The global hair care market size was worth around USD 75,892.5 million in 2021 and is estimated to grow to about USD 103459.1 mn by 2028- Zion Market Research

NEW YORK, UNITED STATES, September 27, 2022 /EINPresswire.com/ -- The Global Hair Care Market is expected to make a steady recovery in the post-pandemic era and we are expecting to see good growth in demand over the forecast period as well. Increasing spending potential from emerging economies will lead the growth charge as hair care companies explore untapped potential in new markets.

The global hair care market is segregated based on product type, distribution channel, and region. Based on distribution channels, the global market is distinguished into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Retailers, and Others. The supermarkets and hypermarkets segment will own a major market share in the global hair care landscape. The increasing popularity of e-commerce is expected to hamper growth to a certain extent but will boost sales via online channels.

The Europe region is expected to be the most lucrative market for hair care products owing to rising beauty awareness in this region. Other factors such as increasing spending potential, rising disposable income, presence of key hair care companies, and increasing availability of hair care products are also expected to favor hair care market growth in this region over the forecast period. The nations of Germany, France, and the United Kingdom are expected to be the major markets in this region. Increasing beauty consciousness among men will also shape the hair care market potential in this region.

The global hair care market size was worth around USD 75,892.5 million in 2021 and is estimated to grow to about USD 103459.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.3 percent over the forecast period. The report analyzes the hair care market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hair care market.

Key players functioning in the global hair care market include KAO Group, L’Oréal USA, Inc., The Procter & Gamble (P&G) Company, Unilever PLC, and Johnson & Johnson, Inc.

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Recent developments:

In September 2018, Marico Ltd. an Indian multinational consumer goods organization announced the launch of its new hair care product range. This included a new hair tonic called True Roots which is a botanical solution for people dealing with greying hair and delaying the process. It is expected to be popular among youngsters who face premature aging.

In July 2019 – Henkel AG a German chemical and consumer goods organization announced the purchasing of a major stake of 51% in the eSalon.com LLC who is engaged in providing quality hair coloring solutions to the world.

Global Hair care Market: Growth Drivers

Increasing Focus on Personal Care

The general population has seen a substantial increase in focus on personal care over the past few years as the importance of aesthetic appearance has become paramount. Moreover, the increasing per capita disposable income of the population has also propelled the demand for multiple hair care products and these factors are primely driving the hair care market potential over the forecast period. Increasing demand for organic products is also expected to drive the hair care market's potential

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The global hair care market is segmented By Product Type

Shampoo
Hair Color
Conditioner
Hair Styling Products
Others

The Global Hair Care Market is segmented as follows:

North America

The U.S.
Canada

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

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Hair care Market: Restraints

Sensitive Hair and Scalp to Restrain Haircare market potential

Hair care is crucial but certain chemicals used can be harmful to people with sensitive hair and scalp and this restrains the overall hair care market growth in the long run. Hair care companies are trying to develop more eco friendly products to deal with this and boost their sales revenue but this factor will be prominent through the forecast period as no proper plan is in place to combat this.

Hair care Market: Opportunities

Increasing Preference for Sustainable Products

Sustainability has been a popular trend across all industry verticals and this is expected to be popular in the hair care market as well. Consumers are opting for organic and natural products as awareness about ill effects of chemicals is increasing and hence hair care companies are focusing on launching these new products to fulfill consumer demand.

The pandemic of 2020 had a major adverse impact on the global hair care marketplace as it did for most markets as well. The global sales of hair care products saw a drop as lockdown restrictions were imposed in multiple nations in the world to curb the spread of infections. The closure of multiple sales channels in these restrictions led to a downfall of the hair care market potential in 2020.

The hair care market is expected to make a steady recovery in the post-pandemic era and we are expecting to see good growth in demand over the forecast period as well. Increasing spending potential from emerging economies will lead the growth charge as hair care companies explore untapped potential in new markets.

COVID-19 Impact:

The COVID-19 pandemic led to a major downfall in the global hair care marketplace and this trend hampered the growth of multiple key players in the market. The sudden emergence of coronavirus infections led to multiple complications in the hair care market and resulted in a negative growth trend.

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Varsharani Lavate
Zion Market Research
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