The professional hair care market comprises products and services offered by salons, spas and professional hair care centers. Professional hair care products include shampoos, conditioners, hair sprays, hair serums, hair masks, among others. These products are used by professionals to cleanse, condition and style hair. Growing urbanization and increasing disposable incomes have supported the busy lifestyle of consumers, increasing the demand for professional assistance and services for hair styling and grooming.
The professional hair care market is estimated to be valued at US$ 25.96 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the professional hair care market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. The increasing number of salons, spas and professional hair care centers is fueling the demand for professional hair care products. Users are willing to pay premium prices for high-quality professional hair care products to maintain youthful appearance and attractiveness. Advancements in hair coloring formulations and techniques allow longer lasting hair color with minimal damage.
Market Trends
Professional Hair Care Market Growth The rising demand for natural and organic hair care products creates opportunities for manufactures to develop products with natural ingredients like plant-based proteins, coconut oil, essential oils, etc. Sustainable packaging with reduced plastic is another important trend being adopted by major brands. Personalization is also gaining traction as professional hair care brands offer customized product recommendations and hair treatment plans tailored to each individual's hair concerns and goals.
Market Opportunities
One of the key opportunities for professional hair care market is men’s grooming products. With the rising focus on personal styling, men are spending more on haircare. Formulation of hair care products for specific hair and scalp concerns like dandruff, hair fall, damage also presents growth opportunities. Technology integrated hair care services allow hair analysis to recommend personalized solutions. Virtual consultation through smartphone apps enables remote expert advice.
Impact of COVID-19 on Professional Hair Care Market Growth
The COVID-19 pandemic severely impacted the growth of the professional hair care market Companies globally. During the initial lockdown phases declared by various governments, all salons, barbershops, spas, etc. were forced to shut down temporarily. This led to a significant drop in the demand for professional hair care products like shampoos, conditioners, serums, gels, etc. meant for use in salons and spas. However, as people were confined to their homes, the demand for at-home hair care products saw a marginal rise. With the ease of lockdown restrictions and reopening of salons/parlors with certain safety protocols in place, the market has started witnessing a revival post-COVID. However, challenges still remain in terms of lowered footfalls, maintaining social distancing inside premises, increased operational costs due to enhanced safety and sanitation measures. For future growth, market players must focus on innovative at-home products, affordable product price points, omnichannel sales and marketing strategies to regain consumer confidence.
Geographical Regions with High Concentration of Professional Hair Care Market Value
North America accounts for the largest share of the professional hair care market in terms of value, led by the United States. This can be attributed to high consumer spending power, strong salon industry presence, and growing focus on professional hair services among Americans. Western Europe is the second largest regional market boosted by countries like Germany, United Kingdom, and France. Availability of advanced hair care treatments, premium brand products and increased disposable incomes drive the market growth in this region. Asia Pacific is projected to be the fastest growing market during the forecast period led by China, India, and Japan. Rapid urbanization, rising number of salons and spas, and growing middle-class population interested in western hair styles will fuel the APAC professional hair care market.
Fastest Growing Region in the Professional Hair Care Market
Asia Pacific region is expected to witness the fastest growth in the professional hair care market during the forecast period. This can be accredited to factors like rapidly expanding salon & spa industries, growing working women population interested in trendy hairstyles, rising spending power of middle-class consumers on premium hair care services and products. Furthermore, increasing influence of western hair & beauty culture in countries like China, India, Indonesia, Philippines, etc. is driving trial rates of professional hair coloring, straightening and treatment services, thereby driving the APAC professional hair care market. Additionally, the presence of international brands expanding operations in tier 2 & 3 cities of Asia, affordable product prices, and high-scale manufacturing will boost the regional market during 2024-2031.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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