The global Professional Hair Care Market is estimated to be valued at US$ 22.53 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Professional hair care products are specifically formulated to cleanse, condition and treat hair under the guidance of professional stylists and hairdressers. They are designed to restore hair and its texture through deeply moisturizing ingredients that boost hair quality over time. Professional hair care products are available in various forms including shampoos, conditioners, hair sprays, hair masks, hair serums among others.
Market key trends:
One of the key trends in the professional hair care market is the use of natural and organic ingredients. Consumers are increasingly preferring natural and organic hair care products owing to rising health concerns related to the use of chemicals in hair care products. Plant extracts from aloe vera, argan oil, coconut oil, olive oil etc. are being used extensively in premium hair care product formulations. Furthermore, multifunctional professional hair care products targeting multiple hair issues such as damage control, volumizing, lengthening etc. are gaining popularity. Product innovations in terms of sustainable packaging and technologies to boost performance are also contributing to the growth of the professional hair care market.
SWOT Analysis
Strength: The professional hair care market benefits from strong demand from consumers for premium hair care products owing to rising disposable incomes. There is an increasing focus on hair styling and youthful appearances which drives the market.
Weakness: The market faces challenges from the rising popularity of natural and herbal products among conscious consumers. Many individuals are shifting towards sustainable and eco-friendly products due to environmental concerns.
Opportunity: The market has opportunities due to evolving consumer demand for multifunctional products with UV protection, anti-aging properties, and hair repair benefits. Product innovation focused on different hair types and textures also presents growth opportunities.
Threats: Stringent regulations and bans on chemicals and ingredients like sulfates pose challenges. Moreover, the threat of low-cost private label brands intensifies competition in the market.
Key Takeaways
The global Professional Hair Care Market Growth is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing disposable incomes and urbanization in emerging economies. Rising living standards increase consumer spending on premium hair care and styling products.
Regional analysis: North America currently dominates the market owing to high consumer awareness and high spending capacity. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising incomes, large population, and increasing influence of international beauty trends. Countries like China, India, and South Korea are offering lucrative opportunities.
Key players operating in the professional hair care market are Fable & Mane, Henkel AG, Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation, Avon Products Inc., L€TMOreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc. These players are focusing on product innovation, expanding into rural areas, and strengthening their distribution channels to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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