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Albany, New York, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The global hair care market is likely to register significant pace during the course of forecast period from 2018 till 2026. The marketplace place is expected to grow due to rising demand for healthy, manageable and shiny hair in this market, finds Transparency Market Research (TMR). The manufacturers are largely focused towards research and development activities in order to produce new product and this will further boost growth of the global hair care market in the coming years.
The prominent players operating in the global hair care market includes Revlon Inc., Unilever plc, Avon Products Inc., and L’Oreal S.A. The global hair care market demonstrates consolidated structure due to presence of large and small vendors at the local and international level. The global hair care market also faces intense competition among the existing players and hence, this restricts the new entrants to enter in this market.
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According to report, the revenue generated by the global hair care market is expected to account for valuation of US$105.3 bn by 2023 end. The global hair care market is likely to expand at CAGR of 3.0% over the forecast period.
Shampoo Segment of Product Type Account for Massive Growth in Global Hair Care Market
On the basis of product type, the shampoo segment account for 30.9% CAGR compare to other available products. This is due to increase in product innovation on account of growing demand among the consumers for better products. On the regional front, Asia Pacific is likely to grow at strong 4.0% CAGR during the course of forecast period. However, other developing countries such as China and India is likely to register a promising growth due to increasing opportunities for the products related to hair care in the developing region. The market is likely to witness significant growth owing to changing lifestyle of the consumers and growing disposable income of the population. This in turns supports growth of the global hair care products in the upcoming years.
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Growing Disposable Income Couple with Growing Concern to Maintain Hair to Boost Global Hair Care Market
The growing emphasis on advancement in technology in order to formulate new products is likely to stimulate growth of the global hair care market in the upcoming years. In addition to this growing pollution level is likely to boost growth of the global hair care market in the year to come. As it is tested that the increase level of pollution is the main reason behind the excessive hair loss and damage and this can be other reason stimulating growth of this market in the coming years. The other factors bolstering growth of this market is growing demand for hair related products by men is expected to propel growth of this market in the near future.
The growing disposable income and rapid urbanization in growing region in China and India is expected to drive growth of the hair care products across the globe. In addition, the increasing demand for the products from both female and male is anticipated to account for massive growth in the near future.
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In contrast, the increasing demand for organic products due to growing awareness about the inorganic chemicals related products to limit growth of the global hair care market in the foreseeable future.
The review is based on the findings of a report by Transparency Market Research, 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 has been segmented as follows:
Global Hair Care Market by Product Type
Global Hair Care Market by Geography
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