The strong desire among individuals for healthy, shiny hair that has volume is one of the prominent factors driving the global hair care market. Some of the commonly used hair styling products are shampoo, hair oil, heat resistant sprays, conditioners, hair colors, serums, and gels. The increasing demand for hair care products owing to the changing purchase behavior of consumers is fueling growth of the market. The global market for hair care products is expected to increase substantially in the near future. Increasing research and development activities by key manufacturers to introduce novel products is providing a substantial boost. In addition to this, increasing focus of manufacturers to enhance their product profile is a major factor expected to boost the global hair care market.
Other factors influencing the global hair care market are as below-
The rising level of pollution all across the world is a major factor fueling the growth of the global hair styling products. Air pollution is a main cause of hair loss and hair damage. Manufacturers are developing a range of hair care product to protect hair from pollution. This strategy is likely to remain lucrative for manufacturers of the hair care market in the future.
The growing self-consciousness about appearance among youth is another key factor boosting the global hair care market. To serve this age group, manufacturers are launching a range of hair styling products such as hair color, oils, shampoos and conditioners. This, in turn is benefitting the overall hair care market.
In terms of revenue, shampoo is anticipated to dominate the market in the coming years. The product segment alone accounted for 30.9% share in 2015. The revenue share of shampoo segment is expected to increase in the upcoming years. Efforts for product innovation by manufacturers to cater to the new-age consumer is serving to be a boon to this market.
The growing awareness among people for the use of organic products may impact the growth of the global hair care market. Consumers are increasingly opting natural products owing to the high amount of chemicals used in manufacturing of regular hair care products. This shift of customers may affect the growth of the market. To address this, manufacturers are focused to launch organic and mild chemical products.
Increasing influence of the fashion industry and a rise in the global aging population are opening new avenues for the growth of the market. Owing to this, the hair color segment of the hair care market is gaining a boost.
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Geographically, Asia Pacific is expected to hold leading share of the global hair care in the coming years. The region accounted for 33.12% in the global hair care market in 2016. This is mainly due to the increasing pollution level in the countries such as China, India, Japan and Rest of Asia Pacific.
Increasing urbanization and rise in disposable incomes in emerging nations such as India and China is another factor promoting the growth of global hair care market in Asia Pacific.