Increasing Need for Effective Hair Care Solutions to Stimulate Innovation among Market Players
A study published in the Journal of Clinical and Diagnostic Research in 2018 revealed that 60.3% of the working-class males reported that they are suffering from a hair loss problem, while 17.1% said that have a dandruff problem. Thus, growing prevalence of hair-related issues is emerging as one of the leading hair care market trends.
The rising incidence of hair problems in urban areas is expected to be the central growth driver for the hair maintenance market. Urban spaces are a hotbed for pollution and extreme weather changes, which has led to long-term health hazards for humans and for the environment. Compounding to this is the expanding number of people in the working age group of 15 to 60 years, which has raised the overall stress quotient in big cities. The global hair care industry size is projected to reach USD 111.98 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period.
The report states that the value of this market stood at USD 75.33 billion in 2018. Besides this, the report shares the following information:
- Comprehensive overview of the general industry outlook;
- Elaborative analysis of the major market trends;
- In-depth evaluation of the market drivers and challenges;
- Detailed study of the market segments; and
- Microscopic research into the regional and competitive dynamics of the market.
Collaborations and Joint Ventures to Characterize Market Competition
According to the hair care market report, major players are increasingly engaging in partnerships and collaborations to deepen their footprint in this market. Such ventures also enable companies to widen their range of offerings and expand their operations in other regions.
List of Top Companies Covered in Hair Care Market Report;
- Aveda Corporation
- Natura &Co
- Revlon, Inc.
- Coty Professional
- Johnson & Johnson Consumer Inc.
- Kao Corporation
- Procter & Gamble
- Henkel AG & Co. KGaA
- L’Oréal Professional
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Rising Popularity of Hair Maintenance Products among Men to Create New Sales Opportunities
Hair care awareness among men is steadily rising around the world. The fashion of keeping long hair and hairstyling and grooming is increasingly being followed by men, especially in urban areas, the hair care market research states. In April 2017, a research study on scalp hair health was published in the International Journal on Trichology, which found that nearly 40% of male students from China and 12.5% male students from India colored their hair. The study shows that men are not just superficially interested in grooming themselves, but they are taking serious efforts to enhance their appearance through coloring, dying, and styling their scalp hair. Most importantly, personal grooming can now claim to be gender-neutral, removing biases surrounding cosmetics.
High Fashion Consciousness to Drive the Market in Europe
Among regions, Europe is slated to dominate the hair care market share during the forecast period owing to high awareness regarding fashion and cosmetics across all age groups in the region. As per the Health and Beauty Association estimates, from roughly USD 334 million in 2018, sale of hair conditioner products rose to USD 341 million in 2019 in the UK. In addition to this factor, Europe is home to some of the largest personal care brands in the world such as Henkel and L’Oréal, which substantially strengthens the position of the region in the global market.
In Asia-Pacific, the market for hair nourishment products is anticipated to grow at a steady rate on account of better standard of living among the middle class and rising preference for self-grooming. Growing consciousness regarding overall physical wellbeing, especially in China and India, is further fueling the demand for hair care products in the region.