The luxury haircare market is booming. Between 2000 and 2020, it’s expected to see an annual growth rate of 5%, which is faster than most other industries. Even though natural hair products are having a moment right now, their growth has been outpacing that of traditional products by almost 4%. Experts predict that this trend will continue as people seek healthier and more sustainable ways to care for their hair and they’re willing to pay a premium price for it.
What’s driving the luxury haircare market?
The US luxury haircare market is growing. It’s a trend that’s been driven by new products, increased consumer spending, and millennials.
In fact, according to Euromonitor International’s report on the global luxury haircare industry, growth in the number of people who use high-end hair care products has been outpacing overall beauty sales since 2016. This can be attributed to both an increase in younger consumers who are interested in staying relevant and trendy with their hair as well as older consumers looking for anti-aging benefits from these products.
Another driver of this growth is millennials’ increasing demand for natural and organic products a big part of what makes them feel like they’re doing something good for themselves which has helped drive sales at Sephora stores across the country (among others).
Who are the biggest players in the luxury haircare market?
L’Oréal is the number one beauty brand in the world. The company sells over 30 hair care products, including shampoos, conditioners, and styling products.
Procter & Gamble owns Head & Shoulders shampoo (the second most popular hair care product worldwide) and Pantene shampoo (the third most popular). P&G also manufactures well-known brands such as Olay and Herbal Essences in addition to its many food products.
Unilever owns Suave shampoos and conditioners as well as Axe body washes and even Ben & Jerry’s! Their goal is to become “one of the top three consumer goods companies by 2020”. They also have a luxury haircare market goal of doubling sales volume every five years between 2010-2015 which they’ve already achieved with $52 billion worth of sales annually now compared to $25 billion ten years ago when they set their goal in 2010!!
The key trends to look out for in luxury haircare market.
There are a few trends that you should keep an eye on in the luxury haircare market space. The rise of natural ingredients. Many brands are using natural ingredients to create hair care products that are free from harmful chemicals, parabens, and sulfates. This is also creating a greater demand for organic beauty products, which can be expensive due to the higher quality of ingredients used.
Innovation is key. With so many new niche beauty brands popping up all over the world, luxury hair care brands need to stay ahead of the curve by coming up with innovative products that solve problems for their customers’ hair concerns or enhance its performance in some way (such as conditioning or adding shine).
Personalization is important for luxury brands because it allows them to build trust with consumers by providing them with what they need whether its hydration or moisture protection through oil-infused serums and making sure it works well together with other parts of their skincare routine (such as moisturizer).
The luxury haircare market is flourishing.
The luxury haircare market is growing and thriving in certain regions, countries, and demographics.
Many companies are capitalizing on this trend by providing products that cater to people’s desire for high-quality hair care products.
Conclusion
As you can see, the luxury haircare market is thriving. Beauty brands are responding to consumers’ demands by creating products that address their specific needs, while also providing them with a luxurious experience and the opportunity to feel pampered. The key trend here is that brands are focusing on creating beautiful packaging and aesthetic experiences; they know that if they can provide consumers with something special, then they will buy it.
