The global hair oil market is forecasted to reach USD 3.9 billion by 2024 growing at a CAGR of 4.78% during the forecast period (2019 - 2024). Rising demand for natural and organic haircare products encouraged women to spend more on organic haircare products and hair oils, such as shampoos, conditioner, and serums. The growing popularity of brands whose primary purpose is maintaining natural hair growth is expected to drive the market’s growth. Rising inclination toward origin-specific ingredients and free-from formulations are expected to augment the market’s growth. The organized retail outlets are maximizing market share by attracting consumers on the basis of competitive pricing schemes and by offering product varieties. The retail outlets are offering a new shopping experience to consumers by providing comfort and convenience of shopping along with great-value.
Scope of the Report
The global hair oil market is segmented based on product type, application, distribution channel, and region. In terms of product type, the hair oil market is segmented into coconut oil, almond oil, argan oil, and others and by distribution channel. Based on distribution channel, market is segmented into specialty stores, drug stores/pharmacies, supermarkets/hypermarkets, convenience stores, and other distribution channels. In addition, coconut oil has antibacterial properties and nutrients, responsible for ideal hair and scalp protection from bacteria/protozoan/viral infections. Argan oil has numerous benefits when applied on hair. Argan oil is often used for hair treatment. It is extremely beneficial for hair and scalp, and also used as a conditioner. Moreover, it is considered as an excellent agent for taming frizz and promoting shine and gloss, as well as softer hair.
Key Market Trends
Argan Oil Gaining Popularity in Hair Oil Market
Argan oil is widely used in western countries in hair care as it moisturizes hair and acts as conditioner and softener for skin and hair. Argan oil is now used across the globe for a variety of culinary, cosmetic and medicinal applications however the usage in skin care and hair care segments are growing at a faster pace. The various phenolic compounds in argan oil fatty acids and a variety of phenolic compounds. The majority of the fat content of argan oil comes from oleic and linoleic acid. Additionally, argan oil which is a rich source of vitamin E, is widely used for healthy hair. This vitamin also has powerful antioxidant properties are likely responsible for most of its antioxidant and anti-inflammatory capacities. Other compounds present in argan oil, such as Coenzyme (CoQ10), melatonin and plant sterols, also play a role in its antioxidant capacity.
Asia-Pacific is the Fastest Growing Regions
Asia-Pacific is the fastest growing region in the hair oil market. India is one of the leading markets for hair oil in the Asia-Pacific region. India Hair Oil Market Growing Strongly. Coconut oil segment is the most famous one across the country especially in Sothern India. Coconut-based oils were dominated by Marico's Parachute, Bajaj and Dabur are traditionally focused on almond and amla, respectively. As there have been constant rise in the population of the country, the demand of daily essential commodities is observed to be increasing during the forecast period, and so is demand for hair oils. With hair oil having one of the highest market penetrations at 90%, most companies had been playing to their strengths so far.
Bajaj Corp Ltd, Emami Group, Dabur, and Marico Limited are the leading players in hair oil market. Other prominent companies in the market are Loreal SA, Unilever, Henkel AG & Co.KGAA, BioVeda, and Cavin Care Group among others. These companies are further leading to the high competition in the market. Companies are re-launching the existing products catering to the rising demand of hair oils among the consumers. Leading players are acquiring the local players in other countries to increase their prominence in the respective region. For instance: Marico South Africa Pty. Limited (MSA), a wholly owned step-down subsidiary of Marico Limited acquired ISOPLUS, a leading hair styling brand in South Africa.
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