The growing westernization and the increasing spending capacity has led to a high demand for grooming products. The trend of flexing long hair and adopting unique hairstyles by men, especially in urban areas, is expected to boost the demand for the product worldwide.
In April 2017, a research study by the International Journal on Trichology found that around 40% of male students in China and about 12.5% male students in India preferred coloring hair. The study further provided insight that men are not just interested in grooming themselves, but are taking significant efforts to enhance their appearance through dying, coloring, and styling. Therefore, the increasing focus on grooming has led to the high demand for hair maintenance products that will boost the global hair care Industry growth during the forecast period.
The global hair care Industry size is expected to showcase exponential growth by reaching USD 112.97 billion by 2028. This information is published”. The Research further mentions that the Industry stood at USD 75.06 billion in 2020. Factors such as the increasing cases of hair loss among men, coupled with the prevalence of several hair-related ailments, is anticipated to boost the adoption of the product globally. According to a study published in the Journal of Clinical and Diagnostic Research in 2018, 60.3% of the working-class males suffer from hair loss problems, while 17.1% experience dandruff problems.
Based on the product, the Industry is categorized into such as hair colorants, shampoo, conditioner, hair oil, and others.
On the basis of the product, the hair colorants segment is expected to hold the largest global hair care Industry share during the forecast period. This is due to the increasing spending capacity on personal care products that will boost the demand for advanced hair colorants across spas, salons, etc. The segment held a Industry share of about 19.94% in 2020.
Based on the distribution channel, the Industry is segmented into superIndustrys/hyperIndustrys, specialty stores, online stores, and others. Lastly, on the basis of region, the Industry is divided into Europe, North America, Asia-Pacific, the Middle East and Africa, and South America.
What does the Research Include?
The Industry Research includes detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the Research provides insights into the regional analysis that covers different regions, which are contributing to the growth of the Industry. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the Industry growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the Industry growth in the forthcoming years.
Industry Exhibited Negative Growth Rate of -4.63% in 2020; Closed Stores, Lockdown to Blame
In 2020, the COVID-19 pandemic led to major disruption in human lives. The rate of infection grew at a colossal rate, along with a high mortality rate. To contain the spread of the disease, the government agencies announced complete lockdown and stringent imposition of social distancing norms followed. Owing to this, several stores and industries were closed hampering the operational capabilities. This led to the Industry exhibiting a negative growth rate of -4.63% in 2020.
List of the companies profiled in the global Industry are L’Oréal S.A. (Clichy, France), Coty Inc. (Amsterdam, North-Holland), Henkel AG & Co. KGaA (Düsseldorf, Germany), Unilever PLC (London, United Kingdom), The Procter & Gamble Company (Ohio, United States), Revlon, Inc. (New York, United States), Kao Corporation (Tokyo, Japan), Natura & Co. (State of São Paulo, Brazil), Johnson & Johnson (New Jersey, United States), Aveda Corporation (Minnesota, United States), and more.
Europe to Remain Dominant; Increasing Beauty Businesses to Aid Growth
Among all the regions, Europe is expected to dominate the Industry during the forecast period. This is due to growing awareness regarding fashion and cosmetics across all age groups that is leading to a thriving beauty business in the region. Moreover, the presence of established companies such as L’Oréal and Henkel is expected to boost the demand for advanced hair care solutions. Europe stood at USD 27.09 billion in 2020.
Product Innovation Key Players to Intensify Industry Competition
The Industry comprises small, medium, and large companies that are striving to maintain their presence by developing advanced hair care products to maintain their presence and further expand their global footprint. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global Industry place.