Henkel eyes around 30% share of premium hair styling segment by 2025
Haircare brand Henkel, which launched a men’s styling product on Monday, is looking to more than double its market share to about 30 percent of the premium segment by 2025.
The German company, better known for its cleansers and was here until 2012, when it licensed this business to Jyoti Labs, retaining only the B2B hair care segment or the professional hair care and styling market, in November 2022 it returned to the consumer part of the hair care market.
The professional styling market was around Rs 1,000 crore while the overall hair care market was around Rs 5,000 crore in 2021, according to industry tracker Mintel.
The market is expected to grow by 8 percent (CAGR) between FY23 and ’28. Of the total market, about 45 percent is premium.
Kartik Kaushik, Country President of Henkel Consumer Brands India, wants to acquire 30 percent of this segment by the end of FY25. Currently, it has a 12 percent share of the professional hair care segment and 22 percent of the hairdressing market.
We look forward to achieving 30 percent of the premium hairdressing market in the country and controlling at least a quarter of the total hair care market by fiscal ’25, he told PTI.
Mintel report expects the hair color category to cut 17.5 per cent annually till 2026 after growing by 12-14 per cent till 2019. The domestic hair dye category was around Rs 5,000 crore in 2021, of which the premium market controls more than two-thirds of the pie market.
Meanwhile, on Monday, the company entered the men’s retail/consumer segment with Taft, a hair styling product and marked its entry in the men’s hair styling category.
Kaushik said the Taft is made of metal and fully recyclable black plastic, with a vegan formula and free of any microplastics.
According to industry tracking group Imarc, the men’s grooming market is expected to exceed US$3 billion by 2028, with an annual clipping rate of more than 8 percent during 2023-28.
The company markets all of its products under the parent brand Schwarzkopf and two subsidiary brands – Simply Color and Color Specialist.
Henkel competes with Loreal, Wella, and BBlunt in the hair color and hair styling business and Beardo and Bombay Shaving Company, among others, in the men’s grooming segment.
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