According to a new report published by Allied Market Research titled, Professional Hair Care Market by Product Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018-2024," the global professional hair care market was valued at $18,072 million in 2017, and is expected to reach $23,601 million by 2024, registering a CAGR of 4.1% from 2018 to 2024. North America dominated the global market in 2017, accounting for more than one-third share of the total revenue.
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The adoption of professional hair care therapies and products in the world has increased over the last four to five years, because of the rapid increase in the disposable income of consumers. The use of professional products ensures damage-free scalp and hair, which further enhances the overall personality and thus, confidence of a person. This has resulted in the growth of the global professional hair care market.
The professional hair care market size is witnessing notable growth across the world. This is attributed to the consumers following the celebrities and various leaders, and presence of a substantial number of youth population on social media platforms, which exposes them to the changing hairstyle trends and grooming methods. The wide fluctuations in hair styling trends are driving the global professional hair care market. Also, the popularity of the do it yourself" hair styling trend among consumers has drastically increased the consumption of professional hair care products in the developed markets.
Key Findings Of The Professional Hair Care Market :
- In terms of value, the hair coloring is expected to grow at the fastest CAGR of 4.6% during the forecast period.
- The salons distribution channel accounted for the maximum share in 2017 and is likely to remain dominant throughout the period, 2018-2024.
- North America is expected to dominate the professional hair care market, registering a CAGR of 3.6% in terms of value.
- Asia-Pacific is projected to show exponential growth throughout 2024, registering a CAGR of 5.5%, in terms of value.
- In the global professional hair care market, India is expected to grow at a CAGR of 6.8%.
Key players profiled in the global professional hair care industry include L'Oreal Group, Henkel AG & Co., Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation (Estee Lauder), Avon Products Inc., Revlon Inc., Olaplex, and Pai Shau.