Bath & Body Works, a global leader in personal care and home fragrance, is set to launch hair products into 560 stores and online. In October 2022, the company introduced a new range of hair care products called MOXY, which includes face and hair care items made without phthalates and mineral oils and are not tested on animals. This Father’s Day, the retailer added men’s grooming products to widen its assortment. This move comes as the hair care market continues to grow, driven by changing consumer preferences, growing awareness of the importance of hair care, and rising demand for natural and organic products.
The global hair and scalp care market size was valued at USD 80.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6%. Revenue in the Hair Care segment is projected to reach US$13.44bn in 2023, with an expected annual growth of 1.17% (CAGR 2023-2027). North America is anticipated to experience significant growth in the market due to high expenditure on personal care, including hair-based products.
For instance, Americans are estimated to spend tens of billions of dollars on hair, skin, and hygiene products. The increasing growth of female employment is also expected to boost consumption, as women are willing to spend more on hair care products. According to data published by the World Bank, the female labor force participation rate in the United States is 56.76 percent, a rise from 56.39 percent from its prior year.
Bath & Body Works' new product line aims to differentiate itself from other retailers' offerings in the hair market by focusing on natural and organic ingredients. This aligns with the current trend of consumers shifting towards organic and herbal products due to increasing awareness of the adverse effects of chemicals on health and the environment.
Other retailers are also focusing on the hair market, as product innovations and consumer preferences continue to drive growth in the industry. For example, Atulya, a brand that introduced Veg Keratin products, including shampoo, hair conditioner, and hair oil, offers cruelty-free and chemical-free products made from plant-based materials.
Ulta, another major player in the beauty market, uses a broad differentiation strategy, offering products within skin care, hair care, cosmetics, fragrances, and salon services at various price levels. This approach allows them to cater to different segments within the beauty market, further fueling the growth of the hair care industry.
As more retailers focus on the hair market, consumers can expect to see a wider range of innovative and eco-friendly products that cater to their specific needs and preferences. This trend is likely to continue as the hair care market expands and evolves in the coming years.
