The Global Market for Organic Hair Care Products Is Expected To Reach USD 4,956.8 Million in 2022, Growing At A CAGR Of 10.0% from 2015 To 2022
The global market for organic hair care products witness growth on the back of rising health awareness among the consumer and availability of the products on various distribution channels. In addition, availability of the products in convenient size and packaging is another factor contributing towards the market growth. But, due short shelf life of the organic products and higher prices are the major factors restraining the market growth. However, in future rising demand from the end user segment and increasing income of the emerging economies will be the two major factors which will drive growth.
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By product type, shampoo segments accounts for more than 35% share of the pie in 2014. It is also projected to maintain its dominance during the forecast period. In 2014, salon products and styling agent’s accounts for 10.0% and 14.9% share of the pie respectively. But in future salon products is projected to lose out some of its share. Hair colorants segment is projected to grow at a highest rate of 10.2% during the forecast period of 2015 to 2022.
In 2014, by geography, North America and Europe together accounts for major chunk of the pie. These two economies are projected to account for more than 60% share of the pie in 2014 and are also projected to maintain their dominance during the forecast period. The U.S. is the largest market for organic hair care products worldwide. It is expected to grow at a rate of 10.2% from 2015 to 2022. Availability of the products, new products launches and presence of the multinationals are the factors contributing towards the market growth. On the other hand, Asia Pacific and RoW are the regions projected to grow at the fastest rate during the forecast period. Both, these economies are projected to witness double digit growth rate from 2015 to 2022.
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In Asia Pacific, India, China, South Korea are the major contributors towards the market growth. Increasing health concerns, rise in spending power, and entry of the multinational are the major factors contributing growth in this region. In Row region, Brazil is projected to be the fastest growing market. The Brazilian market is witnessing growth on the back of its richness in biodiversity, and availability of organic raw materials in abundance. The supply of locally sourced raw materials also makes organic products more accessible and affordable for consumers. Moreover, economies such as Iran, Turkey, Saudi Arabia and Egypt also offer huge market potential.
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At present, the organic hair care market is highly fragmented. There are many brands present in the market but very few have significant market share. To maintain their dominance in this market companies are adopting various strategies. Large multinationals are following similar pricing strategies and distribution channels. Multinationals such as L’Oreal (The Body Shop) have adopted the acquisition strategy to enter the organic space. On the other hand Companies such as L’Occitane has developed their own organic product lines.
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