Luxury Hair Care Market Size To Reach $40.24 Billion By 2030

April 2024 | Report Format: Electronic (PDF)

Luxury Hair Care Market Growth & Trends

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.

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Luxury Hair Care Market Report

Luxury Hair Care Market Report Highlights

• The “skinification” of hair care is emerging as a significant opportunity for the market. The focus on active ingredients like keratin, rice water, vitamin E, and hyaluronic acid reflects a growing interest in addressing hair health similar to skincare
• Based on product, the hair coloring products segment is expected to gain substantial growth in the foreseeable future. Increased awareness of the harmful effects of chemicals in hair colors has pushed the demand for natural and organic hair colors
• Based on price range, the luxury hair care of the price range of USD 65 to USD 100 segment is anticipated to gain substantial growth in the forecast period owing to the choice of consumers who prioritize quality and view hair care as an integral part of their lifestyle.
• Based on distribution channel, the online distribution segment is anticipated to gain substantial growth in the forecast period. The growing number of tech-savvy consumers and the increasing variety of goods available on online platforms are the major factors expected to favor the growth of the online channel in the coming years
• Asia Pacific luxury hair care industry is anticipated to gain substantial growth in the forecast period. Renowned for advancements in skin care and cosmetic procedures, the region seamlessly integrates these innovations into hair care. The emphasis on holistic beauty and a commitment to excellence in formulations contribute to the region’s role in driving the market, setting trends, and fostering consumer interest in premium products