The worldwide hair care market size reached USD 75.06 billion in 2020. The market value is projected to rise from USD 77.15 billion in 2021 to USD 112.97 billion in 2028 at a 5.6% CAGR during 2021-2028. Factors such as the rising prevalence of hair loss among males, as well as the prevalence of many hair-related diseases, are expected to promote the product’s global acceptance. Fortune Business Insights™ presents this information in its report titled “Hair Care Market, 2021-2028”.
Market Experienced Decline of -4.63% in 2020 due to Lower Spending on Non-Essentials
The COVID-19 pandemic, which began in 2020, wreaked havoc on the global economy. The rate of infection increased dramatically, as did the fatality rate. To stop the spread of coronavirus infections, the respective governments declared total lockdown and imposed strict social distance regulations. As a result, the hair care market growth experienced a decline of -4.63% in 2020.
Fortune Business Insights™ lists out all the hair care market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- L’Oréal S.A. (Clichy, France)
- Coty Inc. (Amsterdam, North-Holland)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
- Unilever PLC (London, U.K.)
- The Procter & Gamble Company (Ohio, U.S.)
- Revlon, Inc. (New York, U.S.)
- Kao Corporation (Tokyo, Japan)
- Natura & Co. (State of São Paulo, Brazil)
- Johnson & Johnson (New Jersey, U.S.)
- Aveda Corporation (Minnesota, U.S.)
Drivers & Restraints:
Increasing Adoption among the Male Population to Propel Market Forward
Grooming products, especially hair care products, are in high demand as a result of growing westernization and increased spending capacity of consumers globally. As a result of the growing emphasis on grooming, there is a significant demand for hair maintenance products, which will drive global hair care market growth throughout the forecast period.
Europe Hair Care Market Stood at USD 27.09 Billion in 2020 and will Rise Substantially
In 2020, Europe hair care market size reached USD 27.09 billion. Furthermore, the presence of well-known brands such as L’Oreal and Henkel is likely to enhance the demand for advanced hair care products.
The market in Asia Pacific is thriving owing to the upgradation of living standards. The growing awareness about personal grooming in countries such as China and India will drive the demand for hair care products in the region.
By Product, Shampoo Segment to Witness Robust Demand and Rapid Growth through 2028
Meanwhile, the hair oil segment will also record robust growth led by growing scalp health issues among individuals.
By Distribution Channel, Supermarket/Hypermarket Segment to Dominate over 2021-2028
Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio.
The use of hair extensions is increasing for concealing hair loss. The National Alopecia Areata Foundation reports that roughly 6.8 million people had alopecia areata in 2020 in the U.S. These products, however, frequently cause hair breakage and headaches, which could hamper market growth slightly.
North America hair extensions market share reached USD 0.83 billion in 2020. The regional growth is influenced by the presence of major beauty salons in the U.S. and Canada.. According to the Small Business Development Center Organization, there were roughly 77,000 beauty salons and 4,500 barbershops in the U.S. as of May 2020.
Asia Pacific will record robust growth led by the growing working women population, leading to increased spending on grooming products including hair extensions.Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Key Industry Development:
July 2019 – Henkel AG & Co. acquired a 51% stake in eSalon.com LLC, a leading provider of personalized hair coloration solutions.