Professional hair care products provide nourishment and protection to hair and scalp. These products including shampoos, conditioners, serums, and hair sprays are widely used in beauty salons and spas for hair treatments ranging from hair coloring, straightening, and texturizing. The growing demand for salon and spa treatments among both men and women is fueling the growth of the professional hair care market. The Global Professional Hair Care Market Size is estimated to be valued at US$ 25.96 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The expansion of the beauty salon industry is driving the professional hair care market growth. According to recent reports, the global beauty salon market is growing rapidly owing to the increasing disposable incomes, changing lifestyles, and rising demand for premium salon services. Salon treatments are becoming an important part of self-care and grooming routines for many consumers. The growing popularity of beauty salons is increasing the demand for high-quality professional hair care products from salon owners and hair stylists. Manufacturers are launching innovative hair care ranges tailored for salon use which is maximizing their sales. The rise of the beauty salon industry worldwide represents huge opportunities for growth in the professional hair care market.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the professional hair care market is moderate. High capital requirements for investments in product innovation, R&D and distribution network pose barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have multiple brands to choose from for professional hair care products. They can negotiate for better prices and quality.
Bargaining power of suppliers: Suppliers of raw materials for hair care products have moderate bargaining power given the availability of substitute materials. Dependence on few suppliers can impact supplies.
Threat of new substitutes: Threat from substitutes is moderate. Consumer preferences and occasional trends may shift to new natural ingredients but core professional hair care products have customer loyalty.
Competitive rivalry: The market has global leaders with significant market shares and regional mid-sized players intensifying competition.
SWOT Analysis
Strength: Wide product portfolio catering to varied hair needs. Strong brand recognition and loyal customer base.
Weakness: Heavy dependency on few core brands. Vulnerable to changing trends and preferences.
Opportunity: Expand into emerging countries. Tap into opportunities arising from growing salon industry and male grooming segment.
Threats: Strict regulations over ingredients and products. Economic slowdowns impacting discretionary spending on hair care.
Key Takeaways
The global Professional Hair Care Market is expected to witness high growth over the forecast period of 2024 to 2031. It is estimated to reach a value of US$ 25.96 Bn in 2024 and grow at a stellar CAGR of 23%.
Regional analysis indicates North America currently dominates the market with the largest share followed by Europe. However, Asia Pacific is expected to be the fastest growing market in the coming years led by countries like China, India and Japan. Growing consumer awareness about professional hair treatments and strong economy are driving the market in the Asia Pacific region.
Key players operating in the professional hair care market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. The leading players are focused on new product launches, partnerships and mergers & acquisitions to strengthen their market position.
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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.
According to the new market research report by IndustryARC titled “Australia Professional Haircare Market By Categories (Coloring, Perming & Straightening, Shampoo & Conditioning and Styling); Sales Channel (Back Bar and Take Home) & By Company 2018-2023”, the market is driven by the growing demand for hair coloring products to cover grey hair.
Consumers are preferring natural and Ammonia free coloring products such as Aveda and Kevin Murphy which are gaining popularity as they do not damage the hair.
L'Oreal, Wella, Goldwell & Schwarzkopf Professional are the international brands in the Australian Professional Haircare Market.
Australians are now choosing high quality premium mass consumer products as a replacement for professional cosmetic products.
L’ Oreal Group is the largest cosmetic company which manufactures cosmetics related to hair color, skin care, sun protection, make up, perfumes, and hair care.
By Market Entropy Companies Citied / Interviewed 1.
