The professional hair care market is estimated to be valued at US$ 22.53 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Professional hair care products include shampoos, conditioners, hair sprays, gels, and serums. These are commonly used by hairdressers and stylists to maintain hygiene and style hair at salons or spas. They provide nourishment and protect hair from environmental damages. Rising consumer awareness about hair care and preference for natural and organic hair products is augmenting the demand for professional hair care products.

Market Dynamics:
One of the key drivers propelling growth of the professional hair care market is rising spending on hair care products. According to the Bureau of Labor Statistics, Americans spent over $7 billion annually on hair care products in 2017. Improving economic conditions is enabling consumers to spend more on personal care and hair styling services. Furthermore, increasing number of hair salons and spas across the globe is also positively influencing the market growth. For instance, according to the International Spa Association, the number of salons and spas increased from 167,000 in 2015 to 176,000 in 2017 worldwide. Additionally, growing youth population focused on personal aesthetics is fueling adoption of various hair styling and conditioning products.

SWOT Analysis

Strength: The professional hair care market has various product offerings from shampoos and conditioners to hair masks and oils. The products from top brands are formulated with natural ingredients and specifically catered to different hair types like dry, damaged, oily, colored etc. Innovation in product formulations helps meet evolving consumer demands.

Weakness: Some professional hair care products have higher price points which might restrict sales. Lesser awareness of hair care practices in rural areas can limit the market reach.

Opportunity: Growing trend of hair styling and rise in disposable incomes have boosted spending on hair care treatments and services. Increasing urbanization and improving retail infrastructure further expands the potential customer base. Launch of affordable premium products allow wider penetration in developing markets.

Threats: Introduction of counterfeit brands distributing low-quality products poses safety concerns among customers. Strict environment regulations around product ingredients and packaging materials increases compliance costs for companies.

Key Takeaways

The global Professional Hair Care Market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing focus on hair appearance and aesthetics. Rising spending on salon services, hair styling products and hair treatments is a major driver for market growth.

Regional analysis
North America dominates the professional hair care market holding around 35% share, supported by developed economy and hair fashion consciousness among consumers in the US and Canada. Asia Pacific is the fastest growing region, expanding at a CAGR of over 7% during the forecast period on back of large population, economic development and expanding middle class in China and India.

Key players analysis
Key players operating in the professional hair care market are Fable & Mane, Henkel AG, Procter & Gamble Co., Unilever Corporation, Kao Corporation, Aveda Corporation, Avon Products Inc., L€TMOreal S.A., Revlon, Inc., Johnson & Johnson, Natura & Co., and Coty Inc. Major players are focusing on new product innovations, expansion in emerging regions and acquisitions to strengthen their market position.

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