Newark, Aug. 8, 2024 (GLOBE NEWSWIRE) — According to the report published by The Brainy Insights, the global Luxury Hair Care Products Market is expected to grow from USD 22.66 billion in 2023 to USD 42.90 billion by 2033, growing at a compound annual growth rate of 6.59% during the forecast period 2024-2033.
This growth is due to the increasing use of luxury hair care products as a complete solution for hair. Also, there is a growing demand for chemical products that should be natural. The increase in disposable income and demand for anti-hair loss and anti-aging products, as well as technological advancement and innovation in the beauty sector are some of the factors driving the luxury hair care products market.
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Competitive strategy
To strengthen their market position in the global luxury hair care products market, key players are now focusing on implementing strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
• In April 2021: Kao Corporation launched its luxury hair salon brand ORIBE, which includes 23 products, in Japan through its subsidiary Kao Salon Japan. The ORIBE brand has a strong market presence at leading hair salons and department stores in Europe and the United States. The launch in Japan helped the company expand its brand portfolio and build a customer base in the region. It ultimately helped the company gain a share of the luxury hair care products market.
Reporting scope and segmentation –
| Report coverage | details |
| Forecast period | 2024–2033 |
| Forecast CAGR | 6.59% |
| Value forecast for 2033 | 42.90 billion USD |
| Market size in 2023 | 22.66 billion USD |
| Historical data | 2020-2022 |
| Number of pages | 238 |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Segments covered | Product, gender, sales channel |
| Regions covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and the Middle East & Africa. In addition, the regions are further analyzed at the country level. |
| Growth drivers in the luxury hair care products market | Rise in Generation Z consumer numbers |
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Market growth and trends
The increasing awareness of new hair care trends such as anti-dandruff treatments, scalp care, and oily hair treatments largely depends on the information sharing by influencers and industry experts on social media. Generation Z consumers, aged between 18-24 years, have been found to be the major consumers in the hair care sector and are heavy buyers of hair care products such as conditioners, shampoos, serums, hair oil sprays, etc. According to a recent survey among Generation Z in the US, over 33% of the population regularly uses hair masks and over 50% have had a hair treatment in the last six months. Moreover, around 54% of them are planning to have a hair treatment in the coming six months. All these factors will ultimately drive the luxury hair care market. The market seems to be growing strongly due to an overall increase in the disposable income of people in developing countries. People with high purchasing power want to invest more in high-quality hair care products that are more effective and provide a good experience. The growing influence of social media culture and celebrity endorsements also play a major role in influencing consumers towards these luxury hair care products. Influencers and celebrities generally flaunt their beautiful hair and attribute it to the effectiveness of luxury hair care products. This helps in boosting the sales of premium hair products. The recent trend also suggests that consumers generally prefer luxury hair care products that are made from natural and sustainably sourced ingredients. Additionally, essential oils, plant extracts and organic compounds are preferred due to their nourishing properties and eco-friendliness. Also, many luxury brands have been observed embracing the trend of customization and offering customized solutions based on the consumer’s hair concerns. Consumers prefer luxury hair products that are customized to their hair texture, hair type and style preferences and can range from shampoo to conditioners to personalized treatment routines. Moreover, innovation has become the key factor for luxury hair care products as many major players are trying to develop cutting-edge formulas using advanced technologies.
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Key findings
• In 2023, the shampoo segment dominated the market with the largest market share of 29.82% and a market revenue of USD 6.76 billion.
The product segment is divided into Conditioner, Shampoo, Hair Dye, Styling Products, Hair Oil, and Others. In 2023, the shampoo segment dominated the market with the largest market share of 29.82% and a market revenue of USD 6.76 billion. Shampoos are considered an important part of personal care.
• In 2023, the women’s segment dominated the market with the largest market share of 82.89% and a market revenue of USD 18.78 billion.
The gender segment is divided into male and female. In 2023, the female segment dominated the market with the largest market share of 82.89% and a market revenue of USD 18.78 billion. This market share is attributed to the increase in the number of working class women.
• In 2023, the offline segment dominated the market with the largest market share of 73.55% and a market revenue of USD 16.76 billion.
The sales channel segment is divided into online and offline. In 2023, the offline segment dominated the market with the largest market share of 73.55% and a market revenue of USD 16.76 billion. People still prefer physical shopping.
Regional Segment Analysis of Luxury Hair Care Market:
• North America (USA, Canada, Mexico)
• Europe (Germany, France, Great Britain, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of Asia-Pacific)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of Middle East)
Asia Pacific emerged as the largest market for the global luxury hair care industry with a market share of 37.55% and a market value of around USD 8.51 billion in 2023. This market share can be attributed to the region’s growing demand for high-quality organic hair care products. Moreover, the large population in Asia has become aware of the numerous benefits offered by sustainably sourced luxury products.
The major players in the global luxury hair care market are:
• Kao Corporation
• L’Oréal Group
• SEVEN, LLC
• Alcora Corporation
• EstéeLauder Companies, Inc.
• RAHUA
• KEVIN MURPHY
• PHILIP KINGSLEY PRODUCTS LTD.
• Jose Eber
• KOSÉ Corporation
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Brainy Insights has segmented the global Luxury Hair Care market based on the below mentioned segments:
Global Luxury Hair Care Products Market by Product:
• Hair conditioner
• Shampoo
• Hair coloring products
• Styling products
• Hair Oil
• Other
Global Luxury Hair Care Market by Gender:
• Men
• Women
Global Luxury Hair Care Market by Distribution Channel:
• Online
• Offline
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About the report:
The global Luxury Hair Care Products market is analyzed in terms of value (US$ billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to gain key insights about the market. The study includes Porter’s Five Forces Model, attractiveness analysis, raw material analysis, supply and demand analysis, competitor positioning grid analysis, and sales and marketing channel analysis.
About The Brainy Insights:
Brainy Insights is a market research company that aims to provide actionable insights to businesses through data analysis to improve their business acumen. We have a robust forecasting and estimation model to achieve clients’ goals of high-quality results within a short period of time. We offer both customized (customized) and syndicated reports. Our repository of syndicated reports is diverse and covers all categories and subcategories of all domains. Our customized solutions are tailored to the requirements of the clients, whether they are looking to expand or planning to launch a new product in the global market.
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