Professional Hair Care Market is Expected to Reach USD 49.69 Billion by 2030
As per the report published by Kings Research, the global Professional Hair Care Market was valued at USD 32.46 billion in 2022 and is projected to reach USD 49.69 billion by 2030, growing at a CAGR of 5.58% from 2023 to 2030.
The global professional hair care market is experiencing a trend towards utilizing digital platforms as well as offering a diverse range of ingredients and products to cater to various hair and scalp types. Along with internet penetration at an all-time high, there is a growing adoption of digital technologies. This has led to a surge in demand for hair care products purchased through e-commerce platforms, which provide added convenience with free home delivery, gift coupons, bulk order discounts, and time-saving benefits, among others. As a result, e-commerce platforms are expected to foster significant growth in the global professional hair care market.
- Based on the distribution channel, the traditional segment held the largest market share of 62.70% in 2022.
- Based on components, the product segment generated the highest revenue of 20.18 billion USD in 2022
- Based on the services, the hairstyle segment held the largest market share of 41.16% in 2022
- Based on the products, the shampoo segment held the largest market share of 33.90% in 2022
- Based on traditional, the hypermarket/supermarket segment generated the highest revenue of 6.92 billion USD in 2022
- Based on professionals, the hairdressing salon segment generated the highest revenue of 9.03 billion USD in 2022
- On the basis of region, Asia Pacific accounted for the largest market share of 41.51% in 2022
New Product Launch of Vedix
November 2021- Vedix, a customized Ayurveda beauty brand, launched a new hair oil product. According to the company, the new product is onion-based, and the strategy behind this product innovation is to compete with other players by offering consumers good hair oils.
Increasing Demand for Hair Care Products Among the Male Population is Driving the Market Growth for Professional Hair Care Market.
There has been an upsurge in the demand for hair care products among men, leading to the growth of the professional hair care market. Traditionally, the hair care industry has been predominantly female-focused, but with the changing times, men are becoming more conscious of their hair and are looking for products that cater specifically to their needs. This trend has been influenced by a variety of factors such as the increasing adoption of well-groomed looks, changing hair fashion trends, and heightened awareness of hair care products through social media advertising.
Additionally, the expansion of male-specific product offerings presents lucrative opportunities for brands to tap into this rapidly evolving market segment. As the trend towards grooming and self-care among men accelerates, there is a significant opportunity for the hair care industry to capitalize on this trend and continue its upward trajectory in market growth.
Consumer Inclination Towards Organic Products to Restrain Market Growth
The professional hair care market is experiencing a significant challenge as consumer preferences shift towards organic hair care products. This trend has resulted in a considerable impact on manufacturers who rely on synthetic chemicals for the production of their hair care products. Many individuals in the modern generation are becoming increasingly concerned about the harmful effects of chemical-based products on their hair and scalp. This inclination towards organic hair care products has been driven by a growing awareness of the potential health risks from exposure to harsh chemicals and an increased focus on overall wellness.
Growing Middle Class and Demand in Emerging Economies Drive Asia Pacific's Dominance in Hair Care Market
The Asia Pacific dominated the market share in 2022 and is growing at a CAGR of 7.02% from 2023 to 2030. Due to the presence of emerging economies such as India, Australia, and China, the hair care market in this region is expected to grow during the forecasted period. The expanding middle class and increasing disposable income in these countries have led to a rise in demand for hair care products. In response to this trend, market players are increasingly focusing on developing products and expanding their market reach in these countries.
The Introduction of Cross-border E-commerce Platforms by Market Participants is Anticipated to Steer the Market Share Growth.
The market is fragmented with key players such as Procter & Gamble, Unilever, Kao Corporation, Avon Products, Revlon, Shiseido Company, Limited, Pai-Shau, NNNOW, Johnson & Johnson Private Limited, and Godrej.com. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.