, China

China's haircare brands to grow 4.2% yearly by 2024

Products with ‘natural ingredients’ and ‘free from chemicals’ are steering growth.

The haircare products sector in China is projected to grow from $11.4b (CNY77.9b) in 2019 to $14.2b (CNY95.6b) by 2024, recording a compound annual growth rate (CAGR) of 4.2%, according to data from GlobalData.

The shampoo category led the sector with a majority share of 71.4% in value terms in 2019, followed by conditioner and hair colorants. Salon haircare is expected to register the fastest value growth at a CAGR of 8% during 2019–2024 whilst the styling agents’ category is tipped to gain maximum market share from other categories at the same time.

Susmitha Bynagari, consumer analyst at GlobalData, explained that the demand for products that offer benefits over and above basic cleansing, such as those that help prevent hair loss and abet hair growth, are on the rise along with a growth in purchasing power.

“In parallel, the market is witnessing a shift towards premium products particularly among young consumer cohorts, leading to rise in several high-end haircare brands in recent years,” Bynagari said.

In addition to premium and personalised products, products with ‘natural ingredients’ and ‘free from chemicals’ are also steering growth in the Chinese haircare sector, Bynagari added.

Procter & Gamble, Beiersdorf Ag, and Unilever are the leading companies in the Chinese haircare sector. Meanwhile, private labels, which account for a small share, are growing at a higher CAGR than the brands in the sector.

Amongst the distribution channels, hypermarkets and supermarkets led the sector with a value share of 36.1% in 2019.

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