The size of the global hair care market will increase by over USD 4.9 billion between 2020-2024, accelerating at a CAGR of more than 1% during the forecast period. This growth in hair care market size will be attributed to numerous factors including a host of technological, environmental, and economic changes driving demand for more naturally derived ingredients and innovation, as well as portfolio extension leading to product premiumization. This market is especially flourishing in the United States, where revenue is expected to increase by USD 1.15 billion between 2020-024. Our latest hair care industry analysis highlights that the United States haircare market is being driven by demand for new and innovative hair care products as consumers are showing the willingness to pay more for these products.
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Several emerging trends are expected to gain traction and positively impact the global hair care market by 2023. These top trends include the increasing demand for natural and organic hair care products, the introduction of products with an added value proposition, and a rise in online sales of hair care products. Online sales of hair care products are expected to increase significantly as consumers lack time to visit physical stores to purchase products owing to their hectic lifestyle.
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Within our hair care market research, we provide deep insights into the market landscape, its segments, and their market share. Our hair care market segmentation research offerings include:
In addition, Technavio's research within these segments highlights that a high penetration of salon services, increasing demand for professional products, and changing grooming patterns - especially among male consumers – is accelerating global hair care market growth. The increasing demand for clean label products, coupled with a rising number of health-conscious consumers is aiding the organic hair care market growth.
We at Technavio, with our strong expertise in the hair care market research field, have been tracking the latest hair care industry trends and changes to create a comprehensive library of global haircare market reports.
Our hair care industry report portfolio offers the following: