The global hair care market, including shampoo and conditioner, hair color, hair styling products and hair oil, will expand from a value of $81.3 billion in 2015 to a value of $105.3 billion by 2024, representing a steady 3.0% CAGR during the forecast period. According to the analysis by Transparency Market Research, growth will be lead by demand for "healthy, lustrous, and manageable hair."
Developing and developed regions alike will propel growth, in part due to enhanced R&D for new products.
"Conventional natural ingredients from plants and various botanical sources are making a comeback."
Asia Pacific accounted for 33.12% of the global hair care market in 2016, the largest single market share, driven by demand for premium hair care products in China. The strongest CAGR, 4.0%, will be found in the Middle East and Africa. In the UAE, consumers are willing to spend on hair care, including salon-inspired products.
Shampoo was the largest segment in 2015, accounting for nearly 40% of the market. Weather conditions and pollution effects on hair could drive future growth, according the analysis, in addition to men's grooming.
"The demand for natural and organic products is a trend noted in the shampoos segment and herbal shampoos are predicted to witness strong growth in the coming years," the analysis firm noted.
Natural trends will impact consumer demand throughout Asia, according to the report. Herbal shampoos will experience strong demand in China, India and the Middle East.
The firm explained, "Consumers' purchasing decisions are increasingly influenced by this trend and as a result, conventional natural ingredients from plants and various botanical sources are making a comeback."