How big is the black hair care industry?
$2.5 billion
For women of color who want to find products to suit their natural curls, there are very few options on the high street. That’s despite the market research business Mintel valuing the black hair care market in the U.S. alone at $2.5 billion.
How much is the black hair care market worth?
Mintel values the black hair care industry at more than $2.5 billion, but that statistic doesn’t include products such as hair accessories, wigs or electric styling products. So, the industry is actually worth much more.
How much money does the black hair industry make a year?
$2.51 billion
In 2018 the Black hair care industry raked in an estimated $2.51 billion, as Black consumers have progressively made the switch from general products to those that specifically cater to them.
How much is the black hair industry worth globally?
The black hair industry is worth an estimated £88 million, with black women spending six times more on hair care than their white counterparts. It’s hard to fathom why so many huge companies chose to ignore that market for so long.
What race buys the most beauty products?
Black Americans
According to a study by market research company Nielsen, Black Americans bought more beauty products in 2019 than any other group of consumers. To put that in context, they found that Black Americans outspent other groups by nearly 19 percent, which translates to $572.6 million.
How lucrative is the hair industry?
Is owning a hair salon profitable? The average salon makes $19,100 in profit every year. The average salon profit margin is 8.2% which is above the general business average of 7.7% and is improving year on year. Salon profit margin ranges from 2% to 17% depending on how well the salon is managed.
How much do African Americans spend on hair care?
This statistic shows the average annual expenditure on beauty products among Black consumers in the United States in 2017, by product type. In 2017, Black consumers in the U.S. spent about 473 million U.S. dollars on hair care products.
How big is the hair care industry?
The global hair care market size was USD 75.06 billion in 2020.
How big is the haircare industry?
The global hair and scalp care market size was estimated at USD 80.81 billion in 2020 and is expected to reach USD 86.03 billion in 2021.
What is the fastest-growing hair care line?
MONAT Global Corp
MIAMI–(BUSINESS WIRE)–Global healthy-aging haircare and skincare innovator, MONAT Global Corp (MONAT), has been recognized on the Inc. 5000 list of the fastest-growing private companies in America, ranking number 653 with a growth rate of 718%. This is the first year MONAT has been recognized on the prestigious list.
How much do African Americans spend on hair care products?
about 473 million U.S. dollars
This statistic shows the average annual expenditure on beauty products among Black consumers in the United States in 2017, by product type. In 2017, Black consumers in the U.S. spent about 473 million U.S. dollars on hair care products.
How much money does the hair care industry make?
Revenue in the Hair Care segment amounts to US$13.31bn in 2022. The market is expected to grow annually by 1.11% (CAGR 2022-2026). In global comparison, most revenue is generated in the United States (US$13,310.00m in 2022). In relation to total population figures, per person revenues of US$39.76 are generated in 2022.
What is the hair industry worth?
What is the hair care market in South Africa?
Haircare is an overall term for hygiene and cosmetology involving the hair which grows from the human scalp. The South African haircare market is segmented by product type and distribution channel. Based on product type, the market is segmented into shampoos, conditioners, hair colorants, hair styling products, and other hair care products.
Mintel values the black hair care industry at more than $2.5 billion, but that statistic doesn’t include products such as hair accessories, wigs or electric styling products. So, the industry is actually worth much more.
Are beauty companies missing out on the black hair care industry?
African-American men and women spend billions of dollars on their hair, but U.S. beauty care companies are missing out. Mintel values the black hair care industry at more than $2.5 billion, but that statistic doesn’t include products such as hair accessories, wigs or electric styling products.
Where do most African-Americans buy hair care products?
Most hair care products purchased by African-Americans are imported from countries such as India and China, despite the U.S. having one of the most lucrative hair care markets in the world.