Asia Pacific hair care Market is expected to grow considerably over the forecast period in light of economic development at large in the region. Some of the key consumer growth markets in the region include countries such as India and China, which have showcased significant growth potential. While the consumer market in the regions is on a growth trajectory, the market has also witnessed the launch of new products and expansion initiatives by multiple companies. In addition, factors such as rise in disposable income coupled with changing standard of living significantly propel the market growth. Moreover, growing emphasis on grooming and personal appearance along with work oriented population fuel the market growth.
The market has been categorised in terms of product categories, which includes shampoo, conditioner, hair styling agents, and others. Among the various product categories, shampoos command the majority of the market share, followed by conditioners in the region in 2016. The trend is expected to continue over the forecast period as well with a relative high value growth projected for shampoo category. Over the forecast period, the market is expected to witness a growth in new product launches and expansion of the key market players to strengthen their market position. With a relatively young population in key consumer markets such as India and China, a new set of more informed consumers set to dictate terms in the market. Over the coming years, hair care brands are expected to leverage new age technology to reach out to the new set of young consumers who stay connected and prefer sharing their opinions on products and services across board.
While the growth potential appears lucrative in the Asia Pacific region, there are multiple prevailing hindrances including regulatory requirement and prevalence of traditional retail stores, which tends to dominate the hair care distribution in few key markets such as India. Hair care products are available through both traditional offline and growing online channel in the market. The traditional channel is relatively prevalent and commands a major share of the market in the region.
Over the forecast period, online distribution channel is expected to gain momentum and present a higher growth rate compared to traditional retail formats. Some of the key benefits which have promising growth potential for the online channel include the facility to compare products from different vendors, shop for products while on the go, and the flexibility to shop from the comfort home and appropriate time. Given the huge consumer market in the region and the prevailing shift on online platforms, hair care brands are expected to mark their presence online.
While usually women have been the key consumer group for hair care products, changing consumer needs and preferences have opened the market for male oriented hair care products in the region. To that end, evolving male fashion and an increasing focus by men is expected to add to the growth of the market over the forecast period.
Hair care market in the Asia Pacific region remains competitive with the presence of multiple well-established players. Some of the key players that fuel the growth of the Asia Pacific hair care Market include Beiersdorf, Amway, Revlon, Procter & Gamble, L’oreal, Henkel, and Unilever. The stated players are active across a wide range of product categories in the hair care segment with products available at multiple price points.
Research Support Specialist, USA