent self-consciousness about facial appearance and look are some the key factors boost the demand for professional hair care products including hair color, hair wax, hair straightener, and others. Increase in self-awareness toward following trending fashion among youngsters is expected to drive profits in the professional hair care market. Furthermore, the availability of these professional hair care products in the market through different distribution channels that include online stores, salons, and others also boosts the professional hair care market growth.
Hair Coloring: Fastest Growing Segment
The hair coloring segment in the professional hair care market is anticipated to be the fastest growing segment during the forecast period. This is attributable to the rise in social media including Instagram as well as increase in celebrity influence has contributed toward rise in awareness about fashion trends related to hair color such as gray and pastel color specifically among the young consumers.
In addition, golden Ombore hair color, rose blonde hair color, gray and pastel hair color, and nude hair color are some of the best hair color trends at present. Moreover, increase in number of hair salons and spas is also contributing in fueling the growth of the hair coloring segment in terms of value sales.
The e-commerce segment in the professional hair care market is anticipated to be the fastest growing segment during the forecast period. This is due to the easy accessibility, heavy discounts, and offers on cosmetics products including professional hair care. This boosts the adoption of e-commerce in the professional hair care market, and becomes a popular medium for the purchase of professional hair care products.
Moreover, easy availability of different types of professional hair care products along with the information about the ingredients used in hair care products and the facility of home delivery contribute to the growth of online sales.
Key Findings
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By product type, the shampoo segment accounted for the highest market share in 2018, growing at a CAGR of 4.5 percent from 2019 to 2026.
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By distribution channel, the salons segment occupied the maximum share in in 2018 and is expected to dominate the market forecast.
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By region, North America accounted for about 35.46 percent in 2018 of the market by share and is expected to grow at a CAGR of 4.3 percent.
Source: Allied Market Research