Premium Hair Care Market Size is Estimated to Witness 6.6% CAGR till 2028

The global Premium Hair Care Market size is anticipated to reach USD 31.17 billion by 2028, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. The overall personal care industry has a significant dependence on the chemicals and pharmaceutical industry for raw materials used in the final products. Thus, any price variations in these sectors have repercussions across the market. Consumers prefer buying premium haircare, skincare, and other beauty products through online channels, as it is convenient for them to shop for a wide range of brands and products that are available at comparatively lower prices. With the growing internet penetration, along with several technological advancements, consumers are increasingly buying premium hair care products from online retailers. In addition, the technology to enhance the conversion rate of website visits plays a crucial role in the salability of new products.

Features, such as chatbots and touchscreens, are being used online as well as in stores to improve customer experience and offer customized product suggestions. Such techniques help brands reach their target audience. Concerns regarding the efficacy of basic hair care products continue to bolster consumers’ demand for premium products. There has been a considerable shift in the channels through which people shop premium hair care products. Before the COVID-19 crisis, in-store shopping accounted for over 85%, on average, across all the beauty and personal care product purchases. The lockdown has severely impacted this aspect with over 30% of the beauty industry market under shut down. In addition, in most countries, the majority of these stores have closed down forever, and new openings have been delayed till the mid or end of 2021.

Related Press Release@ Premium Hair Care Market Report

Premium Hair Care Market Report Highlights

  • The proactive approach of consumers in buying and shifting to complicated hair care regimes, like using pre-shampoo masks, after-shower hair gels, and personalized hair shampoos & conditioners, is encouraging brands to innovate, develop, and market new natural products at pace with the changing consumer dynamics
  • For instance, in February 2021, Nykaa Naturals expanded its offering by adding a new natural hair care range
  • The new category is called Nykaa Naturals Hair and includes shampoo and conditioner in two variants – Apple Cider Vinegar & Ginger and Onion & Fenugreek
  • The shampoo product segment accounted for the largest share of more than 29% in 2020 and is expected to grow at a steady CAGR over the forecast period
  • The women demography segment accounted for the largest revenue share in 2020 and is estimated to ascend with a CAGR of over 6% during the forecast period
  • Asia Pacific accounted for the largest revenue share in 2020 and is estimated to expand further at the fastest CAGR retaining the leading position during the forecast period

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