Direct sellers such as Amway, Natura and Avon have reason to be optimistic for the growth of their hair care product lines over the next five years.
A new report by ResearchAndMarkets.com—“Global Hair Care Market Trends, Size – Segmented by Product, Distribution Channel (Direct Selling, Hypermarkets & Retail Chains, e-Commerce), and Geography – Growth, Trends and Forecast”—states the global hair care market was valued at $91.95 billion in 2017 and is expected to reach $112.57 billion by 2023, registering a CAGR of 3.35 percent over the forecast period of 2018–2023.
According to the report, the majority of the global population has become beauty conscious and people are more inclined toward beauty-enhancing products. This has resulted in an increased demand for grooming products. In addition, with more than 54 percent of the population falling in the age bracket of 20–65 years, a significant number of people are concerned about the effects of aging.
With the youth and middle-aged population facing hair-related problems, such as discoloring and thinning, the demand for hair care is also increasing. There has also been a considerable surge in global e-commerce sales and companies are looking for ways to explore this sector to boost their sales.