Hair Care Products Market Is Estimated To Witness High Growth Owing To Increasing Consumer Spending On Personal Care & Evolving Fashion Trends
The Hair Care Products Market is estimated to be valued at USD 99.47 Billion in 2024, exhibiting a CAGR of 3.2% over the forecast period (2024-2031). With rapid urbanization and growing consumer awareness about hair styling trends, the demand for innovative hair care products, such as serums, oils, gels, and sprays, is on the rise. Furthermore, the increasing spending power of the middle-class population especially in developing regions of Asia Pacific and Latin America is expected to drive the market growth during the forecast period.
Rising disposable incomes and changing consumer lifestyles
Rapid improvements in economic conditions across various countries have augmented consumers' disposable incomes. This has encouraged consumers to spend more on personal care and grooming products including premium hair care items. Additionally, evolving fashion trends and increasing social media influence have prompted buyers to experiment with their looks using various hair styling products.
Growing demand for natural and organic ingredients
Consumers are increasingly demanding hair care products made from natural, herbal, and organic ingredients due to rising health and environmentally-conscious mindsets. They are willing to pay premium prices for bio-based offerings that cause no harm. To capitalize on this trend, manufacturers are incorporating natural oils, herbs, and other plants.
Growing Focus on Appearance and Personal Grooming
The hair care products market is being driven by the growing focus of consumers on their appearance and personal grooming. With rising incomes and exposure to global trends through social media, people are paying more attention to styling their hair on a regular basis. This has increased the demand for hair coloring products, hair styling products like gels, mousses, and hair sprays. The market sees substantial growth in sales of premium and professional hair care brands that promise salon-like results.
Increasing Social Media Influence
Social media platforms have given much importance to portraying an attractive and well-groomed appearance. People extensively use various hair styling techniques and products to get trendy hairstyles that they see on these platforms. Beauty bloggers and influencers promote the use of various hair masks, serums, and other grooming products. This widespread social media influence is a major growth driver as it encourages product trials and encourages people to try out new launches in the hair care segment.
High Prices of Premium and Professional Hair Care Products
While the demand for premium professional hair care brands is increasing, the high prices of these products act as a deterrent for many consumers. Saloon-focused products often come with hefty price tags out of the budget of price-sensitive customers. This restrains the overall market growth as a large section can only afford mass-market affordable products.
Availability of Counterfeit Products
The high profitability of the hair care market has led to the manufacture and sale of counterfeit products. These duplicate products sold at lower costs affect the sale of original premium brands. It misleads customers and also compromises product efficacy and quality. This poses safety concerns and loss of credibility of major brands in the long run. The proliferation of fake products in the market creates restraints for the legitimate organized hair care products industry.
Rising Demand for Natural and Organic Products
Consumers are increasingly preferring natural, organic, and pollution-free hair care products due to growing health awareness. This provides a massive opportunity for brands to tap into the demand for ingredients like natural oils, herbs, and plant-based formulations. Products with no sulfates, parabens, and silicones are gaining popularity.
Expanding E-commerce Sales
The growth of e-retailing during pandemic has opened new opportunities for hair care brands. Online shopping for these products has increased manifold due to safety, convenience, and high availability of all brands on various e-commerce platforms. This allows brands to leverage the digital medium to expand their reach, provide customized solutions, and target a much wider consumer base beyond tier I cities. Leveraging e-commerce channels can boost sales and market coverage extensively.
Link - https://www.coherentmarketinsights.com/market-insight/hair-care-products-market-1396
Key Developments
- In March 2023, CODE, a brand under the Nourish Pvt. Ltd. company, announced the expansion of its haircare product portfolio with the launch of a new hair serum. This addition to the CODE brand's offerings demonstrates the company's commitment to providing consumers with a comprehensive range of haircare solutions.
- In 2023, Dabur Vatika, a well-known personal care brand, launched a new hair growth oil product featuring a blend of rosemary, hibiscus, and coconut oil. This new offering from the Dabur Vatika brand is likely aimed at addressing consumer demand for natural, plant-based solutions to promote healthy hair growth and nourishment.
- In January 2022, Garnier, a subsidiary of the L'Oréal group, introduced its "No Rinse Conditioner" product across European markets. This launch likely aimed to provide consumers with a convenient and time-saving hair conditioning solution that eliminates the need for rinsing, making it suitable for on-the-go use or situations where access to water is limited.
- In 2020, Aveda, a renowned cosmetics company, announced that all of its product lines, including hair care, hair color, body care, makeup, and aroma products, have been reformulated to be 100% vegan. This significant move by Aveda aligns with the growing consumer demand for cruelty-free and plant-based beauty products.
- In 2020, Herbal Essences, a hair care brand owned by Procter & Gamble, launched a new range of aloe vera-based hair care products globally, with a focus on the Arab region. The collection includes a variety of items, such as leave-in hair oil mists, shampoos, and conditioners, all formulated with aloe vera as a key ingredient.
Key Players
L’Oréal S.A., Beiersdorf AG, Procter & Gamble (P&G), Unilever, Johnson & Johnson Services, Inc., Amorepacific, The Estée Lauder Companies Inc., Kanebo Cosmetics Inc., Himalaya Global Holdings Ltd., Shiseido Co., Ltd., Lotus Herbals Pvt. Ltd., Natura & Co., Moroccanoil, The Estee Lauder Companies Inc., Perse Beauty Inc., John Master’s Organic, Vogue International LLC (OGX), Real Purity Inc., Essential Care (Organics) Ltd., Rahua Classics, Natulique, and Art Naturals
