PUBLISHER: Grand View Research | PRODUCT CODE: 1405763
PUBLISHER: Grand View Research | PRODUCT CODE: 1405763
The global luxury hair care market size was estimated to reach USD 40.24 billion by 2030, registering a CAGR of 8.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. With a growing awareness of the importance of hair health, consumers are more willing to invest in premium and luxury products that offer advanced solutions for issues such as hair damage, aging, and scalp health.
The Harris Williams Annual Health & Beauty Survey conducted in Fall 2022 highlighted that despite economic uncertainties, 93% of beauty consumers were expected to increase or maintain their spending over the next year. Factors such as sustained wellness routines, increased usage, and a preference for premium products contribute to long-term demand. Furthermore, consumers prioritize clean, ethical, and transparent products with functional benefits. Luxury hair care brands that provide science-backed products with demonstrable benefits are highly valued by consumers.
The market is significantly influenced by celebrity endorsements and product launches. Consumer interest is piqued when renowned actors or influencers launch products, fostering a trend where consumers adopt these offerings driven by the celebrity association. For instance, Jennifer Aniston revealed the introduction of her hair care brand, LolaVie, in September 2021. The brand's inaugural product, the Glossing Detangler, was a multitasking solution featuring a vegan thermal shield, shine-enhancing lemon extract, nourishing vegetable ceramides, and protective chia seeds. This product comes in a distinctive black-and-white spray bottle.
Consumers tend to look for high-quality products that combine two application types in one application. For instance, In May 2023, Guerlain, a heritage beauty brand owned by LVMH, unveiled its premium hair care line, marking its significant entry into the category since 1970. The lineup features an innovative oil-in-serum for hair and scalp, incorporating technology from its popular Abeille Royale skincare line.
As economies in Asia thrive, a corresponding surge in disposable income has empowered consumers to allocate more resources to personal care, especially hair care products. This economic upswing has opened the doors for the entry of luxury international brands into the region. For instance, Nuggela Sule, a leading hair care brand in its home market (Spain-based player), has successfully penetrated the Asian markets, particularly China and Singapore, securing the top spot for its shampoo on Amazon.