India’s haircare sector is expected to expand at 10.2% CAGR between 2019 and 2024 and reach INR 501.4 billion according to GlobalData,
Within the haircare sector, the conditioner category is leading the way after having attained sales of INR 96.7 billion, while shampoo and hair colorants sectors followed suit. From 2019 – 2024, the styling agents category is set to record the fastest value growth at a CAGR of 13.2% and the hair colorants sector is expected to have the optimal market share in terms of value.
As per GlobalData, the increasing disposable incomes and stable economic growth, will increase the demand for premium hair styling products like colorants, conditioners, hair sprays, and hair gels. Additionally,
haircare products with local and natural ingredients like tulsi and bhringraj are also gaining demand.
In 2019, HUL, L’Oréal and Marico were the leading brands in the Indian haircare sector with a combined market share of 45%.