The professional hair care market comprises of hair care products specially formulated for use by professional hair stylists and hairdressers. Products such as shampoos, conditioners, hair colorants, bleaching solutions and other styling products are used to maintain and style hair. The increasing demand for professional hair care services and products that can provide long lasting results with minimal damage is fueling market growth.
The Global Professional Hair Care Market is estimated to be valued at US$ 25.96 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Professional Hair Care market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. Key players are focusing on development of augmented reality and mixed reality technologies for professional haircare training and virtual hair consultations.
The growing demand for Professional Hair Care Market Growth from millennial and generation Z due to increasing disposable income and rising beauty consciousness is driving market growth. Younger consumers are more comfortable with virtual hair consultations using augmented reality devices.
Rapid global expansion of prominent haircare brands such as L’Oréal Professionnel, Wella Professionals, Shwarzkopf Professional through franchisee networks across developed and emerging economies is another key factor fueling professional haircare market growth. Digital transformation of salons using augmented reality is gaining momentum globally.
Market key Trends
The adoption of augmented reality and mixed reality technologies by key players in the Professional Haircare Market is a major trend. AR and MR technologies are being utilized to provide immersive virtual hair coloring, hair styling and hair treatment demonstrations to clients. This enables customers to visualize hairstyles and hair colors digitally before booking an appointment. AR is also used extensively in hairdressing schools and training for virtual simulations.
Porter’s Analysis
Threat of new entrants: Entry barriers Professional Haircare Market Analysis are moderately high as significant initial investments are required to build brand awareness and distribution channels.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of several brands but professional buyers like salons have moderate power.
Bargaining power of suppliers: A few global players dominate the supply of key ingredients like essential oils, whereas local suppliers of packaging materials have low to moderate power.
Threat of new substitutes: Threat is low as professional hair care products have few alternatives that can deliver professional results at affordable cost.
Competitive rivalry: Rivalry is high among major international brands that spend aggressively on marketing and new product innovations to gain market share.
Geographical regions
North America currently holds the largest share of around 35% of the professional hair care market value due to high consumption levels fueled by strong economic growth and rising purchasing power.
The Asia Pacific region is poised to witness the fastest CAGR of over 25% during the forecast period led by growing salon industry and increasing customer spend on hair treatments in major countries like China and India supported by improving living standards.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
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