The global hair care market did more than just cut it in 2013-14. Brands showed that there was still everything to play for when it came to NPD, launching never before seen products in head-turning formats, and evolving current trends by selecting ingredients specifically to re-engage and re-excite the consumer.
And this strategy was spot on. In 2013, total retail value grew a healthy 4.9% from the previous year to generate US$77.1bn. There was strong growth across all sub-categories, with declines only seen in the hair loss treatments (-7.9%) and styling agents (-1.3%) sub-sectors.
Asia Pacific, Latin America and western Europe continued on an upward trajectory and accounted for the lion’s share of the category’s retail value. Although growing from a lower base and therefore representing smaller absolute growth, the Middle East and Africa did in fact show the highest percentage growth. Oru Mohiuddin, Beauty and Personal Care Senior Analyst at Euromonitor International, tells SPC the rise “is on account of increasing disposable income as consumer penetration increases in terms of frequency, and consumers upgrading to more upscale ranges”.
But not all regions experienced such good fortunes, as Mohiuddin reveals: “Southern European markets including Greece and Italy, and Japan in Asia Pacific continued to decline. Market maturity along with difficult economic environments contributed to the negative performance.”
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