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Premium Hair Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global premium hair care products market was valued at USD 45.7 billion in 2022 and is projected to expand at a CAGR of 4.2% from 2023 to 2030. The rising trend of personal grooming and styling is a major factor driving the market growth. Furthermore, the increasing number of fashion-conscious youths are propelling the demand for premium hair care products. The growing number of hair salons and spas offering services such as hair dyeing, styling, and conditioning is expected to fuel the market growth further.
The growing demand for natural, organic, and cruelty-free products has also been driving the market growth. For instance, in June 2021, Love Beauty and Planet, a Unilever brand, launched a new natural hair care range called ‘Love Beauty and Planet Murumuru Butter and Rose Hair Care Range.’ The new range of products is 100% vegan and free from sulfates, parabens, and silicone.
In addition, the increasing trend of hair styling and coloring has been a major factor driving the market growth. Consumers are increasingly spending on hair care products such as shampoos, conditioners, hair styling, and coloring products. Furthermore, the growing popularity of social media influencers promoting hair care products is expected to drive the market further. For instance, in May 2021, Unilever launched a new hair care brand named Love Beauty and Planet, which is endorsed by actress and singer Selena Gomez.
The increasing demand for multifunctional hair care products is also expected to fuel the market growth. Consumers are increasingly preferring products that can be used to provide multiple benefits simultaneously. For instance, in October 2021, Procter & Gamble launched a new hair care line, the Pantene Pro-V Intense Rescue Shots. The product is designed to provide a week’s worth of damage repair in just one use and is available for both men and women.
Furthermore, the growing trend of product customization is expected to drive the market further. Consumers are increasingly opting for personalized products based on their hair type and other requirements. For instance, in December 2021, L’Oréal launched a personalized hair care line, the ‘My L’Oréal’ Hair Care Range. The product line offers personalized care for each user’s hair type, with the help of a personalized diagnostic.
Product Insights
The shampoo segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. Increasing demand for premium hair care products and rising disposable income among consumers are some of the key factors driving the shampoo market growth revenue. According to an article published by Statista, in November 2020, the global market for premium hair care products was valued at over US$ 18.6 billion. In addition, the emergence of various hair colorants and hair styling brands are also boosting the demand for premium hair care products worldwide.
The hair styling segment is anticipated to expand at the next fastest CAGR of 7.3% over the forecast period. Growing adoption of organic hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factors driving the hair styling market growth revenue. According to an article published by the University of Halmstad, in November 2019, 23% said hair styling is as important for men as it is for women. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 36.7% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase premium hair care products. According to a study by The Society of Cosmetic Chemists in 2020, people are more likely to buy premium hair care products after touch and feel the experience in supermarkets & hypermarkets as they can access a wide range of products and make quick purchasing decisions. Furthermore, these establishments offer promotional activities, discounts, and loyalty programs, which are attractive for consumers.
The online segment is anticipated to expand at the highest CAGR of 10.4% over the forecast period. E-commerce development in the premium hair care industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Luxy Hair launched its online store, offering a wide range of premium hair care products. The website will offer curated collections of hair care products, along with expert advice and opinions on choosing the best regime.
Type Insights
The professional segment accounted for the largest revenue share of 43.3% in the year 2022. The increasing trend of salon visits by consumers and the professional hairdressers’ preference for premium hair care products is likely to fuel the demand for the professional segment. For instance, in October 2020, L’Oreal Professional, a brand of L’Oreal Groupe, launched its new hair care product called ‘Mythic Oil’, which is an oil-based formula designed for all hair types. These activities make brands more visible and attract new customers.
The mass segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period. The rising awareness about personal care and the increasing disposable income of consumers have resulted in the growth of the mass segment. Moreover, the entry of mass personal care and cosmetics companies such as Procter & Gamble and Beiersdorf into the premium hair care market with their focused marketing and expansion of product portfolio have increased the demand for mass personal care products. For instance, in October 2020, Pantene, a brand of Procter & Gamble, launched its new hair care product called ‘Pantene Pro-V Nourishing Mousse’.
Regional Insights
North America accounted for the largest revenue share in 2022 and is expected to witness significant growth over the forecast period. This is mainly due to the presence of a large number of leading players such as Procter & Gamble, L’Oréal, and Unilever in the region. In addition, the region is home to a large population of metrosexuals, who spend heavily on their appearance, which is expected to propel the demand for premium hair care products.
Europe is expected to witness the second-fastest growth in the coming years. The increasing demand for organic and natural hair care products is a major factor driving the growth of the market in Europe. Several European countries have stringent regulations pertaining to the use of chemicals in hair care products. As a result, leading companies are launching new products with natural and organic ingredients, which is expected to drive market growth. For instance, in April 2022, L’Oréal launched its Botanicals Fresh Care range of hair care products with natural ingredients such as aloe vera and saponaria in the European markets.
Financial Projections
In this part of the premium hair care products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the premium hair care products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a premium hair care products business comes from the sale of products, wholesale accounts, subscriptions, professional services and other related services. Here you will find a list with a description of each of them and other possible sources of profit such as retail outlets, e-commerce stores, and webinars.
Projecting Expenses
In this section, all the regular expenses related to keeping the premium hair care products business running will be described. The list of operating expenses includes product costs, shipping and handling, wages, advertising and promotions, research and development, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the premium hair care products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, L’Oréal launched the Pro Fiber hair care line, a premium hair care line specifically designed for damaged hair.
– In June 2022, Unilever launched the Love Beauty and Planet hair care line, a premium line of natural and sustainable hair care products.
– In October 2022, Henkel AG & Co. KGaA launched the Schwarzkopf Professional hair care line, a premium range of hair care products.
Some of the prominent players in the premium hair care products market include:
– L’Oréal S.A.
– Unilever PLC
– Henkel AG & Co. KGaA
– Kao Corporation
– Shiseido Co., Ltd.
– Estee Lauder Companies, Inc.
– Avon Products, Inc.
– Revlon, Inc.
– Procter & Gamble Co.
– Johnson & Johnson
Global Premium Hair Care Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global premium hair care products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Shampoo
– Conditioner
– Hair Serums
– Hair Masks
– Hair Oils
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Premium
– Mass
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key trends driving the premium hair care products market?
[A]: Increasing consumer demand for natural, organic, and vegan products, as well as the growing awareness of the benefits of using premium products are some of the key trends driving the premium hair care products market. Additionally, the increasing trend of personalizing products to suit an individual’s hair type, scalp condition, and hair texture is also driving the market.
[Q]: What are the major segments of the premium hair care products market?
[A]: The major segments of the premium hair care products market are products for colored hair, dry hair, oily hair, and damaged hair, among others.
[Q]: Who are the major players in the premium hair care products market?
[A]: The major players in the premium hair care products market are L’Oréal S.A., Unilever, Shiseido Co. Ltd., Coty, Inc., Henkel AG & Co. KGaA, Kao Corporation, and Avon Products, Inc.
[Q]: What are the factors restraining the market growth?
[A]: One of the factors restraining the market growth is the lack of availability of certain premium ingredients in certain regions, which can lead to a rise in the cost of production. Additionally, the complex regulatory landscape associated with hair care products is also restraining the market growth.
[Q]: What are the opportunities for market expansion?
[A]: The increasing awareness of the benefits of premium hair care products, the increasing demand for vegan and organic products, the introduction of innovative products, and the emergence of new markets are some of the major opportunities for market expansion.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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