by Market Overview:
The global Professional Hair Care Market is estimated to be valued at US$ 19.3 Bn in 2020 and is expected to reach US$ 27.8 Bn by 2022, exhibiting a CAGR of 5.3% over the forecast period, according to a new report published by Coherent Market Insights. This growth can be attributed to the increasing demand for hair care products coupled with the growing awareness of personal grooming.
Professional hair care products cater specifically to the needs of salons, stylists, and discerning consumers who seek quality hair care solutions. These products include shampoos, conditioners, hair dyes, and styling products with specialized formulations and active ingredients to address various hair concerns.
Market Dynamics:
The professional hair care market is driven by two primary factors:
1. Rising Disposable Income: As disposable incomes increase across the globe, consumers are willing to spend more on premium hair care products and salon services. The desire for personalized hair care experiences drives the demand for professional products that offer superior results.
For example, consumers are opting for high-quality shampoos and conditioners that address specific concerns such as color protection, damage repair, or moisture retention. Additionally, salon treatments such as keratin treatments and hair spa therapies gain popularity due to their sustained benefits and long-lasting results.
2. Shift Towards Natural and Organic Products: With the rising concern for harmful chemicals in personal care products, there is a growing preference for natural and organic formulations in the professional hair care market. Consumers are consciously choosing products with botanical extracts, herbal ingredients, and sustainable packaging.
For instance, brands like Aveda Corporation offer natural and eco-friendly hair care solutions that cater to the increasing consumer demand for sustainable beauty options. These products not only benefit customers but also support environmental conservation efforts.
Market Key Trends:
One key trend in the professional hair care market is the increasing demand for personalized hair care solutions. Consumers are seeking products that cater to their specific hair types, textures, and concerns. Brands are responding by offering customized formulations and salon consultations to provide tailored recommendations.
For instance, Fable & Mane, a rising player in the market, offers ayurvedic-inspired hair care products that address individual needs. They combine ancient Indian beauty secrets with modern technology to create unique formulations that cater to diverse hair types, contributing to the rising trend of personalized hair care.
SWOT Analysis:
– Strength: The professional hair care market benefits from a strong consumer focus on self-care and increasing salon visits. The market’s extensive product range allows consumers to choose from a wide variety of options to suit their preferences.
– Weakness: The market faces competition from homemade remedies and cost-effective alternatives. Consumers may choose DIY solutions or budget-friendly products instead of investing in professional hair care, posing a challenge for market growth.
– Opportunity: There is an opportunity for brands to tap into the growing male grooming segment by offering specialized grooming products and services. The market can also explore untapped regions with emerging economies, where rising disposable incomes contribute to increased spending on personal care.
– Threats: The professional hair care market faces the threat of counterfeit products and increased scrutiny regarding product safety and ingredient transparency. Brands need to address these concerns through stringent quality control and transparent labeling practices.
Key Takeaways:
The global Professional Hair Care Market is expected to witness high growth, driven by factors such as rising disposable income and the shift towards natural and organic products. Personalized hair care solutions and innovative formulations are key trends shaping the market.
In terms of market size, the industry is projected to experience a CAGR of 5.3% over the forecast period. Regionally, Asia Pacific is expected to be the fastest-growing and dominating region, owing to the increasing urbanization, rising middle-class population, and the popularity of professional salon services.
Key players operating in the global professional hair care market include 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. These industry leaders continuously strive to innovate and introduce new products to meet consumer demands and maintain a competitive edge in the market.
