Market Size of Global Premium Hair Care Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Premium Hair Care Market Analysis
The global premium hair care market is projected to register a CAGR of 6.6% during the forecast period, 2022-2027.
The COVID-19 pandemic had positively influenced consumers' spending habits and purchase decisions and had also witnessed a slowdown in growth owing to various governments imposing multiple measures intended to slow down the spread of COVID-19. Some basic initiatives included social isolation directives, limitations on business opening hours, and travel restrictions. According to the International Journal of Dermatology and the US National Library of Medicine, hair loss had been found to be a late onset symptom of COVID-19 with almost 25% of patients reporting the issue and Telogen effluvium (an acute hair loss that is experienced when the body goes through physical trauma such as illness, pregnancy or even a crash diet). Another notable trend is the rise of do-it-yourself (DIY) hair care products and routines. As many beauty salons had closed, and even in places where they were not, consumers had forgone services owing to concerns over close physical contact. As a result, DIY hair coloring is finding new customers with the hair dye sales increasing 23% in Apr 2020 (Y-O-Y) as stated by Baird.
Over the medium term, consumers across the global market face varied hair care-related problems, among which, hair loss and oily scalp are the most common ones. These problems are mainly due to hot and sweaty weather conditions, pollution, among others which lead the consumers to shampoo their hair daily, removing the natural oils present in the hair or scalp. This in turn is driving the global premium hair care market.
Increasing celebrity endorsements and raising awareness about the harmful effects of chemicals and synthetic products augment the demand for natural/organic, and vegan hair care products, along with ease of usage and availability of small travel-size packs acting as significant trends observed in the market.
