Originally published on Technavio:Global Hair Care Market Analysis Products, Distribution Channels, and Regional Trends - Forecast and Analysis 2023-2027

 

Summary:

This comprehensive analysis delves into the global hair care market, focusing on products, distribution channels, and regional trends, with a forecast period from 2023 to 2027. The market is anticipated to witness significant growth, projecting an increase of USD 19,677.67 million at a Compound Annual Growth Rate (CAGR) of 4.18% during this period.

 

Market Dynamics:

The growth of the hair care market is driven by the influential role of social media and blogging in shaping consumer decisions, particularly in online retail. Platforms such as YouTube, Instagram, and Pinterest play a pivotal role in product launches, brand reviews, and marketing campaigns, connecting online retailers with consumers. Social media strategies are expected to be key factors propelling market growth, with a focus on endorsements and promotions.

 

Market Trends:

An emerging trend contributing to market growth is the growing adoption of home salon services, particularly in regions like North America, Europe, and APAC. App-based salon service providers offering at-home grooming services have seen significant growth over the last decade. Mobile apps facilitate the ordering of salon services, bringing makeup artists directly to customers' addresses. Personalized home salon services, known for their low service charges and the convenience of home-based grooming, are expected to drive market growth.

 

Market Challenges:

A significant challenge for the hair care market is the adverse health effects of chemical or synthetic components used in products. Increased awareness regarding the harmful impact of these components, such as hair dyes, gels, and serums, has led to concerns about health disorders, including asthma, allergic reactions, and various forms of cancer. Overcoming the negative health effects associated with synthetic components poses a challenge for market growth.

 

Market Segmentation:

By Product:

- The hair color segment is anticipated to experience substantial growth during the forecast period, driven by factors such as the growing geriatric population and changing fashion trends. The segment, valued at USD 33,986.07 million in 2017, continues to grow, with rising demand for hair colorants globally. Challenges in producing less harmful and chemical-free hair colors are addressed by manufacturers, promoting segment growth.

- The shampoo segment is expected to maintain a steady year-over-year rate, offering innovative products that cater to specific customer requirements. Natural shampoos, gaining popularity, contribute to segment growth by addressing concerns related to pollution, UV rays, and harmful chemicals.

 

Distribution Channel By:

- The offline segment is set to dominate, with products primarily sold through retail formats such as specialty stores, hypermarkets, supermarkets, and others. These stores generate significant revenue, and manufacturers focus on marketing and promotion activities in collaboration with retail stores to enhance product visibility.

- The online segment shows significant growth, facilitated by the availability of diverse products through platforms like Amazon and Alibaba Group. The trend of online shopping and omnichannel retailing provides opportunities for companies to increase revenue through web portals.

 

Regional Analysis:

- APAC is projected to contribute 34% to the global market's growth, with China, Japan, and India being major revenue contributors. Factors such as rising disposable income, increased consumption expenditure, and a preference for fashion-oriented premium products drive market growth in the region.

 

Key Market Players:

Companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence.

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- Unilever PLC offers products under brands such as Head and Shoulders and Pantene.

- Shiseido Co. Ltd. provides products under brands like American Crew.

- L'Oreal SA offers products under brands such as Oribe and Goldwell.

 

The report includes detailed analyses of 15 market companies, providing a comprehensive understanding of the competitive landscape, key players, and their strategies.

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