ALBANY, New York, Oct. 19, 2018 (GLOBE NEWSWIRE) -- In a recent report by Transparency Market Research (TMR), the vendor landscape of the global hair care market is expected to increase at a steady pace owing to the demand for manageable, healthy and lustrous hair in the market. In the years to come, the market for hair care is anticipated to grow significantly across both the developing as well as developed nations of the world. This is because of the rise in research and development activities in order to enhance hair care products.
Some of the leading players of the global hair care market are Avon Products Inc., Revlon Inc., Amka Products (Pty) Ltd., Unilever plc, and L’Oreal S.A. The competitive landscape of the hair care market is tremendously consolidated due to the presence of many manufacturers both at domestic as well as international level. New players are restricted to enter the market as the competition among vendors is very intense.
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As per the TMR report, the global hair care market is projected to earn a US$105.3 bn by the end of 2024. The market is estimated to expand with 3.0% CAGR during the period of 2016 to 2024. The value of the market was worth US$81.3 bn in 2015 as per the TMR records. With respect to product type, the shampoo segment is estimated to draw more revenue as compared to the others with a 30.9% share in 2015. This is because of innovation of product based on the evolving needs of the customers.
Asia Pacific Market to Increase at Faster Rate Owing to Rise in Disposable Incomes
Owing to the increased emphasis on technological innovation in order to formulate new hair care products, the market for hair care products is likely to see a rapid growth. Another major factor to boost the global marker for hair care is the rising level of pollution all across the world. It is proved that air pollution is the main cause of hair loss and hair damage, Many manufacturers have started focusing on developing strategies accordingly and this is likely to remain fruitful for the growth of the hair care market in the future years to come.
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Apart from that, a key driver for boosting the global hair care market is the increasing demand for hair care products made especially for men. As per old traditions, the hair care and cosmetic market was earlier dominated by the women folks but in today’s generation, both men and women are anxious about their health, skin as well as hair. This is likely to open lucrative opportunities for manufacturers as men nowadays even take care of their facial hair apart from the usual oiling and shampooing of their heads.
Rapid urbanization and the increase in disposable incomes in emerging nations like India and China along with the others are leading to the promotion of international hair care brands which are easily available. This in turn has led to a balanced demand from both the male and female demographics.
From a geographical perspective, the global hair care market is anticipated to be dominated by Asia Pacific. It is most likely to register a stable growth and continue to dominate the market. This is due to the contribution from developing nations of China and India.
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Rising Popularity of Natural Products Hindering Market Growth
Although the market for hair care is projected to be stable in its growth rates, however, a few factors like promotion of organic products may affect the growth of the overall market. A key factor that may hamper the market is the increasing demand for natural products. This is because of the fact that consumers know the amount of chemicals used for producing the hair care chemicals and they want to shift towards the natural remedies instead of acquiring chemicals to protect their hair.
The information presented in this review is based on a TMR report titled, “Hair Care Market (Product Type - Shampoo, Hair Color, Conditioner, Hair Styling Products, and Hair Oil) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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