Hair Care Market Size

Hair Care Market Analysis

The Hair Care Market size is estimated at USD 90.80 billion in 2024, and is expected to reach USD 107.31 billion by 2029, growing at a CAGR of 3.40% during the forecast period (2024-2029).

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 toward premium and luxury hair care brands. The growth of technological breakthroughs has further fueled these products' popularity, creating a lucrative demand for hairstyles. Various technological improvements will boost the expansion of the hair care market, including novel antibacterial materials, volume enhancement, controlled release and encapsulation of actives, stability enhancement, and fiber strengthening and thickening. With more consumers becoming conscious about their hair health and wanting to adopt natural and traditional measures for hair enrichment and smoothening, the hair care market is set to grow worldwide. Additionally, the market is experiencing an escalating pull by the availability and affordability of hair care products, such as shampoo, conditioner, oil, and spray. Multifunctional hair care products that target various hair concerns, such as addressing issues like dryness, frizz, or damage, are gaining popularity. Consumers appreciate the convenience of addressing multiple concerns with a single product, streamlining their hair care routines. Consumers now desire efficiency and effectiveness and seek solutions that cater to their specific needs without the need for multiple products. Also, the excessive use of heat styling tools, exposure to environmental stressors, and chemical treatments contribute to hair damage. As consumers are becoming more aware of these factors, there is a rising need for multifunctional products designed to repair and nourish damaged hair.

Furthermore, increasing celebrity endorsements and rising awareness about the harmful effects of chemicals and synthetic ingredients augment the demand for natural/organic and vegan hair care products. As a result, manufacturers are expanding their product portfolios by investing heavily in research and development to incorporate organic/natural and clean-label ingredients in the formulation of their hair care products, including shampoos, conditioners, hair colorants, and styling products. They are focused on catering to the increasing consumer demand to establish their market position and garner significant shares in organic and natural segments. For instance, in May 2022, Medimix, AVA Group's flagship brand, launched its new hair care product, Total Care Shampoo. According to the company, Medimix Total Care Shampoo is enriched with natural ingredients and suitable for all hair types. Such developments are expected to support the market growth over the coming years.