The Global Men’s Hair Care and Styling Products Market Anticipated to Register a Revenue of $43,910.1 Million, Growing at a CAGR of 3.2% from 2021 to 2028Download Sample Reports Overview
According to the men’s hair care and styling products market forecast, the global market size is estimated to cross $43,910.1 million by 2028, growing from $34,296.6 million in 2020, at a healthy CAGR of 3.2%.
COVID-19 Impact on Men’s Hair Care and Styling Products Market
The global market for men’s hair care and styling products has experienced negative growth, throughout the COVID-19 situation. The production of men’s hair care and styling products has gone down because of declining demand for the raw material required for manufacturing.
Contrary to this, in September 2021, CavinKare Group, key player in personal care, snacks, dairy, food & beverages, and professional care, announced the launch of ‘BIKER’S’, an innovative men’s personal care brand. The newly released BIKER’S brand consists of products such as beard oil, 2-in-1 shampoo-conditioners, and shower gel to satiate the requirements of urban men. Such company initiatives, amid COVID-19 pandemic are further expected create massive opportunities, during the pandemic situation.
Global Men’s Hair Care and Styling Products Market Analysis
In the recent several years, the media & entertainment industry continues to evolve and support the growth of men’s hair care and styling products market. The media & entertainment business across the world has transformed by significant technical, economic, and social advances. The utilization of hair care products namely hair styling cream and hair styling powder is also increasing as new initiatives in the entertainment segment are being implemented. Appearance is an important factor of the entertainment business. Hence, there is notable rise in the demand for hair care & styling products.
Contrary to this, lower product penetration in the Latin- American and African countries is declining the global men’s hair care and styling products market growth, throughout the forecasted period.
Companies such as Walker & Company and P&G have been emphasizing on the men's hair care and styling products market as a way to capitalize on spending on personal care products. To fulfil men hair-care industry demand, above-stated players have expanded their products. For example, in October, 2020 Walker & Company, consumer-centric health and beauty products firm, announced the expansion of Bavel, the significant Men's grooming solutions for men. The Bavel products are available on Walmart.com, providing men a simple way to shop for their hair. Such men's hair care and styling products market trends are further expected to create enormous opportunities in the industry.
Global Men’s Hair Care and Styling Products Market, Segmentation
The global men’s hair care and styling products market is segmented based on product type, distribution channel, and region.
The product type segment is further classified into hair care and hair styling products. Among these, the hair styling products sub-segment is predicted to have the significant growth and cross $14,797.7 million by 2028, with the rise from $11,180.7 million in 2020.
Owing to the complexity and diversity of hair types and concerns, multiple firms are providing customized products in order to fulfil specialized consumer demands, which range from styling, strengthening, and softening. Along with this, the growing awareness regarding hair-related issues due to the air pollution, climate change, and various other environmental factors, represents one of the major elements propelling the growth of the market.
The distribution channel segment is further classified into supermarkets, convenience store, e-commerce, and others. Among these, the e-commerce sub-segment is projected to have the highest growth of the men’s hair care and styling products market size and register a revenue of $9,221.1 million by 2028.
E-commerce sub-segment allows groom parlors, beauticians, and individual customer to purchase hair care and styling products through online platforms. E-commerce sub-segment includes selling and buying of hair care and styling products with advantages including lower prices & discounts; convenience; a comprehensive range of products; refund & replacement policies; feedbacks & reviews; and quality certifications. All these elements are further expected to bolster the e-commerce sub-segment’s growth, in the projected period.
Men’s hair care and styling products market for Asia-Pacific region is extremely competitive and prominent players in the industry are adopting several strategies to gain largest APAC men’s hair care and styling products market share. Asia-Pacific men’s hair care and styling products market accounted $6,173.4 million in 2020 and is expected to register a revenue of $8,386.8 million by 2028.
Emerging Asia-Pacific countries namely South Korea, China, Australia, and Japan are notable manufacturers and exporters of multiple hair care products such as conditioner, shampoo, and serum worldwide. Hence, the demand for men’s hair care and styling products is projected to surge exponentially in the region, which may ultimately drive the Asia-Pacific men’s hair care and styling products market. Furthermore, DKSH also known as DiethelmKellerSiberHegner, Japan based company specializing in market expansion services, and Coty, American multinational beauty company, announced the partnership in July 2018. The agreement aims to strengthen the distribution of professional hair care product particularly in Singapore and Malaysia. All above company initiatives and key factors may flourish the Asia-Pacific men’s hair care and styling products market, in the analysis period.
Key Players in the Global Men’s Hair Care and Styling Products Market
Some of the leading global men’s hair care and styling products market players are
- Baxter of California
- American Crew
- Jack Black
- Hanz de Fuko
- Redken Brews
- Old Spice
- Dove Men
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Men’s Hair Care and Styling Products Market
- Bargaining Power of Suppliers: The suppliers of global men’s hair care and styling products market are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of suppliers of men’s hair care and styling products decreases.
Hence, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, mainly because of increasing buyers’ demand for innovative men’s hair care and styling products at lower cost. Thus, multiple suppliers are providing best yet cost-efficient men’s hair care and styling products. Hence, the buyers can select the product that best fits their preferences.
The bargaining power of the buyers is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no alternative product available.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global men’s hair care and styling products industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Baxter of California, American Crew, Harry's are investing heavily to provide advanced men’s hair care and styling products to the customers.
Therefore, competitive rivalry in the market is high.