Fluctuation in hair style trends, rapid increase of disposable income, and rise in air pollution in developed regions drive the global professional hair care market.
According to the report, the global professional hair care market garnered $19.16billion in 2019, and is estimated to reach $26.24 billion by 2026, registering a CAGR of 4.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Fluctuation in hair style trends, rapid increase of disposable income, and rise in air pollution in developed regionsdrive the growth of the global professional hair care market. However, hazardous chemical ingredients and high cost of the product hinder the market growth. On the other hand, developing economiesare anticipated to offer new opportunities in the coming years.
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Leading market players
- L’Oréal SA
- Henkel Corporation
- Procter & Gamble Co.
- Unilever Corporation
- Kao Corporation
- Aveda Corporation (Estée Lauder)
- Avon Products Inc.
- Revlon Inc.
- Toni & Guy
- Shiseido Company, Limited.
COVID-19 Scenario-
- The coronavirus outbreak has affected slightly on the global professional hair care market. As the specialty stores and e-commerce platforms have been to provide banned for the non-essential good across the globe.
- Moreover, manufacturing and R&D activities in hair care industry have been paused during coronavirus pandemic.
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The shampoossegment to maintain its lead status-
Based on product type, the shampoos segment accounted for nearly two-fifth of the global professional hair care market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to availability of wide range of professional shampoos in the market providing solution related to different hair problems such as hair fall, dandruff, rough hair, and others. However, the hair coloring segment is estimated to portray the highest CAGR of 4.9% from 2019 to 2026, owing to rise in penetration of social media & celebrity influence, increase in fashion awareness, and surge in fashion trends related to hair color.
The salons segment to maintain its leadership position-
Based on distribution channel, the salons segment contributed to the highest market share with nearly one-thirdof the global professional hair care market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to surge in number of barbers, hair dressers, and stylists. However, the e-commerce segment is estimated to generate the fastest CAGR of 6.10% from 2019 to 2026. This is attributed toeasy accessibility, heavy discounts and offers on cosmetics and personal care products including hair care products
North America to maintain its dominant by 2026-
Based on region, North America accounted for the highest share based on revenue, holding more than one-third of the global professional hair care market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed torise in disposable income and consumer concern over looks and appearance specifically among the millennial in this region. However, Asia-Pacific is estimated to portray the fastest CAGR of 5.6% from 2020 to 2027, owing to factors such as change in lifestyle and increase in demand for cosmetics products including professional hair care products in this region.
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