Albany, NY -- (SBWIRE) -- 11/09/2018 -- The vendor landscape of the global market for hair care is moderately consolidated, with the leading four companies, namely Henkel, Procter & Gamble, L'Oreal S.A., and Unilever, holding over 55% of the market in 2015, observes Transparency Market Research in a recent report. Despite having a stronghold on the global market, these companies are required to compete with several unorganized players in a number of regional markets with emerging or less-developed economies. To emerge profitable in the situation and expand their consumer bases, companies are focusing on product innovation and brand expansion.
Transparency Market Research states that the global hair care market will exhibit a moderate CAGR of 3.0% over the period between 2016 and 2024, rising from a valuation of US$81.3 bn in 2015 to an opportunity of US$105.3 bn by 2024.
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Of the key hair care product varieties available in the global market, the segment of shampoos accounted for a massive 30.9% of the overall market in 2015. The demand for shampoos will continue to remain strong, making the segment one of the leading revenue contributors to the global market over the next few years as well. Some of the key trends that will affect the future growth prospects of the segment include the rising demand for natural and organic products.
From a regional perspective, the market in Asia Pacific is expected to remain the most promising regional market for hair care products over the report's forecast period. The region accounted for over 33.12% of the global market in 2016 and is likely to register steady growth and retain its dominant spot. The leading position of the Asia Pacific market is attributed to emerging economies such as China and India. The rapid urbanization in these and other developing economies has led to the easy availability of international brands of hair care products, which has led to a steady demand from both female and male demographics.
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Easy Availability of International Brands and High Disposable Incomes to Fuel Demand
In the past few years, the global demand for hair care has significantly benefited from the rising pollution levels across the world. Air pollution being a chief cause of hair damage and hair loss, its worsening state is likely to lead to a significant rise in hair-related issues across the global population. Several manufacturers of hair care products have taken this into consideration and aligned their product development strategies accordingly, which is likely to be fruitful for the global hair care market in the long run.
The rising demand for hair care products from men is another key driver for the global hair care market. Traditionally, women have been the dominant consumers of cosmetic products, but changing male fashion trends are leading to an increasing number of men paying attention to hair care. The demand for hair colors will constitute a large portion of overall demand for hair care products from men. The rapid urbanization and rising disposable incomes in in emerging economies such as China and India and other developing economies has led to the easy availability of international brands of hair care products, which has led to a steady demand from both female and male demographics.