The global hair care products market is set to attain the highest valuation with a record-breaking CAGR during the forecast period, 2019-2024.
Haircare products are used to maintain hygiene and treat hair problems. The primary function of hair care products is to remove dirt, dandruff, and oil from hair and scalp, treat damaged hair and maintain moisture levels. Generally, hair care products are made by combining a surfactant such as sodium lauryl sulfate or sodium laureth sulfate with a co-surfactant such as Cocamidopropyl betaine in water. Specialized hair care products are also available on the market for various hair problems such as dandruff, colored hair, thinning hair, split ends, dry, and damaged hair.
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Increased demand for organic personal care products has become one of the biggest drivers of the global market. Among organic hair care products, conditioners and shampoos had a majority share of the global organic haircare market in 2018 due to their widespread use. In addition, organic hair oils should show strong growth during the forecast period.
Key players focusing on innovation and increased investment is likely to make the market more lucrative.
The global hair care market is classified into distribution channels and type.
Based on type, the global haircare industry is divided into shampoos, conditioners, hair oils, and more. The shampoo segment is expected to control most of the market and record the highest compound annual growth rate over the reporting period.
The global haircare market is divided into store-based and non-stores-based on the basis of distribution channels. The store-based segment is further segmented into supermarkets and hypermarkets, convenience stores, and others. The store segment is expected to represent the largest market share. However, the non-store segment is expected to show a high growth rate during the forecast period.
The Asia Pacific region is expected to dominate the global haircare market over the forecast period due to growing hair concerns and increasing demand for innovative products. This allows brands to launch products based on consumer needs.
In the Asia Pacific, the country has the largest market share and is expected to maintain its position over the forecast period. It is set to become the largest haircare market in the next five to ten years. The use of high-quality hair care products is especially common in megacities, with increasing penetration in China’s domestic cities. This trend is anticipated to boost the consumption ration of consumer products. Increased Internet penetration and e-commerce companies to attract consumers have significantly uplifted the e-commerce sales in the Asia Pacific region, while physical retail network sales continue to dominate the market.
The US market is expected to see the highest growth rate during the forecast period, due to high per capita disposable income and rising consumer spending on innovative new hair products in the region.
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Major players in the market focus on product innovation, offering consumers more innovative products to solve various hair problems, therefore, stimulating the global haircare market. This leading players include Unilever PLC, Johnson & Johnson Services, Henkel AG & Company, KGaA, The Procter & Gamble Company, Vogue International LLC, Church & Dwight Co., Inc., Shiseido Company Kimberly-Clark Corporation, Kao Corporation , Beiersdorf AG, VLCC Healthcare Limited, Limited, L’Oréal S.A., Natura International B.V., BBLUNT, and Forest Essentials.
Himalaya expanded its hair care portfolio with Natural Shine Henna. As per the company, Natural Shine Henna is enhanced with Bhringaraja, has natural enhancing properties for hair growth, and Curry Leaves and Amla are majorly preferred for fighting premature graying and darkening hair. Himalaya stated that the new product is available in all distribution channels such as modern trade, major retail, and e-commerce platforms.
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