The global luxury hair care market size is anticipated to reach USD 31.50 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% from 2020 to 2027. Increasing e-commerce sales and growth of the male wellness sector are some of the major factors contributing to the rising demand for the product worldwide.
Luxury haircare brands are expected to focus more on the packaging design of products to appeal to an expanding ‘influencer generation’ in the country who keep on sharing their haircare moments with their friends or/and followers on social media. OUAI, a Los Angeles-based disruptive luxury haircare brand, studied consumer trends extensively on social media to power a product strategy.
Asian consumers, most notably Chinese, Japanese, and Indians, see luxury cosmetics (including hair care products) as a form of social capital that marks them apart in society. High-end consumers in the Asian markets increasingly prefer luxury haircare brands that resonate on a cultural level. In the coming years, multinational luxury hair care firms are expected to introduce boutique brands to incorporate local aesthetics to increase product appeal among consumers.
Asia Pacific emerged as the largest regional market for luxury hair care in 2019. This region is forecast to maintain its lead throughout the forecast timeframe, given the increasing popularity of prestige products among an expanding consumer base. In an effort to stem the rapid spread of the coronavirus, countries across the Asia Pacific, most notably India, continue to push for social distancing rules, thereby forcing individuals to stay indoors. Such moves, in turn, are expected to have a negative impact on the growth of the regional market, mainly throughout the remainder of 2020.
The market is characterized by intense competition, with international brands dominating the market. The market is likely to mirror the trends prevalent within the luxury skincare space over the forecast period. In this respect, CBD-based luxury hair care products are expected to gain traction, notably among millennials in the U.S.
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Luxury Hair Care Market Report Highlights
• In terms of product, the shampoos segment led the market and accounted for 31.4% share of the overall revenue in 2019
• Asia Pacific held the largest share of 39.3% in 2019
• Acquisitions emerged as the key strategy deployed by market players to stay abreast of the competition.
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Luxury Hair Care Market Segmentation
Grand View Research has segmented the global luxury hair care market based on the product, distribution channel, and region:
Luxury Hair Care Product Outlook (Revenue, USD Million, 2016 – 2027)
• Hair Coloring Products
• Hair Styling Products
• Hair Oils
Luxury Hair Care Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
• Supermarkets & Hypermarkets
• Departmental Stores
• Specialty Stores
Luxury Hair Care Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
List of Key Players of Luxury Hair Care Market
• Estee Lauder Companies
• SEVEN, LLC.
• Alcora Corporation
• Kao Corporation
• KOSÉ Corporation
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Browse More Related Report:
Premium Hair Care Market Size, Share & Trends Analysis Report By Product (Shampoo, Dry Shampoo), By Distribution Channel (Specialty Stores, Online), By Demography (Men, Women), By Region, And Segment Forecasts, 2021 – 2028
About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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