The hair grooming market is predicted to grow from under US$ 80 billion in 2017 to almost US$ 95 billion in 2022 witnessing a CAGR of 3.5%.
Dublin, Ireland -- (SBWIRE) -- 09/19/2017 -- The global hair grooming market is growing at a modest pace and the trend is likely to continue over the next couple of years. Desires of lustrous, healthy and smooth hair is driving the global sales of hair grooming products. Further, growing popularity of organic and herbal products is influencing the purchase decisions of a large number of customers across the globe. Increased emphasis on formulation of more efficient hair grooming products is likely to influence the market as well. In addition, heavier investments are being made in research & development pipelines in order to enhance the functionality of these products and also to develop new hair grooming products. The aforementioned factors are expected to make a collective impact on the overall growth of the global hair grooming market during the forecast period. According to the latest report published by Fact.MR, the global market for hair grooming will witness a CAGR of 3.5% between 2017 and 2022 to reach a valuation of US$ 94,913 Mn.
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Following projections from Fact.MR's forecast on the global market for hair grooming will be assertive on the market's growth prospects
Among regions, the hair grooming market in Asia Pacific excluding Japan (APEJ) is projected to exhibit an impressive growth in 2017 and beyond. APEJ hair grooming market is set to ride at a CAGR of 4% over the forecast period. This is primarily owing to the existent of a large pool of consumers who face various scalp and hair problems. Moreover, growing consciousness about oneself is also facilitating the growth of the market in the region. At the same time, consumers are also getting attracted towards trendy hair colors, conditions, styling products, oil and shampoos that are new in the market.
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Among all the hair grooming products, the shampoo segment will continue to account for the largest share of the market over 2022. This segment is expected to reach a market valuation in excess of US$ 30,426 Mn towards the end of forecast period, reflecting a CAGR of 2.9%. Fact.MR cites that the segment will grow at US$ 814.7 Mn annually over the next five years. Demand for hair oil is also expected to remain strong, especially in APEJ region where hail oil is quite popular among the masses as it has been a traditional hair grooming product.
Hypermarket/supermarket will remain the largest distribution channel for hair grooming products. The hypermarket/supermarket distribution channel segment currently accounts for close to 50.1% share of the market in terms of revenue and is projected to reach a valuation of US$ 43,719.7 Mn by 2022-end, reflecting a CAGR of 3.2%. Meanwhile, the departmental stores segment will retain the second position during the forecast period.
Some of the leading companies operating in the global market for hair grooming include L'Oréal S.A, The Procter & Gamble Company, Unilever PLC, Avon Products, Inc., Revlon, Inc, The Estée Lauder Companies Inc, Henkel AG & Co. KGaA , Johnson & Johnson and Kao Corporation.
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