Market Size of Bangladesh Hair Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.69 % |
| Market Concentration | High |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Bangladesh Hair Oil Market Analysis
The Bangladesh Hair Oil Market size is expected to grow from USD 176.53 million in 2023 to USD 232.80 million by 2028, at a CAGR of 5.69% during the forecast period (2023-2028).
- Factors that are projected to push market expansion throughout the forecast period include the improved quality of life, the impact of beauty and personal care on self-esteem and social connection, and the steady consumer shift towards sustainable hair oil brands. Using hair oil to promote growth and strength is one of the country's latest trends in hair care. Women in Bangladesh are focused on using oils to improve hair strength, nourishment, and scalp and to help hair to aid in growth.
- While many women in the country use oils around their kitchen, like olive oil and/or coconut oil, some other oils are believed to offer even more benefits to hair and scalp. For instance, almond oil makes the hair feel smoother to the touch. It often makes the hair softer, making it easier to comb through and style. Some women in the country even put a small amount of oil into other hair products like shampoo, conditioner, or leave-in products to help give an extra boost of moisture which is expected to boost sales further.
- Furthermore, with the fast-paced recovery of developing economies leading to increased disposable income and decreased inflation, consumer prices are expected to support the hair oil market demand during the forecast period.
- For instance, based on data from the World Bank, in 2021, the annual inflation rate for consumer prices was recorded at 5.5%, showing a slight decrease compared to the previous year when it stood at 5.7%. However, vendors are expected to face ongoing challenges due to intense competition, pricing concerns, and evolving consumer preferences, all of which will continue to exert pressure on their profit margins.
