Since 2006, the global hair care market has grown at an average annual rate of almost 4% (at fixed US$ exchange rates) in nominal terms, despite virtually flat sales in North America, Japan and Western Europe (excluding Turkey). Real growth has been considerably less, with the market declining in 2008 and staying static in 2011.
However, the BRICs have propped up the industry, reflecting the birth of a new and more sophisticated middle class. Over 70% of absolute growth between 2006 and 2011 came from the combined value of Latin America and Asia Pacific.
The leading global companies need to maximise opportunities in emerging regions through well-researched investment. However, they need to find new ways to protect positions in the West too.
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