Published By : 12 Dec 2016 | Published By : QYRESEARCH
The global hair care market, concerning products that are used for cosmetology and maintenance of hair, is a moderately growing market and has of late started gaining increased prominence owing to rising demand from male consumers. With products such as shampoo, hair care, hair oil, hair styling products, and hair conditioners in its umbrella, the market has been traditionally dominated by the fairer sex. Analysts, however, state that the trend is increasingly changing and the world’s male population is becoming one of the latest priorities of marketing teams of hair care companies.
In a recent market research report, Transparency Market Research states that the global hair care market will exhibit a moderate but positive 3% CAGR over the period between 2016 and 2024. With such growth prospects, the market is expected to rise to a valuation of US$105.3 bn by 2024 from US$81.3 bn in 2015.
Rising Popularity of Innovative Hair Styling Drive Market
Healthy hair is considered a sign of a healthy body and is considered highly attractive. Hair care products, as a result, have always remained one of the crucial elements of any beauty regimen. They are one of the highest selling product varieties of the cosmetics and body care markets. However, the demand for advanced hair care products has increased significantly in the past few years owing to the rising popularity of innovative hair styling, especially among men. The demand for gels, sprays for curly hair, holding sprays, and serums has consistently increased in response.
The global demand for hair care products is also being positively influenced by the rising focus on natural hair care products, rising cases of alopecia among men, and a vast rise in world’s ageing population. The rising cases of alopecia has also significantly increased the emergence of a sophisticated hair transplant industry and has given rise to the demand for specialized hair care products.
Asia Pacific Takes the Lead
Asia Pacific is presently the dominant market for hair care products and is expected to account for over 33% of the global market by 2016. Emerging economies such as India and China, partly owing to the vast population and partly owing to the rising population of aging and wealthy population. Owing to these factors, many global vendors are focusing on the introduction of new product varieties in the region.