innovation and portfolio extension leading to product premiumization and customization is driving the Professional Haircare Products Market
Technavio analyzes that the Professional Haircare Products Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5100 million.There are various factors that contribute to the growth of the market. In the professional haircare products market, innovation and strategic portfolio extension are key drivers for premiumization and customization. Brands continually invest in research and development to introduce advanced technologies and unique formulations, catering to diverse consumer needs and preferences. This approach not only enhances brand value but also enables personalized solutions, ensuring customer satisfaction and loyalty.
In the professional haircare products market, salon partnerships represent a significant distribution channel under the offline segment. This segment is divided into three categories: salons and spas, medical clinics and institutes, and specialty stores, hypermarkets, drugstores, department stores, and clubhouse stores. The popularity of salons and spas among consumers with busy lifestyles, coupled with the increasing hair-coloring trends among men and women, has significantly contributed to market growth. Furthermore, recommendations from medical clinics and institutes for professional haircare products due to skin and scalp issues, hair damage, scalp infections, dandruff, and frizzy hair, have also driven sales in this sector. The rise in disposable income levels globally ensures a large consumer base can afford premium offerings through these channels.
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Professional Haircare Products Market Segmentation
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The professional hair care market caters to hair care professionals and salons, offering superior formulas in styling tools, shampoos, conditioners, hair colorants, and treatments. These products address specific concerns such as damage repair, color protection, and solutions for air pollution, skin issues, scalp issues, dandruff, frizzy hair, itchy scalp, and hair damage. Unisex packaging and gender-neutral products cater to both men and women. The e-commerce retail market thrives with online selling techniques, drop shipping, and hair care services, ensuring hair protection and addressing various hair concerns.
The professional hair care sector is a significant segment of the global household and personal care products market. This market encompasses businesses specializing in the research, development, and production of hair care solutions, including styling tools, shampoos, conditioners, hair colorants, and treatments. The market's size is determined by the consolidated revenue generated by these manufacturers. Factors driving the growth of this market include the increasing disposable income of consumers, leading to increased expenditure on luxury and lifestyle-related products, such as premium hair care solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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