Bangladesh Hair Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh Hair Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh hair-oil market is forecasted to reach USD 53.89 million by 2024 growing at a CAGR of 5.5% during the forecast period (2019 - 2024)

Key Highlights

• Product innovation and the growing popularity of value-added hair oils are driving the hair oil market. Since the major share of the Bangladesh population is rural, the introduction of sachets by the manufacturers has led to the growth of the market. Sachets in different volume packaging has garnered a major share among the population, especially the lower-income group and the rural population.
• Hair care among the community is growing. The inclusion of natural ingredients and herbal extracts in hair oil is a good strategy to achieve growth in the market. The light hair oil segment is still growing in Bangladesh; so the use of conditioners, serum, and gel pose a constraint to the hair oil market. Coconut oil accounts for the highest share in the market, followed by other oils and almond oil. The other oils include argan oil, jojoba oil, and castor oil, among others.

Key Market TrendsCoconut Oil Held the Maximum Share of Bangladesh Hair Oil Market

Coconut oil segment holds the maximum market share in the Bangladesh market, and is expected to have a stable market during the forecast period. Various benefits that customers in Bangladesh perceive in the use of coconut oil for hair that drive the market are: multi purpose utilization as hair conditioner, promotes hair growth, provides better sleep on daily usage and has bacterial properties. Less price compared to other oils, easy availability of the product and high adoption among customers as it suits all hair types are some primary factors to make the market stable. Value added oils in the coconut hair oil segment, such as jasmine scented coconut oil, is expected to drive the market in Bangladesh during the forecast period.

Online Retailing Segment is Becoming the Fastest Growing Distribution Channel in Bangladesh

The e-commerce sector in Bangladesh has been gaining popularity for the past five years, with high internet penetration, ease of accessing, pricing, and home delivery. Bangladesh is still one of those emerging economies, which has a high scope in terms of reach and usage for purchasing consumer goods. Factors, such as increasing urbanization, growing awareness of customers in utilizing the technology, and growing popularity of online shopping will likely lead to a high market penetration in the next ten years. With a view to increase online shopping, investors are coming up with online portals. Some of the common e-commerce websites operating in Bangladesh for consumer goods are:

• ajkerdeal.com
• bagdoom.com
• beautystore.com.bd
• daraz.com.bd
• chaldal.com

Competitive Landscape

The Bangladesh hair oil market witnesses high competition. Brands, such as Marico, Dabur, and Emami dominate the market, leaving less room for the domestic players. Wide range of product, well established presence in the Bangladesh hair oil market, and high distribution network enable key players to hold a significant market share. The major strategies adopted by the companies in market are, agreements/ partnerships, expansion, acquisitions and new product launch.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Marico
Dabur
Kumarika
Emami Limited
Bajaj Corp Ltd.
Unilever
Nuha London

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