The global luxury hair care market size is anticipated to value USD 31.50 billion until 2027. It is also expected to register 5.9% CAGR over the forecasted period, 2020 to 2027. The increasing disposable income of the millennial population coupled with rising awareness about hair care products is projected to propel the market growth.
Product Insights
In 2019 the shampoos product segment held the dominant share of around 31.4% across the global luxury haircare market. Rising consumer demand towards the adoption of shampoos having organic and natural ingredients is expected to drive a major contribution towards the market growth for this segment.
The product segment of hair coloring is anticipated to register the fastest growth from 2020 to 2027. The shifting trend towards the adoption of at-home hair coloring and treatment is estimated to contribute majorly towards the growth of this segment. Moreover, increasing usage of luxury hair coloring products in the salons is further expected to fuel up the market growth.
Market Share Insights
The global market is characterized by several prominent players that account for the majority of the sales. The key players operating in the market are SEVEN, LLC, L'Oréal, Kao Corporation, Alcora Corporation, KOSÉ Corporation, and Estee Lauder Companies.
Strategies like acquisitions, product development, collaboration, and innovation are being carried out by these players to widen their product portfolio and geographical reach. For example, Kao Corporation had declared acquisition over Oribe in 2017 for USD 441 million.
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Distribution Channel Insights
The segment of specialty stores held the dominant share of around 31.0% across the global market in 2019. This share can be attributed to the rising inclination among consumers for physical verification of the product before making the buying decision. Also, features like a wide product portfolio, expert suggestions, and discounts offered by these stores are anticipated to propel the market growth.
The segment of e-commerce is expected to register the highest CAGR in the upcoming years. The rising adoption of smartphones and the internet among the millennial population coupled with the emergence of e-commerce platforms are expected to augment the growth for this segment in the upcoming years.
Regional Insights
The Asia Pacific held the dominant share of around 39.3% across the global luxury haircare market in 2019. The increasing adoption of natural and organic shampoos across countries like India and China is expected to drive market growth. Moreover, external factors like rising disposable income among the millennial population and shifting trend towards usage of premium products are anticipated to further fuel up this growth.
North America is anticipated to witness significant growth in the upcoming years. This can be associated with the increasing consumer demand for premium hair care products and rising online spending on the purchase of personal care products across this region. But, the market is witnessing stiff competition due to the emergence of the direct-to-consumer sales channel.
COVID-19 Impact Analysis
The market has been negatively impacted due to the COVID-19 pandemic. The imposition of lockdown and restrictions over the movement of cargo has severely hampered the supply chain. Moreover, shutting down of salons due to the risk of the spread of viruses along with the lack of skilled laborers in these salons is anticipated to hinder the market demand for luxury hair care products. But, rapid technological advances undertaken by the players like the usage of organic ingredients are expected to drive the market growth.
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