Allied Market Research published a new report, titled, "Men’s Hair Care and Styling Products Market by Product Type, Distribution Channel and Others: Opportunity Analysis and Industry Forecast, 2021–2030". The men’s hair care and styling products market was valued at $40,430.0 million in 2020, and is projected to reach $54,755.1 million by 2030, registering a CAGR of 3.3% from 2021 to 2030.
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The hair care and styling products market growth is propelled by rise in hair health consciousness and an improved distribution network. Consumers are prepared to pay more for those products that provide hair health advantages & help to avoid hair damage and hair fall. This awareness is expected to be a driver for the hair care and styling products market development.
Hair care segment and hair care products are used globally and are one of the prime product types for hair care and styling products; thus, is expected to influence the overall hair care and styling products industry. The hair care segment was valued at $24.0 billion and is expected to grow with a CAGR of 2.5% from 2020 to 2030, to reach $30.3 billion by 2030.
In addition, a surge in penetration of hair care and styling products among consumers is anticipated to fuel the market growth during the forecast period. Region-wise, Asia-Pacific was the prominent region in 2020, garnering maximum share in the hair care and styling products market, owing to the huge consumer base and increase in population. SMEs operating in the region are targeting online sales channels to increase their sales. These companies are further investing in various marketing and advertising activities to increase the awareness of their products.
In the last few years, a trend has been seen in the use of hairstyle products to look good and keep a decent appearance. The hair care and styling products market has witnessed significant growth due to an increase in the number of people from all over the world opting for hair care products as a precautionary measure to fight hair fall and hair damage. Key market players seek to strengthen their position by offering high-tech goods and developing a strong distribution channel network that is projected to fuel the market growth.
The supermarkets and hypermarkets segment was the leading channel with maximum share in 2020, growing with significant CAGR during the hair care and styling products market forecast period. This is attributed to the increase in the business of retail sales in different regions and the availability of large shelf space for maximum sales.
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The key players profiled in this report include include American Crew, Baxter of California, Jack Black, Harry's, Malin+Goetz, Hanz de Fuko, Dove Men, Redken Brews, Old Spice, and Axe. These players are introducing new products in the market to increase the customer base and product sale.
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