May 29, 2024
Professional Hair Care Market

The Increasing Preference for Premium Hair Care Products Is Driving the Professional Hair Care Market

Professional hair care products are specially formulated for styling, treating and enhancing the appearance of hair. They include hair coloring products, hair styling tools, shampoos, conditioners and serums. The increasing fashion consciousness among consumers and desire for premium hair care brands has propelled the demand for professional products. With rising disposable incomes, people are willing to spend more on hair care in order to gain premium results. Moreover, dependence on social media as a platform for expressing oneself has encouraged experimentation with bold hairstyles and colors which has amplified product usage.

The Global Professional Hair Care Market Size is estimated to be valued at US$ 25.96 billion in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the professional hair care market is the rising demand for natural and organic products. Consumers are increasingly conscious about the ingredients used in hair care products owing to rising environmental awareness and health concerns. This has prompted brands to launch natural and organic ranges free from sulfates, parabens, silicones and other chemicals. For instance, Ouai haircare brand offers professional products that contain organic coconut and argan oil to hydrate hair without harsh chemicals. Similarly, Briogeo launched a natural collection with charcoal to gently cleanse and volcanic ash to softly exfoliate. The demand for natural offerings is expected to grow further in coming years.

Porter’s Analysis

Threat of new entrants: The professional hair care market requires high initial investment and expertise which poses barriers for new entrants. Further, established players enjoy economies of scale posing further challenge.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of various professional hair care brands. However, professional services enhance customer retention.
Bargaining power of suppliers: Major suppliers enjoy bargaining power given their specialized ingredients and formulations. However, availability of substitutes balances their power.
Threat of new substitutes: Substitutes like salon services pose competition. However, convenience of at-home hair care products drives the market.
Competitive rivalry: The market comprises global and local players. Competition is based on product range, innovation, and branding.

Key Takeaways

The global professional hair care market is expected to witness high growth.

Regional analysis: The Asia Pacific region is expected to witness fastest growth owing to rising disposable incomes, growing awareness about hair care, and expansion strategies by major players in the region. Key players operating in the professional hair care market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture.

The global professional hair care market size for 2024 is US$ 25.96 Bn. Regional analysis fastest growing and dominating region is Asia Pacific owing to rising disposable incomes, growing awareness about hair care, and expansion strategies by major players in the region. Key players operating in the professional hair care market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it