The rise in male grooming – and the cult popularity of hairstyles like the man bun – means the global haircare market is set to grow steadily over the next three years, new figures have revealed.
Market research by Technavio has predicted that the industry will grow at an annual rate of 3% between now and 2019.
The trend for male grooming and the growing number of fashion-conscious consumers were cited as the principal reasons behind the growth, with the ageing populations of developed nations such as the US, Britain, Canada, Germany, China, and Japan also boos11ting the sales of haircare products.
Shampoos accounted for 34% of the market share during 2014, the research found, and is expected to reach a market value of around US$28bil by 2019. Brazil, China and India are predicted to be the fastest-growing regions in the shampoo segment.
The Americas were the largest revenue contributor during 2014 with a market share of around 37%, thanks in part to its ageing population, which contributed to the growth of this region as a result of the early adoption of hair colours and dyes. The US is the largest market in this region with a revenue share of around 1%.
L’Oreal, P&G, Henkel, Kao and Unilever were identified as the main brands in the haircare industry, contributing nearly 44% of the sector’s global revenue in 2014. Additional important vendors included household names such as Avon Products, Estee Lauder, Revlon, and Johnson & Johnson.
Male grooming has undergone something of a revival across the beauty industry over the last few years, with haircare and skincare the main focus.
Over the course of 2015, several high-profile products were unveiled for men, including Clinique’s Sonic System Deep Cleansing Brush and brewery Carlsberg’s shampoo, conditioner and body lotion trio. – AFP Relaxnews