Sarasota, FL -- (SBWire) -- 04/30/2019 --According to the report, global hair care market was valued at around USD 89.08 billion in 2017 and is expected to reach approximately USD 110.70 billion in 2024, growing at a CAGR of slightly above 3.15% between 2018 and 2024.
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With the presence of a large pool of participants, the global hair care market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Oriflame Holding AG, L'Oreal Group, Amway, Johnson & Johnson, Unilever, Shiseido Company Ltd., Beiersdorf AG, Church & Dwight Co. Inc., Natura Cosmeticos S.A., and Procter & Gamble Company are some of the key vendors of hair care across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the hair care market study.
Citing an instance, in October 2018, SeneGence International ®- a global beauty brand- launched a highly anticipated hair care collection referred as SeneGence HairCovery™ - a service comprising of a shampoo, conditioner, and serum designed to work together for reviving dull and lifeless hair.
"Major issues associated with hair care including hair loss, grey hair, hair thinning, and hair damage are slated to contribute significantly towards hair care market size," says the author of this study. Apart from this, rise in the consumer expenditure on the spectrum of beauty and personal care items is anticipated to escalate the expansion of hair care market in the years to come. In addition, easy availability and introduction of customized products are the key factors projected to fuel the growth of hair care market in the foreseeable future.
Technological innovations in the hair care products, rise in the number of male grooming patterns, and massive increase in the amount of fashion-conscious consumers are projected to accelerate the growth graph of hair care market in the years ahead.
Expensive product costs along with high production and marketing costs, however, are projected to restrict the increment of hair care market earnings in the years to come. Nevertheless, the growth of retail business chains across the globe along with the escalating demand for organic & eco-friendly products are projected to offer lucrative avenues for hair care market in the ensuing years. This, in turn, will normalize the impact of hindrances on the hair care market, reports the study.
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Massive Demand For Hair Care Products To Support North America's Dominance
Regionally, North America has been leading the worldwide hair care market and is anticipated to continue on the dominant position in the years to come, states the hair care market study. Rising acceptance of hair care products in salons & spas along with altering male grooming patterns is the main factor behind the dominance of the North America hair care market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional hair care market. In addition, wide focus on personal appearance & removing hair & scalp problems in the countries such as the U.S. are projected to boost hair care market size in the forthcoming years.
The global hair care market is segmented as follows:
By Product
Hair Oils
Colorants
Shampoos
Conditioners
Hair Styling Products
Others (hair loss treatments, hair accessories)
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By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Huge Concerns over Hair-Related Issues Is Likely to Impact Market Revenue
Global hair care market expected to reach USD 110.70 billion in 2024, growing at a CAGR of slightly above 3.15% between 2018 and 2024. The global hair care market has a huge industry potential comprising of both men and women hair care products.