Hair care brand Henkel, which launched a hair styling product for men on Monday, is eyeing to more than double its market share to around 30 per cent of the premium segment by 2025.
The German company, known more for its detergents and was present here till 2012, when it licensed this business to Jyoti Labs, retaining only the haircare segment in the B2B or professional hair care and styling market, had in November 2022 re-entered the consumer segment 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 at 8 per cent CAGR (Compound Annual Growth Rate) between FY23 and FY28. Of the total market, around 45 per cent is premium.
Kartik Kaushik, the country head of Henkel Consumer Brands India, wants to capture 30 per cent of this segment by the turn of FY25. Currently, it enjoys 12 per cent of the professional hair care segment and 22 per cent of the styling market.
We are looking at netting 30 per cent of the premium hair styling market in the country and control at least a quarter of the overall haircare market by FY25, he told PTI.
The Mintel report expects the hair colour category to clip at 17.5 per cent annually until 2026 after growing at 12-14 per cent till 2019. The domestic hair dye category was at around Rs 5,000 crore in 2021, of which the premium market controls more than two-thirds of the market pie.
Meanwhile, the company on Monday entered the men's retail/consumer segment with Taft, a hair styling product and marked its entry into the male styling category.
Kaushik said Taft is made of fully recyclable metal and black plastic, with a vegan formulation, free from any micro-plastic formula.
According to industry tracker Imarc Group, the male grooming market is expected to cross USD 3 billion by 2028, clipping annually at over 8 per cent during 2023-28.
The company markets all its products under the mother brand of Schwarzkopf and two sub-brands -- Simply Color and Colour Specialist.
Henkel competes with Loreal, Wella, BBlunt in the hair colour and hairstyle segment and Beardo and Bombay Shaving Company, among others, in the men's grooming segment.