Premium Hair Care Industry Overview
The global premium hair care market size is anticipated to reach USD 31.17 billion by 2028, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. The overall personal care industry has a significant dependence on the chemicals and pharmaceutical industry for raw materials used in the final products. Thus, any price variations in these sectors have repercussions across the market. Consumers prefer buying premium haircare, skincare, and other beauty products through online channels, as it is convenient for them to shop for a wide range of brands and products that are available at comparatively lower prices. With the growing internet penetration, along with several technological advancements, consumers are increasingly buying premium hair care products from online retailers. In addition, the technology to enhance the conversion rate of website visits plays a crucial role in the salability of new products.
Premium Hair Care Market Segmentation
Grand View Research has segmented the global premium hair care market on the basis of product, demographic, distribution channel, and region:
Based on the Product Insights, the market is segmented into Shampoo, Dry Shampoo, Hair Color, Conditioner, Hair Styling Products, Hair Oil, Others
- The shampoo product segment dominated the market in 2020 with a revenue share of more than 29%. The segment is estimated to retain the dominant position throughout the forecast period. The changing consumer perception toward organic products, coupled with the growing utilization of environmentally sustainable products, has fueled the demand for naturally derived products.
- The COVID-19 pandemic has adversely affected the middle-income group, which has made them picky in terms of spending. They are choosing to spend more on food and medicine over beauty and personal care products, which may hamper segment growth.
- Moreover, some people choose to use an excess of everything they purchase, especially when it comes to hair care products such as shampoo, conditioner, hair styling waxes, and gels, which compels them to go for cheaper options over high-cost quality products.
- Furthermore, consumers are becoming more conscious about their personal hygiene, and are therefore spending more to maintain a healthy lifestyle, which, in turn, is creating a huge demand for personal care products including shampoos.
Based on the Demography Insights, the market is segmented into Men, Women, Children.
- The women segment accounted for the largest revenue share of over 82% in 2020 and will remain dominant throughout the forecast period.
- The new generations of consumers are seeking brands that provide cost-effective, safe, and eco-friendly solutions or products, which are devoid of harmful chemicals and possible side effects. Thus, new market players are expected to differentiate their products in terms of raw materials by using organic or natural ingredients to appeal to the generation of tech-savvy and environment-conscious customers.
Based on the Distribution Channel Insights, the market is segmented into Supermarkets Hypermarkets, Departmental Stores, Specialty Stores, Pharmacy Drug Stores, Online, Others.
- The online segment accounted for the largest revenue share of over 26% of the global market in 2020. Consumers prefer to purchase products through online channels due to convenience and availability of a wide range of products of various brands.
- The specialty stores channel is projected to register the second-fastest CAGR of 6.8% from 2021 to 2028.Specialty stores focus on specific product categories and offer a wide range of products for that specific category, thus, making it easier for customers to purchase desired products.
Premium Hair Care Regional Outlook
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market is highly competitive with the presence of global and small- and medium-scale regional manufacturers. Companies and brands in the market have been manufacturing pseudo-natural, organic, and sustainable products to comply with the increasing consumer demand for eco-friendly products.
Some prominent players in the global premium hair care market include
- Procter Gamble (P G)
- Unilever
- L’Oréal S.A.
- Johnson Johnson Services, Inc.
- Beiersdorf AG
- The Estée Lauder Companies, Inc.
- Aveda Corp.
- AlcoraCorp.
- Kao Corp.
- OUAI
- John Masters Organics
- Briogeo
- Living Proof
Order a free sample PDF of the Premium Hair Care Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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