According to a new report by Grand View Research, the global haircare market is expected to reach $211.1 billion by 2025, with a 3.1 percent Compound Annual Growth Rate (CAGR). The main drivers of this growth include increasing demand for hair color products driven by the growing aging population and increasing air pollution. Additionally, as rural populations migrate to metropolitan areas in increasing numbers, more money is spent on personal care and beauty products.
Personalization and technological innovation are two other key driving factors for the haircare market’s growth. Professional products designed to solve haircare problems for consumers’ specific culture, gender, region and hair type are in high demand.
Services held the largest market share thanks to the growing popularity of hair extensions in countries like the UK and the US. Shampoo was the largest share of the product segment due to rising consumer awareness of the benefits of natural and organic shampoo. The study also found that, because of its superior haircare services and products and the presence of large multinational companies, the US continues to dominate the global haircare market.
Globally, hair color products are expected to experience the fastest growth between now and 2025, while India’s haircare industry is projected to grow at the highest rate with a CAGR of 9.73 percent.
The report also notes the rise in company mergers, acquisitions, collaborations and new product development to increase market share. For example, in September 2017, L’Oréal and Natura Cosmeticos SA signed an agreement for the sale of The Body Shop to Natura.
To view the full report, visit: https://www.grandviewresearch.com/industry-analysis/hair-care-market