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Hair oils are commonly used by an individual to avoid the incidences of hair fall, dandruff, and other hair problems. Growing awareness regarding the availability of a variety of hair care products is primarily driving the growth of the market. Consumers precisely look for hair oils according to their hair type such as dry, and silky. Hair oils essentially help in increasing the length & strength of the hairs which thereby fuelling the market growth.
Nowadays, hair oils made up of various plant extracts such as holy basil, aloe Vera, and others are widely popular among people as they effectively help in nourishing the hairs. Hence, manufacturers are keenly focusing on producing such medicated hair oil products to solve the hair related problems of an individual. For instance, in 2018, British haircare brand Champo of a parent company CHAMPO LTD. launched various Ayurveda principle-based hair care products such as shampoo, hair oil, conditioners, etc. in New York, U.S.
Rising incidences of the hair related problems and diseases such as Alopecia areata, Telogen effluvium, and many others among the people is expected to drive the demand for the medicated hair oil products across the globe. According to the statistics presented by the U.S. National Library of Medicine, as of August 2020, nearly 50 million men and 30 million women are suffering from androgenetic alopecia hair disease in the U.S. Additionally, an increasing number of spa clinics & hair salons across the globe is further supporting the growth of the market.
Moreover, changing hair fashion trends is further driving the demand for newer kinds of hair care products. Increasing consumption of on-demand videos related to hair care products & hair treatments is further fuelling the growth of the market. Besides this, shifting consumer preferences towards herbal-based hair care products is further driving the demand for hair oils made up of natural materials.
Key Market Driver -
Rising incidences of hair related problems among the people is expected to drive the market growth.
Key Market Restraint -
Wide presence of counterfeit hair care products is anticipated to restrain market growth.
However, the wide presence of counterfeit hair care products is anticipated to restrain market growth. Similarly, a largely fragmented industry is expected to limit the growth of prominent brands.
The key players associated with the global hair oil market are, Merico Inc., Dabur India Ltd., Emami Ltd., Henkel AG & Co. KGaA, The P&G Company, Unilever Plc., Vogue International LLC., Vital’s Cosmetics International Inc., Now Foods, Brock Beauty Inc., and many others.
The global hair oil market is segmented based on product type, category, distribution channel, and geography.
Based on the product type, the market is segmented into coconut oil, almond oil, argon oil, and others. The coconut oil segment is expected to hold a major share of the market owing to the cost-effectiveness of such type of hair oil over the other types. Additionally, coconut oil essentially helps in the treatment of the dry & damaged hairs which thereby supports further segmental growth.
By category, the global market is segmented into non-medicated and medicated. The largest share of the medicated segment is attributed to the large consumer shift towards purchasing professional hair care products under the prescription of the medical experts which results in larger segmental revenues. Additionally, medicated hair oils are considered as the most trusted hair oil products over other types which results in the large segmental demand.
Based on the distribution channel, the global market is segmented into hypermarkets & supermarkets, pharmacies, online stores, and others. The hypermarkets & supermarkets segment is expected to hold a major share of the market owing to the wide availability of the local as well as branded personal care items at these stores. Additionally, hair oil products are commonly kept as the counter (OTC) products at such stores which help in further driving the segmental growth.
By geography, the global hair oil market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific region is expected to hold a major share of the market owing to the large presence of the aged population in the countries such as China, Japan, and South Korea which results in the large consequences of hair-related diseases in these countries and is likely to drive the demand for the hair care products in the region. According to the data presented by the Statistics Bureau of Japan, in 2019, the total number of the population aged 65 years & above in Japan reached 35.89 million. Additionally, rising awareness regarding personal care and health hygiene among the population in the region is further driving the growth of the market in the region.
North America region is expected to grow at a faster rate for the global hair oil market owing to the presence of the large infrastructural facilities related to the spa clinics in the countries such as Mexico and the United States which is likely to support the demand for the medicated hair oil products in the region. According to the data presented by the American Med Spa Association, in 2018, the total number of med spas in the U.S. reached 5,431. Additionally, the rising popularity of professional hair & skin care products coupled with the presence of a higher-income group of population is further driving the growth of the market in the region.
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