The hair care industry is a multi-billion dollar industry that is constantly growing and evolving. With the rise of social media, the industry has seen a huge surge in popularity, and with that, the need to understand the industry’s statistics has become increasingly important. In this article, we will be taking a look at the latest hair care industry statistics to give you a better understanding of the current state of the industry.
We will be exploring topics such as the size of the industry, the most popular hair care products, the most popular hair care trends, and more. By the end of this post, you will have a better understanding of the hair care industry and how it is changing and evolving. So, let’s dive in and explore the latest hair care industry statistics.
Hair Care Industry: Most Important Statistics
Skincare is experiencing a higher growth rate than makeup and hair care, with a CAGR of 5.6%, 4.6%, and 5.1%, respectively.
Black consumers travel an average of 3.36 miles to a specialty beauty store, 21% further than White consumers, and need to travel 17% further than White consumers to department stores to access expert customer service from behind a makeup counter.
Hair Care Industry: Statistics Overview
The Global Black Hair Care Market size is expected to grow from US$ 10.02 Billion in 2023 to US$ 15.34 Billion in 2033, at a CAGR of 4.84%.
This provides an outlook on the expected growth of the market size over the next 10 years. This information can be used to inform decisions on investments, product development, and marketing strategies.
Additionally, the statistic provides insight into the competitive landscape and market trends, which can help companies better understand their position in the market and identify potential opportunities.
The Hair Care segment is expected to generate US$1.91k in 2023 and grow annually by 0.90% (CAGR 2023-2027), with the United States generating the most revenue (US$13,440.00 in 2023) per person (US$27.74).
This provides an overview of the expected revenue and growth of the Hair Care segment over the next few years, as well as the estimated revenue generated in the United States in comparison to other countries.
This information can be used to inform business decisions and strategies in the Hair Care industry.
The Black hair care market is worth $1.6 billion and is expected to continue growing, but there is a need for more R&D to cover all hair types, needs, and styles. 52% of Black hair care users prioritize efficacy over natural and organic ingredients.
The Black hair care market is a lucrative and growing market that needs to be better serviced by R&D.
It also shows that Black hair care users prioritize efficacy over natural and organic ingredients, which can inform the development of products in this space.
Mckinsey conducted two surveys and a virtual focus group to research Black representation in the beauty industry, finding that Black consumers are more likely to purchase Black beauty brands and view them as more effective.
Black consumers are more likely to purchase products from Black beauty brands, which could potentially lead to more investment in Black-owned beauty companies and more representation in the beauty industry.
The Global Vegan Cosmetics Market is expected to grow by $5872.81 mn during 2023-2027, with a CAGR of 6.5%.
This growth is important for the Hair Care Industry Statistics, as it shows the potential of the vegan cosmetics market and the opportunities it presents for businesses in the hair care industry.
Skincare is experiencing a higher growth rate than makeup and hair care, with a CAGR of 5.6%, 4.6%, and 5.1%, respectively.
Skincare is the most popular and fastest growing segment of the cosmetics market, representing 36% of the total market share.
This information is important for businesses in the hair care industry to understand in order to make informed decisions about their product offerings and marketing strategies.
McKinsey found that 75% of Black beauty consumers can be persuaded to purchase beauty products by ads that feature various skin tones across all races, and 75% can be dissuaded from purchasing a product when an advertisement does not reflect racial diversity.
Black consumers have an affinity towards Black brands and are more likely to purchase products from them if they are represented in advertisements.
82% of beauty shoppers use Instagram at least once per day, making it an effective platform for beauty brands to build a trusting, loyal following.
This statistic is important in the context of Hair Care Industry Statistics because it highlights the importance of Instagram in connecting with beauty shoppers and building a loyal customer base.
By leveraging the interactive nature of Instagram, hair care brands can create engaging content to attract and retain customers.
47% of Black beauty consumers surveyed typically buy beauty products at mass-market retailers or grocery stores, yet only 13% said it’s easy to find products that meet their needs there.
This matters in the context of the Hair Care Industry Statistics because it highlights the need for more tailored and effective beauty products for Black consumers, as well as the need for more accessible beauty supply stores.
Black consumers travel an average of 3.36 miles to a specialty beauty store, 21% further than White consumers, and need to travel 17% further than White consumers to department stores to access expert customer service from behind a makeup counter.
This highlights the disparities in access to beauty products and services for Black consumers, which can lead to unequal opportunities in the Hair Care Industry.
Conclusion
The hair care industry is a booming business that is expected to continue to grow in the coming years. With the increasing demand for hair care products and services, it is important to stay up to date on the latest industry statistics.
By understanding the current trends and statistics, businesses can better prepare for the future and capitalize on the opportunities that the hair care industry presents.
References
1 – https://marketresearch.biz/report/black-hair-care-market/#:~:text=%E2%80%9CThe%20Global%20Black%20Hair%20Care,forecast%20period%202023%20to%202033.%E2%80%9D
2 – https://www.statista.com/outlook/cmo/beauty-personal-care/personal-care/hair-care/united-kingdom
3 – https://www.cosmeticsdesign.com/Article/2022/03/01/major-areas-for-growth-in-r-d-for-black-hair-according-to-experts(https://www.cosmeticsdesign.com/Article/2022/03/01/major-areas-for-growth-in-r-d-for-black-hair-according-to-experts)
4 – https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/black-representation-in-the-beauty-industry
5 – https://www.globenewswire.com/news-release/2022/12/19/2576180/0/en/The-Global-Vegan-Cosmetics-Market-is-expected-to-grow-by-5872-81-mn-during-2023-2027-accelerating-at-a-CAGR-of-6-5-during-the-forecast-period.html
6 – https://veganavenue.com/vegan-cosmetics-industry-statistics/
7 – https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/black-representation-in-the-beauty-industry
8 – https://hbswk.hbs.edu/item/lipstick-tips-how-influencers-are-making-over-beauty-marketing
9 – https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/black-representation-in-the-beauty-industry
10 – https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/black-representation-in-the-beauty-industry
