Premium Hair Care Market Size, Share & Trends Analysis Report By Product (Shampoo, Dry Shampoo), By Demography (Men, Women, Children), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Premium Hair Care Market Size, Share & Trends Analysis Report By Product (Shampoo, Dry Shampoo), By Demography (Men, Women, Children), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Premium Hair Care Market Growth & Trends

The global premium hair care market size is expected to reach USD 35.49 billion by 2030, registering a CAGR of 6.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.This healthy market growth is mainly attributed to the rising demand for a various premium hair care products such as shampoos, conditioners, hair styling products, hair colors, and hair oils across all age groups and both genders.

People's focus is shifting towards seeking a high quality of life through rising spending on luxuries and high-quality goods as a result of increased spending on personal well-being due to the improving standard of living and buying power of consumers around the world. Additionally, the new group of consumers is determined about having the most specialized premium hair care products that solve problems and no longer desire basic hair care products.

Premium hair care products are supplied to consumers through various distribution channels, including convenience stores, supermarkets/hypermarkets, pharmacies, and e-commerce. Key market players have a strong worldwide distribution channel to maintain and strengthen their global foothold. The premium hair care industry is characterized by the presence of a large number of manufacturers across the value chain. Intense market competition and rapidly changing consumer demands are likely to facilitate the development of innovative products, leading to high R&D costs for manufacturers.

The strong performance of online retailers worldwide indicates that affluent shoppers across the globe increasingly prefer buying premium hair care products online. While still in the nascent stage, this trend highlights the rising popularity of online shopping, most notably among millennials worldwide. In the near term, premium hair care brands are likely to focus more on targeting millennials, given the extent of internet use among this consumer group.

Hair care has always been a top priority for both men and women. Over 30.0% of men and around 22.0% of women globally prioritize hair care over skin, face, and physique. Also, there is an increased demand for premium hair care and other grooming products by men, owing to a robust shift in attitude toward personal well-being. In addition to this, the vast male populations in emerging countries are leaving manual work and adopting white-collar jobs, which are further anticipated to create the product demand.

Premium Hair Care Market Report Highlights

• Shampoo constituted a majority share of the market in 2022. Shampoo is an essential hair care product that is used by a vast majority of the people on a regular basis. It is the foundation of any hair care routine and is used to cleanse the hair and scalp of dirt, oil, and product buildup
• The men’s demography is set to grow at the fastest rate in the forecast period. In order to market their high-end hair care products, manufacturers have launched new products and worked with well-known brands and celebrities. These celebrity promotions, campaigns, and endorsements frequently have a significant influence on male customers. As a result, there is an enormous demand among males for the high-end hair care products to keep up with the celebrity-driven trend
• The online channel is forecasted to grow at the quickest rate. Due to the convenience and broad variety of brands available online, consumers favor making purchases through these channels. Additionally, compared to traditional brick-and-mortar retailers, a number of online channels give products at a discount, which is likely to increase product sales through this channel
• Asia Pacific region will continue its top position in the market. The growing middle-income population in the Asia Pacific is one of the prominent factors stimulating demand for the premium hair care products. Moreover, anti-ageing and corrective hair care products remain in focus, with products and marketing strategies targeting more mature women in the region

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