Currently, hair is considering the integral part of one's personality as it likes the crown for a queen or king. Personality includes how one looks, which is being important for today's individual. There are so many varieties available in the hair care market for different needs of different persons.
With the common desire to look fabulous, all human being have endless wish to have smooth, silky and shiny hair which enhanced their looks and make them different from others. These wishes create the good opportunities for hair care market which having products for hair care such as hair oil, shampoo, hair colour and hair styling products with the wide range of differentiating products as per individual’s need. Furthermore, the never-ending obsession among the youth to look stylish and beautiful is impacting the demand for hair care products and this demand is expected to boost up in the future.
According the report on 'India Hair Care Market Outlook, 2023' published by Bonafide Research, India overall market for hair care products is anticipated to reach more than Rs. 19,000 crores at the end of forecast period. It has grown with more than 10% CAGR in value terms during review period starting from 2011-12 to 2016-17. Market is made of daily hair care products and hair styling products. Among them every products have enough variety for instance taking one brand such as L’Oreal Paris has more than 10 variant in shampoo segment, more than 2 in serum segment, more than 2 in hair colour with wide range of colour variant and so on. With population more than 130 crores, India is seen as wide market for hair care products as emerging trend of urbanisation feels in the country. Marketers are well aware about the different needs as large population consider and offer products as per particular need. Variation is to be like; shampoo for long hair, for anti-dandruff, for smooth and shiny, etc. Products such as hair oil and shampoo are majorly used by urban and as well as rural people, but especially products such as hair colour, hair gel, serum and other styling products have still dominance by the urban area. Furthermore, personal grooming is considered important by men, market of hair care gain the growth as hair care for men is not in the scenario previously. As seen above hair is considering as crown, men and women both have extra consideration for hair care than previous.
The things are changing now, hair care has done only in a traditional way. But, the today's people are showing concern about use of cosmetic for hair care especially millennial that are ready to experiment with their looks. As ratio of youth are more in India, the young generation shows the interest of products such as branded hair oil, branded shampoo, hair colour, serum, hair gel and other hair styling products. Among youngsters, number of college going students has increased than previous, which drive the use of such products. Also, the entry of herbal products drive the market as consumer are demanding the products which are made from natural ingredients and have less harmful effect on health. Another driver is sachet packaging, where products of premium brands have also presence in sachet form to reach the lower income group.
In addition to that, the different brands of same companies are present targeting different segment, for example HUL's Clinic Plus is for price sensitive consumer with the highest market share of shampoo market, its Dove is for premium segment which give some extra benefits with high price which is contradiction from Clinic Plus. In hair colour, there are not much variation in products, but still existing brands adopt the product proliferation technique to gain the benefit of differentiation and put their brand on consumer's perceptual map. Quality of products which are something to be considered most for hair care is basic primitive to buy the product. As king or queen is not ready to compromise with the quality of his or her crown, person is not ready to use less qualitative products, although price is low.
Major companies that operate into the hair oil, shampoo, hair colour, serum and other hair styling product market in India are Hindustan Unilever Limited, CavinKare Private Limited, Marico Limited, J.K. Helene Curtis Limited, Godrej Consumer Products Limited, Procter & Gamble Home Products Private Limited, L'Oreal India Private Limited, Bajaj Corp Limited, Ban Labs Private Limited, Hygienic Research Institute Private Limited, Emami Limited, The Himalaya Drug Company, Dabur India Limited, Patanjali Ayurved Limited.
Report: India Hair Care Market Outlook, 2023
Base Year: 2016-17, Estimated Year: 2017-18, Forecast Year: 2022-23
Pages: 150, Figures: 46 Tables: 42