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Rising Consciousness for Hair to Boost Adoption of Hair Care Products to Propel Growth of the Market

, 3 October 2018 -- Rising Consciousness for Hair to Boost Adoption of Hair Care Products to Propel Growth of the Market

The market for hair care market is highly consolidated due to high number of acquisitions, mergers, and partnerships for business expansion and improvement in product portfolio. For instance, L’Oréal and Natura Cosméticos SA have entered into agreement for selling The Body Shop to Natura from 7 September 2017. Also, L’Oréal entered into a partnership with STATION F in the same year, for development of early-stage digital beauty set-up globally.

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The global hair care market was valued at US$81.3 bn in 2015 and is expected to reach US$105.3 bn by 2024, registering a steady 3.0% CAGR during the forecast period. This growth is attributable to the high demand for healthy, lustrous, and manageable hair and this need drives the purchase decisions of most consumers.

Which is key consuming region for the hair care market?

Asia Pacific accounted for the 33.12% shares in the global hair care market in 2016. This growth is attributable to the high population base in the countries such as China, Japan, and India. Additionally, the growth of the hair care market is fueled by the increasing number of people facing hair and scalp problems such as hair fall and damage. Rising consciousness for hair and desire of having good hair is supporting growth of the hair care market. The rapid urbanization has made the new and all hair care products available such as hair colors, styling products, oils, conditioners, and shampoos.

How the competitive landscape of the hair care market can be explained?

The global market for hair care is extremely consolidated owing to the presence of several manufacturers, both domestic and international. The leading four companies, namely Henkel, Procter & Gamble, L’Oreal S.A., and Unilever, holding over 55% of the market in 2015. Some of the leading players operating in the global hair care market are Henkel Corporation, Procter Gamble Co., L’Oreal S.A., Unilever plc, and Revlon Inc.

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Submitted by K Singha on Wednesday, 3 October 2018 at 9:07 PM
Category: Science & Research
 
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