The introduction of new hair care products and the rise in demand for lustrous hair has generated significant growth in the hair care market, reports Transparency Market Research.
As per expert analysts, the hair care market is anticipated to rise steadily at a CAGR of 3% during the forecast period of 2016 to 2024. Progressing at this rate, the market is anticipated to rise from its initial valuation of US$ 81.3 billion to reach a value of US$ 105.3 billion in 2024.
Transparency Market reports that air pollution is one of the leading causes of hair damage and related diseases leading to hair loss. Consequently, a global rise in the level of pollution has contributed to the hair care market's growth. It has also encouraged manufacturers to formulate new hair care products offering enhanced results. Moreover, the increase in consciousness regarding hair grooming and expansion in the beauty industry has facilitated growth.
In addition, rising disposable incomes in emerging economies and urbanisation have enhanced the growth prospects of the global hair care market. Furthermore, there is a high demand for hair care products from the young generation. There is also a high demand for hair care products from the male population.
Based on product type, the global hair care market is classified into shampoo, conditioner, hair colour, hair oil, and hair styling products. Among these, the shampoo segment is anticipated to generate the highest revenue in the market holding 30.9 % of the market's share in 2015. The growth of this segment is driven by product innovations and high consumer demand.
Additionally, there is a spur in the development of botanical and plant inspired hair care products owing to a rise in demand for natural ingredients. The organic hair oils are immensely popular among the consumers and generate maximum revenue for the hair care market. Expansion in the e-commerce industry is enabling customers to purchase foreign brands, thus contributing to the market's expansion.
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