New Products Keep Global Haircare Market Rising at 3% CAGR
As per expert analysts, the hair care market is anticipated to rise steadily at a CAGR of 3% during the forecast period of 2016 to 2024. Progressing at this rate the market is anticipated to rise from its initial valuation of US$ 81.3 bn to reach a value of US$ 105.3 bn in 2024.
According to a report by Transparency Market Research, the global haircare market is gaining traction with the introduction of new products and a rise in demand for lustrous hair. With a highly consolidated vendor landscape consisting of numerous international and local manufacturers, the industry’s key companies such as Amka Products (Pty) Ltd., Avon Products Inc., Revlon Inc., L’Oreal S.A., and Unilever plc. are focusing on research and development activities to expand their revenue share.
Among the product categories, the shampoo segment is anticipated to generate the highest revenue in the market, driven by product innovations and high consumer demand. While geographically, Asia Pacific perceived to hold supremacy over the market on account of rising urbanization and high demand from emerging countries such as China and India.
Air pollution is one of the leading causes of hair damage and related diseases leading to hair loss. Consequently, a global rise in the level of pollution has contributed to the market’s growth, encouraging the manufactures to formulate new products offering enhanced results. Moreover, the increase in consciousness regarding hair grooming and expansion in the beauty industry has also facilitated growth.
Rising disposable incomes in emerging economies and urbanization have been another factor. There is a high demand for hair care products from the young generation and the cosmetic industry is no longer driven by women alone. There is a high demand for hair care products from the male population.