According to a new report published by Allied Market Research, titled, “Men’s Hair Care and Styling Products Market by Product Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030,” the men’s hair care and styling products market was valued at $40,430.0 million in 2020, and is projected to reach $54,755.1 million by 2030, registering a CAGR of 3.3% from 2021 to 2030
In the last few years, a trend has been seen in the use of hairstyle products to look good and keep a decent appearance. The haircare and styling products market has witnessed significant growth due to an increase in the number of people from all over the world opting for haircare products as a precautionary measure to fight hair fall and hair damage. Key market players seek to strengthen their position by offering high-tech goods and developing a strong distribution channel network that is projected to fuel the market growth. The creation of products is aimed at fostering market expansion.
For instance, in May 2021, the Atulya brand introduced Veg Keratin products, including shampoo, hair conditioner, and hair oil. The products are cruelty-free and manufactured from plant-based materials, which protect the hair against damage and restore the protein build for anti-breaking purposes.
According to the haircare and styling products market analysis, the market is segmented on the basis of product type, sales channel, and region. By product type, the haircare and styling products market is categorized into haircare and styling.
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“Rise in awareness about hair fall has increased the demand for haircare products are the factors driving the market growth, however, the industry is facing significant challenges due to increase in customer concerns over the harmful components in hair care products.”
The supermarkets and hypermarkets segment was the leading channel with maximum share in 2020, growing with significant CAGR during the haircare and styling products market forecast period. This is attributed to the increase in the business of retail sales in different regions and the availability of large shelf space for maximum sales.
Haircare segment and hair care products are used globally and are one of the prime product types for haircare and styling products; thus, is expected to influence the overall haircare and styling products industry. The haircare segment was valued at $24.0 billion and is expected to grow with a CAGR of 2.5% from 2020 to 2030, to reach $30.3 billion by 2030.
In addition, a surge in penetration of haircare and styling products among consumers is anticipated to fuel the market growth during the forecast period. Region-wise, Asia-Pacific was the prominent region in 2020, garnering maximum share in the haircare and styling products market, owing to the huge consumer base and increase in population. SMEs operating in the region are targeting online sales channels to increase their sales. These companies are further investing in various marketing and advertising activities to increase the awareness of their products.
The key players profiled in this report include include American Crew, Baxter of California, Jack Black, Harry’s, Malin+Goetz, Hanz de Fuko, Dove Men, Redken Brews, Old Spice, and Axe. These players are introducing new products in the market to increase the customer base and product sale.
Key Findings of The Study:
• By type, the hair care segment lead in terms of market share in the year 2020, however the styling products segment is expected to grow with the highest CAGR during the forecast period.
• By sales channel, supermarkets and hypermarkets are the most popular means of purchase of men’s hair care and styling products, however, the E-commerce segment is expected to have the highest CAGR growth during the forecast period.
• By region, Asia-Pacific is the largest market in terms of men’s hair care and styling products and is likely to dominate the global market throughout the forecast period.
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