The professional hair care market comprises a wide range of products that are intended for use by hair professionals in salons and spas. These include shampoos, conditioners, hair serums, styling products like gels, mousses, and sprays. Professional hair care products offer several advantages over regular consumer products such as superior formulas that deliver deeper nourishment and protection to the hair and scalp. They contain higher concentrations of active ingredients to repair, strengthen and style hair effectively. As people seek premium haircare solutions from salons, the demand for these professional-grade products is growing.
The global professional hair care market is estimated to be valued at US$31 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period of 2023-2028.
Key Takeaways
Key players operating in the professional hair care market are L'Oréal Professionnel, Henkel, Kao Corporation, Wella Company, Shiseido Company and Amka Products.
Growing consumer demand for premium hair care treatments in salons and spas is a major factor driving the Professional Hair Care Market Trends The increasing spending capacity on grooming and rising obsession with good looks have boosted the market growth.
Expanding global footprint of key players through stringent distribution networks in emerging nations is opening newer revenue streams. For instance, L'Oréal Professionnel’s presence across over 130 countries strengthens its market dominance. Manufacturers focusing on developing customized formulations for diverse hair textures will aid their global expansion plans.
Market Key Trends
The rising environmental consciousness amongst consumers has put sustainable practices in focus in the hair care industry. A key trend gaining traction in the Professional Hair Care Companies is the growing popularity of natural, zero-waste, ethical and vegan hair products. Brands are responding to this demand by launching innovative ranges with formulations devoid of harsh chemicals, parabens and sulfates. Using recyclable packaging and organic ingredients helps gain consumer loyalty and meets their expectations of eco-friendly premium hair treatment options.
Porter's Analysis
Threat of new entrants: High market fragmentation limits competition from new entrants. Bargaining power of buyers: Large retailers can negotiate lower prices. Bargaining power of suppliers: Suppliers of raw materials face competition from alternatives. Threat of new substitutes: Demand driven by fashion trends faces threat from new trends emerging. Competitive rivalry: Market competition is intense with emphasis on innovation.
North America accounts for the largest share of the professional hair care market. The wide availability of hair salons and stylists in developed countries such as the US and Canada are driving demand. The Asia Pacific region is expected to witness the fastest growth over the forecast period, owing to rising disposable incomes and increasing haircare awareness in populous nations such as China and India. Other markets including Europe, Latin America and the Middle East are also showing steady growth in professional hair care products.
Geographically, Western European countries currently dominate the professional hair care market value, as consumers are willing to spend more on premium salon services. Germany and the UK are two leading European markets. However, Eastern European countries are projected to experience stronger expansion between 2021-2027 due to their emerging middle class and the proliferation of hair salons.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)