PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ — Allied Market Research published a report, titled,“Men’s Hair Care and Styling Products Market by Product Type (Hair Care and Styling Products), Distribution Channel (Supermarkets, Convenience Stores, Specialty Stores, E-commerce, and Others: Opportunity Analysis and Industry Forecast, 2021–2030.”According to the report, the global men’s hair care and styling products industry generated $40.43 billion in 2020, and is estimated to reach $54.75 billion by 2030, witnessing a CAGR of 3.3% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in cases of hair fall, innovations in haircare & styling products, expansion of media & entertainment industry, and surge in prominence of non-surgical treatment drive the growth of the global men’s hair care and styling products market. However, surge in competition that escalates the pressure regarding pricing and rise in customer concerns about harmful components used in the product hinder the market growth. On the other hand, rise in online shopping and increase in awareness about herbal and organic variantspresent new opportunities in the coming years.
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- Manufacturing activities of hair care & styling products halted due to lockdown measures implemented across many countries. In addition, disruptions in supply chain and shortage of raw materials presented challenges in carrying out manufacturing activities with full capacity.
- The lockdown measures led to closure of distribution channels such as supermarkets, convenience stores, and specialty stores. However, the distribution activities are expected to get back on track post-lockdown. The demand would also grow steadily post-lockdown.
- The ban on import-export activities led to supply chain disruption and supply-demand gap. As the restrictions are lifted off, the supply chain will be restored.
The hair care segment to maintain its lead position during the forecast period
Based on product type, the hair care segment held the highest share in 2020, contributing to nearly three-fifths of the global men’s hair care and styling products market, and is expected to maintain its lead position during the forecast period. This is attributed to rise in prevalence of hair fall, awareness regarding hair damage, and increase in the prevalence of alopecia among people. However, the styling products segment is projected to portray the highest CAGR of 4.4% from 2021 to 2030, owing to increase in adaption of modern and stylish products and changes in consumer preferences.
The supermarkets segment to continue its leadership status during the forecast period
Based on distribution channel,the supermarkets segment contributed to the highest share in 2020, accounting for more than one-fourth of the global men’s hair care and styling productsmarket, and is estimated to continue its leadership status during the forecast period. This is due to ease in accessibility and availability of products at competitive prices.However, the e-commerce segment is expected to manifest the fastest CAGR of 4.5% from 2021 to 2030. This is attributed to the increased penetration of internet and trend of online shopping in developing regions.
Asia-Pacific, followed by Europe and North America, to offer lucrative opportunities
Based on region, Asia-Pacific, followed by Europe and North America, accounted for the largest market share in 2020, holding around two-fifths of the global men’s hair care and styling products market, and is projected to maintain its dominant share in terms of revenue by 2030. Moreover, this segment is expected to portray the fastest CAGR of 4.2% during the forecast period. This is due toincrease in adoption of the western culture and innovative products among consumers.
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