The professional hair care market is predicted to reach $26.24 billion globally by 2026, growing at 4.6% CAGR (Compound Annual Growth Rate), according to a new report from Allied Market Research.
Fluctuation in hair style trends, the rapid increase of disposable income, and the rise in air pollution in developed regions is driving the market, which garnered $19.16billion in 2019.
However, hazardous chemical ingredients and the high cost of professional products are hindering market growth. On the other hand, developing economies are anticipated to offer new opportunities in the coming years.
As per the Allied Market Research report, the coronavirus outbreak has affected the market, as have specialty stores and e-commerce platforms. Moreover, manufacturing and R&D activities in the hair care industry have been paused during the pandemic.
The shampoos segment accounted for nearly two-fifths of the global professional hair care market in 2019. This is due to the availability of the wide range of professional shampoos in the market providing solutions related to different hair problems such as hair fall, dandruff, rough hair, and others. However, the hair colouring segment is estimated to portray the highest CAGR of 4.9% from 2019 to 2026, owing to a rise in the penetration of social media and celebrity influence, an increase in fashion awareness, and a surge in fashion trends related to hair color.
Based on distribution channels, the salons segment contributed to the highest market share with nearly one-third of the global professional hair care market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to a surge in the number of barbers, hair dressers, and stylists.
However, the e-commerce segment is estimated to generate the fastest CAGR of 6.10% from 2019 to 2026. This is attributed to easy accessibility, heavy discounts and offers on cosmetics and personal care products, including hair care products.
Included in the Allied Market Research report’s list of leading market players are L'Oréal SA, Henkel Corporation, Procter & Gamble Co, Revlon Inc. and Toni & Guy, among others.
For more information visit https://www.alliedmarketresearch.com