Market research by Technavio has predicted that the global hair care market will grow at an annual rate of 3 per cent (Compound Annual Growth Rate) between now and 2019 to exceed USD 91 billion. [1]
The trend for male grooming and the growing number of fashion-conscious consumers were cited as the principal reasons behind the growth, with the aging populations of developed nations such as the US, the UK, Canada, Germany, China, and Japan also boosting the sales of hair products.
Hair colours and shampoos
The Americas were the largest revenue contributor during 2014 with a market share of around 37 per cent. The US is the largest market in this region with a revenue share of around 15 per cent. Its aging population contributed to the growth of this region as a result of the early adoption of hair colours and dyes.
Shampoos accounted for 34 per cent of the market share during 2014, the research found, and is expected to reach a market value of around USD 28 billion by 2019. Technavio predicts that emerging markets - Brazil, China and India - will be the fastest-growing regions in the shampoo segment.
Shaving creams and lotions
As far as shaving lotions and creams are concerned, the growth of the global market is even more impressive as Technavio predicts sales to grow at a Compound Annual Growth Rate of around 7 per cent between 2016 and 2019 to surpass USD 8 billion by 2020. [2] The fact that men are becoming more fashion conscious and increasing willing to try new and innovative products is key growth factor for the market.
Europe dominates the global market for shaving lotions and creams, with a market share of around 38 per cent. And, with 62 per cent of the overall market share, pre-shave products (shaving lotions, creams, gels and soaps) represent the main segment by product categories.
Male grooming products are bouncing back
Male grooming has undergone something of a revival across the beauty industry over the last few years, with hair care and skincare the main focus.
Over the course of 2015, several high-profile products were unveiled for men, including Clinique’s Sonic System Deep Cleansing Brush and brewery Carlsberg’s shampoo, conditioner and body lotion trio.
