The Professional Hair Care Market is estimated to be valued at US$ 22.53 Bn 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 including shampoos, conditioners, serums, oils, gels and other styling products are specially formulated to cater the needs of damaged, chemically treated and over-processed hair. These products provide enhanced nourishment, moisture and protection to hair compared to regular hair care products. Rising demand for premium quality hair care, increasing disposable income and growing fashion consciousness have been driving the demand for professional hair care products globally.
Market key trends:
The professional hair care market is expected to witness growth owing to rising demand for premium hair care products from millennial population across the globe. As per a survey, around 60-65% of millennials are willing to spend more on professional hair care products to treat hair damage caused by pollution, chemical treatments and styling. Moreover, growing popularity of hair styling trends on social media platforms is fueling the demand for styling products such as gels, mousses and sprays. Increased online availability of professional hair care brands through e-commerce platforms is also supporting the market growth. Manufacturers are introducing natural and botanical based products to cater to rising demand for chemical-free formulations. The market players are focusing on strategic partnerships with salons and product promotion through celebrity endorsements and social media influencers to expand consumer outreach.
Porter's Analysis
Threat of new entrants: The professional hair care market requires substantial investment and expertise to develop quality products and gain consumer trust, providing barriers to new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of multiple global and local brands offering substitutable products at different price points.
Bargaining power of suppliers: Key raw material suppliers have limited influence over established brand owners due to the availability of alternative supply sources.
Threat of new substitutes: Threat from new substitutes is moderate as hair care brands promote unique formulations for specific hair types and needs.
Competitive rivalry: Intense competition exists among major global brands to gain market share through product innovation, advertising, endorsement deals and retail partnerships.
SWOT Analysis
Strengths: Established brands enjoy strong brand recognition, R&D capabilities and global distribution networks. Wide product ranges cater to diverse hair care needs.
Weaknesses: Premium price points compared to local brands limit accessibility. Counterfeiting and private labelling erode brand loyalty in price-sensitive regions.
Opportunities: Rising disposable incomes fuel the “personal care” industry in emerging markets. Growth potential exists in anti-aging, hair loss prevention segments.
Threats: Stricter regulations on chemical formulations impact profit margins. Economic slowdowns contract category spends.
Key Takeaways
The global Professional Hair Care Market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing focus on hair care and styling. With rising brand awareness and disposable incomes, Asia Pacific dominates the market, with hair salons registering high patronage levels.
Regional analysis
Western Europe and North America represent major markets, contributing over 60% to current global sales. Asia Pacific is emerging as the fastest growing regional market, led by China and India. Growing middle-class population with higher spends on self-grooming and western influence drive the professional hair care culture.
Key players
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’Oreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc. Major brands differentiate through customized product offerings for hair types, textures and styling needs to gain category leadership.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the professional hair care market include Henkel AG & Company, KGaA, IDA(World Hair Cosmetics (Asia) Ltd), Kao Corporation, L'Oréal S.A, Procter & Gamble, Milbon Co., Ltd., Shiseido Company, Unilever..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Professional Hair Care Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/professional-hair-care-market/download-sampleMarket DynamicsThe professional hair care market indicates promising potential as both urban and rural areas are contributing equally.
Factors such as expanding working women, changing lifestyles, growing urbanization, and emerging grooming trends contribute to the increased demand for professional hair care products.
Hair is an essential aspect of beauty, ladies as well as men are willing to pay a lot of money on hair care and spending more time and money in salons.
Brands are extending their online presence and product portfolio with new care solutions and aggressively advertising their products.
