Key Trends in Hair Grooming Products Market
Demand for hair care products continues to remain steady as evolving preferences of consumers drives demand for new products in the market. This has led to introduction of customized products which appeal to consumers from different cultures, hair types, and regions. The global hair grooming products market is expected to grow from $ 80 billion currently to nearly $ 95 billion in the near future, recording a CAGR of 3.5%.
Hair-grooming is the process of maintaining healthy and nourished hair, which involves hair combing, brushing, curling, trimming and blow drying. The global hair grooming products include hair oil, hair styling products, hair color, shampoo and conditioner.
Key macro-economic factors driving the growth of the market include rising economic growth, changing lifestyle, increased aging population, influence of the fashion industry, and rising trend towards professional hair treatment.
Growing popularity of organic and herbal products is prompting the buying decisions of a large number of customers across the globe. More emphasis on the formulation of the product with natural ingredients is likely to influence the supply side as well. In addition, heavier investments are being made in R&D to boost the functionality of these products and also to develop new hair grooming products.
Owing to consumer demand for managing hair on-the-go, waterless solutions and multifunctional products are gaining traction in the market. For example, dry shampoos made from natural clays and plant powder can be applied directly to the roots of the hair doesn’t require rinsing with water.
Owing to increase in price-consciousness among consumers, many manufacturers have launched salon-quality products at competitive pricing. Today, many hair grooming products are available in the market that give the same end-effect as salons.
With an increase in trend for sporting facial hairs, manufacturers are offering a great range of natural conditioning beard oils and butter blending plant based and natural ingredients for a healthy looking beard.
Hair styling products including hair pomades, wax, gel, cream, paste, sprays etc. are nowadays ranging for all hair types in easy and affordable prices. The fashion conscious consumers are easily able to lead the entire grooming market in an upward direction. The hair styling segment is estimated to rise by almost $ 3 billion from to $ 14 billion in the nearby future by witnessing a CAGR of 4.6%.
Some of the major companies operating in the global hair care market are Unilever, The Procter & Gamble Company, Aveda Corp, REVLON, Diamond Products Company, Kao Brands Company, Goody Products Inc., Henkel AG & Co. KGaA, L’Oreal, CONAIR CORPORATION, Avon Products, Inc., Neutrogena Corporation. The Estée Lauder Companies Inc, Inc., and Johnson & Johnson.
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