The professional hair care products market is anticipated to grow at a CAGR of 4.4% between 2023 and 2033. The market is currently valued at US$ 23.06 billion, but it is predicted to grow to Bn by 2022
Consumers are becoming sophisticated in nature which has led to change in buying patterns for personal care products. Thishas led to introduction of customized products sustaining the assorted need of the consumers based on different cultures, hair types, and regions.
Also, rising concerns for hair protection, demand for professional hair care products is expected to increase in the next five to six years. Professional hair care products are predicted to record a growth of around 5% to 6% annually in the near future.
Factors such ashair stylist recommendations, efficacy of the products, and increasing penetration of hair care services are expected to bolster the professional hair care products market growth in near future.
The professional hair care market is expected to witness growth due to factors such as increased consumer spending on personal care products, growing disposable income of consumers in emerging nations, and increasing penetration of hair salon services across the globe.
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In addition, changing hair grooming pattern especially among the male consumers is expected to fuel the market growth. However, high pricing coupled with less availability of professional hair care products across the designed distribution channels are restricting the market growth.
Although, the professional hair care products market has attained a maturity level in developed countries, introduction of highly specialized products in shampoo and hair colorant category is anticipated to enhance the market growth. Also, in developing countries introduction of products addressing issues of consumers related to grey hair, dandruff and hair loss are expected to fuel the market growth.
For instance, in India inclination of consumers towards enhanced hair appearance is a key trend leading to a shift in consumers from conventional products to professional hair care products. Furthermore, increasing product visibility across multi retail outlets aids the market growth during 2015-2020.
The professional hair care products market is segmented on the basis of product type, and distribution channels. The various professional hair care products are broadly classified as conditioners, shampoos, hair colorants, hair serums, hair masks, hair sprays, and others.
Among abovementioned products, the hair colorants category is expected to witness a growth of around 8% to 9% as compared to the other products. The various distribution channels through which the professional hair care products are marketed include spa and salons, web or online shopping stores, supermarkets and hypermarkets, speciality stores, and others.
North America is expected to dominate the market during the forecast period, accounting for more than 30% of the market share by 2020. However, Asia pacific is expected to record highest CAGR as compared to other regions. Changing consumer buying patterns supported by increasing disposable income and spending on personal care products in countries such as India and China is driving the growth of professional hair care products in this region. Furthermore, growth of organizedretail industry is expected to enhance the demand for professional hair care products in MEA.
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Some of the major international players in this market include L’oreal Group, Kao Group, Henkel AG & Co., Aveda Corporation, Procter & Gamble Co., Unilever Group, and PBI Group Inc., among the others. As a strategic move to enhance the product visibility, these companies are focused on increasing product penetration through online retailing, and creating awareness for hair care products through advertisements.
In addition, high promotional activities such as increasing television commercials, value added packages in the hair care products range, and other offers has led to increased purchase of hair care products across the globe.
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- Middle East and Africa
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