Did you know that the global haircare market is set to grow from $69 billion USD in 2016 to $87 billion USD in 2023?
The global haircare market is comprised of a wealth of haircare products ranging from shampoos, conditioners, hair dyes, sprays, serums, oils, and newer products coming to market daily.
According to Statista.com, the landscape of hair industry has changed dramatically over the years. In 2019, consumers are seeking more natural, organic, and eco-friendly products. More specifically, consumers are looking for products that are alcohol-free, skin-friendly, hypo-allergenic or allergen-free, and made without animal testing.
Furthermore, because many consumers desire a youthful appearance, most haircare products on the market today are targeted towards those looking to increase volume, shine, and length.
However, as the needs of consumers are constantly changing, the market has evolved with it, providing an ever-increasing variety of products that are more specifically targeted towards individual consumer needs. Previously, many consumers would have to visit salons to get personalized recommendations based on their hair type, but the market has trended toward products that address specific issues, and these products are more easily accessible than ever before.
Because disposable income in the U.S is increasing, the spending on personal haircare items has increased along with it. This is also true for the U.K.
Niche industry are spending more and more on high-quality products. For example, the African-American haircare industry is estimated to exceed the $2.5 billion mark. This projection excludes hair accessories, wigs, extensions, and more. As women of color embrace their natural hair, there is a growing focus in this category for products that provide smoothness, shine, and moisture while maintaining naturally textured hair.
Here are ten more important haircare industry statistics:
- In 2016, the United States hair industry statistics show more than 33% of the beauty and personal care segment worldwide, with 15% of the sales focused on haircare.
- Shampoo holds the largest market share in the haircare segment and is estimated to grow to $30 billion USD by 2023 compared to $24 billion USD in 2016.
- Although 2019 has barely started, the United States has generated a revenue of $12 million USD in the haircare market alone.
- The next biggest revenue generator, after the U.S., in the haircare market is Japan, having generated almost $7 million so far in 2019.
- The hair industry statistics show that the market in the U.S. will be accelerating at a CAGR of close to 2%.
- Hair industry statistics show that 52% of consumers prefer to buy natural or organic shampoo.
- There were 650,000 barbers, hairdressers, and cosmetologists in the U.S. in 2014, and that figure is expected to increase by 10% by 2024.
- Haircut and hair styling services accounted for the largest percentage of services in the hair and nail salon industry in 2017.
- The average American spends approximately $89.95 USD on haircare products in a year.
- African American shoppers spent $473 million total in haircare in 2017, accounting for 8.8% of sales that year.
Keeping up-to-date on current world trends will help you make an educated decision on which haircare line you should be developing for your business. Partnering up with Schwartz Cosmetics, with over 50 years experience in the global contract manufacturing haircare industry, will ensure your success in building an on-trend and high-quality product for your expanding line.
Want to learn more about haircare trends and how to build your own product line? Reach out to Schwartz to get a customized product manufacturing consultation.
This blog post is for educational purposes only.