A new report by Allied Market Research predicts the global men’s hair care and styling products industry will reach $54.75 billion by 2030, growing at a CAGR of 3.3%.
This figure is significantly up from the $40.43 billion that this sector generated in 2020.
According to Allied Market Research, the increase in cases of hair fall, innovations in hair care & styling products and the expansion of the media & entertainment industry, coupled with the boom in non-surgical treatments, will drive the growth of the global men's hair care and styling products market.
However, the market growth could be negatively affected by an increase in competition that will impact on the pressures regarding pricing, as well as a rise in customer concerns about harmful components used in products. Conversely, the rise in online shopping and increasing awareness about herbal and organic variants present new opportunities in the coming years.
The Allied Market Research report notes that manufacturing activities of hair care & styling products halted due to lockdown measures implemented across many countries. In addition, disruptions in the supply chain coupled with the shortage of raw materials presented challenges in carrying out manufacturing activities with full capacity.
Additionally, the ban on import-export activities led to supply chain disruption and supply-demand gap. As the restrictions are lifted off, the supply chain will be restored.
Based on product type, the hair care segment held the highest share in 2020, contributing to nearly three-fifths of the global men's hair care & styling products market, and is expected to maintain its lead position during the forecast period. This is attributed to a rise in the prevalence of hair fall, awareness regarding hair damage, and an increase in the prevalence of alopecia among people. However, the styling products segment is projected to portray the highest CAGR of 4.4% from 2021 to 2030, owing to increased adoption of modern and stylish products and changes in consumer preferences.
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