According to analysts at Skygaze Market Research, the Premium Hair Care Market is expected to reach USD 35.9 Billion by 2030. This thriving industry is on a path to redefine luxury and elevate hair care to new heights. The use of these products has significantly increased as a result of rising consumer concerns along with the availability of new, safer, and effective hair care products, which in turn has helped the industry grow. With the advent of social media and beauty influencers, the desire for luxury and prestige in the hair care routine has also surged in the youth.
Consumers around the world have embraced prominent trends in the wake of the COVID-19 pandemic, like DIY beauty care. According to data from the Ministry of Health and Welfare's HIRA (Health Insurance Review and Assessment Service), 40% of people in their 20s and 30s attended a clinic in 2020 (during COVID-19) to address hair loss-related issues. The young age consumers thereafter became highly conscious about the type of hair products they use. The DIY hair coloring is also attracting more customers due to its convenience of use, and the availability of tiny travel-size packs. Similarly, the growing knowledge of the negative effects of chemicals and synthetic products has increased the demand for natural/organic & vegan hair care products. These are some of the important market trends for hair care that have been noticed worldwide, thereby boosting the premium hair care market for the upcoming years.
To encourage development and assist the premium hair care industry, governments from all over the world have implemented several regulations and regulatory changes. To protect novel inventions, recipes, and brands, intellectual property laws are enforced. The regulations for consumer protection and products guarantee that quality and safety criteria are met. Global hair care enterprises can thrive in an atmosphere that is supportive of fair & open trade practices, grateful to international collaboration and agreements. Together, these policies seek to level the playing field, safeguard domestic industries, guarantee product quality, and encourage market stability on a global scale.
In terms of revenue, the United States leads China (USD 8.3 Billion) in the beauty and personal care sector for hair care (USD 13.1 Billion). The incentives for R&D have been given tax breaks in the U.S., and financing packages are available to support innovation in the beauty industry. According to PBA (Professional Beauty Association), hair styling products accounted for about 26% of all salon sales in the U.S. in 2021.
In recent years, natural/organic ingredients such as shea butter have also been used in hair care products across the Europe market. The Centre for the Promotion of Imports from Developing Countries (CBI) reports that Europe is the world's largest export market for shea goods and that the continent imports roughly 250,000 tonnes of shea products each year.
The Asia Pacific region has the largest share of the premium hair care market. In India, more than half of the women’s population utilize regional hair care products. With the growing Indian government’s efforts to promote hair care products in rural areas, where very few women currently use them, the market for these products is anticipated to expand heavily. China is another large market for personal hygiene products worldwide. The use of hair care products is expected to rise as consumers spend more on personal care as economic growth and disposable income are expected to nearly double over the next ten years.
In an identical vein, it was projected that the Japan hair care market will generate sales worth approximately USD 2.4 Billion in the fiscal year 2022. The innovation-driven Japanese hair care sector places a lot of emphasis on scalp health. It offers a wide selection of items that address various hair difficulties, such as damage restoration remedies and natural/organic substitutes. Likewise in South Korea, there is a substantial market for professional hair care products due to the shift in consumer interest towards renowned fashion trends. In light of their cultural and societal conventions, South Korean customers are particularly concerned about their appearance and spend a lot of money on cosmetic and visually appealing items. Aekyung Industry Co. Ltd., Tony Moly, Amorepacific Corp., Nature Republic Inc., and LG Household & Healthcare Ltd. are important competitors in the South Korea hair care business.
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Key Findings:
● In 2022, almost 22% of the global cosmetics & personal care market was under hair care items.
● In 2023, it is anticipated that the Europe market for hair styling products and hair care will hold a sizable market share of about 24.2%. Due to high disposable income, rising fashion consciousness, accessibility to a variety of hair treatment products, and other factors, Europe is predicted to dominate the markets for hairstyle goods and hair care.
● As the largest usage-based sector of the hair color market in 2022, accounting for 41.3% of the total, permanent hair color fuelled the premium hair color market.
Several of the biggest names in the high-end hair market include L'Oreal, Procter & Gamble, Unilever, Redken, Kérastase, Aveda, Moroccanoil, Living Proof, Bumble and Bumble, Johnson & Johnson Company, Oribe, R+Co, IGK Hair, Harry's Inc., Amika, and Henkel. In the incredibly varied and dynamic premium hair care sector, a range of brands are striving for customer attention and market dominance. In July 2022, The Johnson & Johnson Company unveiled VIVVI & BLOOM, a new range of skin and hair care products. It was developed specifically for babies and young children. A new women's scalp care brand was introduced in January 2021 by Harry's Inc. incubator Harry's Labs as part of a plan to assist its parent firm in becoming a conglomerate. Additionally, Adon Hair Care introduced their groundbreaking "Growdense Hair Serum" hair loss treatment in August 2021 which is suitable for both men and women. The medicine is made with a variety of components, all of which help stop hair loss.
The global premium hair care market is segmented as follows:
By Hair Type (Revenue: USD Billion, 2018 – 2030)
● Dry Hair
● Damaged Hair
● Curly Hair
● Color-Treated Hair
By Product Type (Revenue: USD Billion, 2018 – 2030)
● Shampoo
● Conditioner
● Serum
● Treatment
● Styling Products
By Distribution Channel (Revenue: USD Billion, 2018 – 2030)
● Retail Storefront
● eCommerce Platform
● Salons & Spas
● Specialty Shops
● Others
By Region (Revenue: USD Billion, 2018 – 2030)
● North America
o U.S.
o Canada
o Mexico
● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific
● Latin America
o Brazil
o Argentina
o Rest of Latin America
● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
