by The global Professional Hair Care Market is estimated to be valued at US$ 22.53 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Professional hair care products include shampoo, conditioners, hair sprays, hair masks, serums, and various styling products such as hair gel and hair sprays. These products are specially formulated for use in salons and spas. They help in styling, conditioning and protecting hair in different ways. Professional hair care products impart health, shine, manageability and smoothness to hair. They help increase hair growth while reducing hair fall and breakage. Their usage in salons and spas allows hair dressers and stylists to better shape, color and sculpt hair.
Market key trends:
One of the key trends in the professional hair care market is the growing demand for premium and natural products. Consumers are increasingly opting for hair care solutions that contain natural and organic ingredients and are devoid of harsh chemicals. This is prompting manufacturers to come up with new launches featuring botanical extracts, vitamins and proteins. Moreover, the growing personal care industry centered around hair grooming and styling is augmenting the sales of high-end professional hair treatments, especially among young consumers. Products like leave-in conditioners, hydrating masks and bonding serums are witnessing heightened demand.
Porter’s Analysis
Threat of new entrants: The professional hair care market requires large capital investments and presents economies of scale advantages to large established players. This poses barriers for new players.
Bargaining power of buyers: The presence of several large buyers in salons and spas segments allows them to negotiate better prices. However, brand loyalty and unique product portfolios balance this power to some extent.
Bargaining power of suppliers: Major brands source raw materials like essential oils, herbal extracts etc from a large network of global suppliers. This ensures competitive prices for inputs.
Threat of new substitutes: While DIY hair products are an alternative, professional products deliver more effective and long lasting results. There is low threat of substitution.
Competitive rivalry: The market is dominated by large brands that compete intensely on the basis of product range, price, promotions and customer loyalty programs.
Key Takeaways
The global Professional Hair Care Market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period 2023 to 2030, due to increasing product innovation to suit evolving consumer needs. The market size for 2023 is estimated to be US$ 22.53 Bn.
North America dominates the professional hair care market led by the US due to the large number of professional salons and spas in the region. Europe is another major market driven by high personal care expenditure in countries like Germany, UK and France. Asia Pacific is expected to witness fastest growth with increasing income levels in countries like China and India.
Key players operating in the professional hair care market include Fable & Mane, Henkel AG, Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation, Avon Products Inc., L€TMOreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc. These companies compete on the basis of brand recognition, product quality and innovations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
