Global Luxury Hair Care Market Overview
The key drivers impacting the luxury haircare market are the growing e-commerce retail market across the globe. For instance, Also, the increasing emergence of e-commerce platforms for the sale of personal care products which in turn are expected to raise the adoption of newer products. This is surging the demand for advanced products, thus positively impact market growth. Moreover, the rising adoption of luxurious hair care products for providing enhanced nourishment contributes to luxury haircare market demand in the later years.
According to Value Market Research, the global Luxury haircare market size was valued at about USD 21.2 billion in 2020 and is estimated to grow at a CAGR of around 6% during the forecast period 2021 to 2027.
The increasing marketing strategies like brand stretching and continuously varying and dynamic fashion tendency leads to a rise in awareness of the availability of new, more effective, and safer hair care products has led to a significant increase in the use of luxury hair care products. Developing customer demand for luxury shampoos made by means of natural or organic ingredients is driving the market growth. However, the risk of side effects associated with hair care products hampers the market in the long run. Nevertheless, the market trends, such as the growing focus on hair care, might provide considerable opportunities to the market's leading players.
The luxury haircare market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are L'Oréal, SEVEN, LLC, Kao Corporation, Estee Lauder Companies, Alcora Corporation, and KOSÉ Corporation.
In this research report, the luxury haircare market is segmented by product, distribution channel, and region.
Analysis by Product:
By Product, the report is segmented into shampoos, conditioners, hair coloring products, hair styling products, hair oil, and others. The shampoos segment dominates with the highest market share of 32% in the forecast period. It is due to the developing consumer demand for luxury shampoos which are made through organic or natural ingredients is constantly encourage market participants to be inclined on the creation of green products. Moreover, the rising demand for luxury shampoos, prominent market participants have been developing specific products for customers is adding growth to the shampoo segment in the forecast period.
Analysis by Distribution Channel:
By distribution channel, the report is segmented into supermarkets & hypermarkets, departmental stores, specialty stores, e-commerce, and others. The specialty stores segment dominates the distribution channel segment with the highest share of 32% in 2020. It is because consumers typically make purchases at these stores as they allow the physical verification of products while offering expert suggestions to consumers regarding the quality of products leads to high market demand from the specialty stores sector.
Analysis by Region:
In the regional outlook of the global luxury haircare market, the Asia Pacific region dominates with the largest market share in 2020. It is due to the rising popularity of natural and organic luxury hair care products come out as the most noteworthy trend in the Asian nations. Also, a considerable number of Asian consumers are aware of the advantages of sustainably sourced luxury cosmetics. Moreover, the robust demand for luxury hair care products with rising consumer spending and growing preference for luxury skincare products persist in stimulating luxury haircare sales, thus contribute to the huge market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Product
- Shampoos
- Conditioners
- Hair Coloring Products
- Hair Styling Products
- Hair Oil
- Others
By Distribution Channel
- Supermarkets & Hypermarkets
- Departmental Stores
- Specialty Stores
- E-commerce
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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