A recent report by Allied Market Research titled “Men’s Hair Care and Styling Products Market by Product Type, Distribution Channel and Others: Opportunity Analysis and Industry Forecast, 2021-2030” reveals significant insights into the market trends and opportunities. The report indicates that 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.
The market is witnessing a surge in consumer demand for hair care and styling products, which is expected to drive market growth during the forecast period. In 2020, Asia-Pacific emerged as the leading region in the market, fueled by a large consumer base and population growth. Small and medium-sized enterprises (SMEs) in this region are increasingly focusing on online sales channels and investing in marketing and advertising to boost product awareness.
Supermarkets and hypermarkets are the leading distribution channels, experiencing significant growth with a substantial CAGR during the forecast period. This growth is attributed to increased retail sales and ample shelf space for product display.
Key players in the market, including American Crew, Baxter of California, Jack Black, Harry’s, Malin+Goetz, Hanz de Fuko, Dove Men, Redken Brews, Old Spice, and Axe, are introducing new products to expand their customer base and increase sales.
The report offers comprehensive insights into the market segments and estimations from 2020 to 2030, utilizing Porter’s five forces model to analyze the potency of buyers and sellers. Additionally, it profiles key market players to understand their strategies and provides future market estimations to identify prevailing opportunities.
The growth of the hair care and styling products market is primarily driven by increasing consumer awareness of hair health and an enhanced distribution network. Consumers are willing to invest in products that offer hair health benefits and protect against damage and hair fall. Lifestyle changes also contribute to market growth, as consumers have greater access to a variety of styling products to suit their needs.
Furthermore, the market is witnessing innovation in product development, with the introduction of organic and natural haircare products free from harmful chemicals. Innovations such as Veg-Keratin products are expected to attract consumers and drive sales, contributing to market growth.
The hair care segment is a significant contributor to the overall industry and is expected to influence its growth, with a projected CAGR of 2.5% from 2020 to 2030, reaching $30.3 billion by 2030.
In conclusion, the men’s hair care and styling products market is experiencing substantial growth, driven by increasing consumer awareness, product innovation, and expanding distribution networks. Key market players are implementing strategies to capitalize on emerging opportunities and strengthen their market position.
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