Hair Care Market Projected to Reach of US$ 100 Billion by 2023- IMARC

The global hair care market has been witnessing a positive growth. This is due to rapidly increasing R&D activities for formulation of more effective and safe hair care products along with a rise in aging population in developed regions.

Hair care forms one of the most important parts of the day-to-day beauty regime. There are several products that are being manufactured in order to maintain healthy hair. These products are made up of natural or synthetic ingredients including agents, emulsifiers, preservatives and surfactants. Hair care products are extensively used by individuals as well as professionals in salons for the purpose of preventing damage, and enhancing texture and quality of hair. A new research report titled “Hair Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the market was worth US$ 85 Billion in 2017. The report further anticipates the market to reach a value of US$ 100 Billion by 2023, at a projected CAGR of more than 3% over the forecast period.

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Global Hair Care Market Drivers/Constraints:

The rising trend of personal care and grooming coupled with the growth in the organised retail sector has facilitated the demand for hair care products, particularly in developing regions.
There has also been a rise in the aging population across various developed nations such as the United Kingdom and the United States, which has created a huge opportunity for the sales of hair products.
In order to formulate more effective and safer products, manufacturers are engaging in increasing number of activities related to research and development which, in turn, is contributing towards the market growth.
However, growing concerns regarding the hair disorders which are caused by hair styling products, gels, dyes and serums act as a key factor which is impeding the growth of the market.

Product Type Insights:

On the basis of type, there are a large number of hair care products available in the market for the varying needs of the consumers. Currently, shampoo accounts for the majority of the market share, followed by hair colour, conditioner and hair styling.

Regional Insights:

On a geographical front, North America enjoys a leading position in the global hair care market. This is due to the increasing male grooming and a high demand for hair treatment or scalp treatment products in the region. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:

Kao Corporation
L’Oréal
Procter & Gamble
Unilever
Johnson & Johnson

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source: imarc group

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