The global haircare market has been forecast to increase at a compound annual growth rate (CAGR) of 3.4% for the five-year period 2011 - 2016, increasing from total revenues of $50,342.2 million in 2011, to reach a value of $59,575.1 million by the end of 2016.
A recent report, 'Haircare: Global Industry Guide,' has stated that market consumption volumes increased with a CAGR of 3.8% between 2007 and 2011, to reach a total of 14,466.6 million units in 2011.
The global economy is recovering after the recession, and the disposable income of many people in many regions around the world is increasing, which in turned has fuelled the growth of consumer spending. Young people are growing more fashion conscious and more are turning to hair styling products and hair colours to express their individuality.
These types of changes in consumer habits are also driving the industry. Hair care product retailers are becoming more organised in their trade. Greater attention to customer preferences and more widespread product availability are helping the market grow.
Europe dominated this industry with the highest market share of approximately 35% in 2012. Europe is closely followed by Asia Pacific, which has emerged as the fastest-growing region in the industry.
Within a dynamic market of more than 10,000 new launches per year, approximately 60% of these hair care products will contain at least one silicone material, and often more in the case of conditioners. Clearly, the ongoing growth and continued presence of this broad family of ingredients fulfils a range of formulating needs, influenced by trends in the hair care market.
Coloured hair has become a common statement of individuality, youth and fashion. Fully 50% of women in the Western countries use hair colorants -- and the market for hair colouring is expected to see continued growth.
With so many products offered in the market, manufacturers are challenged to maintain the quality of each product. Increasing cost of raw materials and packaging materials are also significant challenges for the manufacturers. All hair care product manufacturers are striving to meet the challenges and maintain profitability.
For more information on the global haircare market, see the latest research: Global Haircare Market
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