The global hair care market is expected to reach approximately $110.70 billion in 2024.
According to a new report by Zion Market Research titled “Hair Care Market by Product and by Distribution Channel: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024,” the market was valued at around $89.08 billion in 2017 and is expected to grow at a CAGR of slightly above 3.15 percent between 2018 and 2024.
That’s good news for direct sellers like MONAT, which was the first direct selling company to enter the hair market exclusively. Other direct sellers offering hair oils, colorants, shampoos, conditioners, hair styling products and other hair products—such as Amway, Oriflame and Natura—can expect to see increased potential for growth in this segment of their businesses.
Factors influencing the growth of the market include:
- Increasing number of fashion-conscious users and growing concerns about hair-related problems such as hair loss, hair thinning, grey hair and hair damaging.
- Uplift in the male grooming patterns will result in flourishing demand for professional products.
- Growing demand for organic and environment-friendly products.
In the past, the global hair care market has been plagued by numerous factors, including concerns over expensive product cost, the intense competition offered by global and local players and high manufacturing and marketing costs. Due to these factors and others, various industry players are looking for ways that can curtail cost, improve performance and lead to new and advanced product manufacturing offering customer satisfaction. The ease of availability and launch of customized products will be important factors propelling the growth of this market.