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Albany, New York, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Transparency Market Report has recently published a new report that talks about the overall dynamics of the global hair care market. According to the research report, the hair care product market stood at an initial valuation of US$81.3 Bn in 2015. The market is expected to witness steady growth during the course of the given forecast period of 2016 to 2024 and will grow at a CAGR of 3.0%. With this steady CAGR, the hair care market is expected to reach a valuation worth US$105.3 Bn by the fall of 2024.
According to the research report, the global hair care market has a healthy competitive landscape that is expected to develop over the course of the given forecast period. The growth of the market players is due to the increasing demand from consumers to grow healthy, lustrous, and manageable hair. In the near future, the report expects the global hair care market to develop extensively across developing as well as developed nations. This growth is mainly driven by the rapidly expanding research and development activities to develop innovative and advanced hair care products as per consumer demands.
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Some of the key players in the global hair care market include names such as Revlon Inc., Avon Products Inc., L’Oreal SA, Amka Products Pvt. Ltd., and Unilever Plc among others. The vendor landscape of the hair care market is a highly fragmented one because of the presence of several manufacturers operating at both international as well as domestic levels. The new entrants in the market are finding it difficult to break the monopoly of the established players. Thus, product development and product innovations are two main focus points for the new entrants in the market.
The Asia Pacific to Continue its High Rate of Growth
In terms of geographical segmentation, the global hair care market is divided into five key regions namely Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these regional segments, Asia Pacific has been dominating the global market in recent years. In 2016, it held around 33.12% of the overall share of the global hair care market.
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The growth and dominance of the Asia Pacific hair care market are driven by increasing population and growth in per capita income in emerging economies such China and India. A growing awareness about the hair care products coupled with celebrity endorsements and targeted marketing campaigns also are key growth fueling factors. In addition to this, several international brands have launched their products in these developing markets of India and China. This has also helped in driving the growth of the hair care product market in the region.
On the other hand, Europe and North America hair care markets are projected to continue their steady growth over the course of the given forecast period of 2016 to 2024. These regions have already experienced massive development in the past and now bank on consumer loyalties and higher product standards to maintain their steady growth rates.
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Hair Care Products for Men is Changing the Dynamics of the Market
The growth of global hair care market is mainly driven by the ever-increasing demand for new and enhanced products that will cater to the evolving demands of the consumers. Additionally, demand for hair care product from men has given a new dimension to the overall market. Traditionally, the products and their marketing campaigns were mainly focused on women. Now with this trend, the hair care market is expected to generate huge business opportunities in the near future.
The information presented in this review is based on a TMR report titled, “Hair Care Market (Product Type - Shampoo, Hair Color, Conditioner, Hair Styling Products, and Hair Oil) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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The global Hair Care Market is segmented as follows:
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