TAM for US Textured Hair Products Market

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TAM for US Textured Hair Products Market

Key Takeaways

  • The total addressable market for the textured hair products market in the United States is estimated to be over $30.68 billion in 2022.
  • The beauty and personal care market in the United States is currently valued at $87.9 billion, with the personal care market segment holding the largest share with a value of $41.57 billion.
  • The haircare market in the United States is valued at $13.28 billion (2022) and is predicted to reach $15.11 billion at a CAGR of 2.18% by 2027.

Introduction

This research brief estimates the total addressable market for the textured hair products market in the United States. It also provides the market size for the beauty and personal care market along with the haircare market in the United States.

Total Addressable Market (TAM) for Textured Hair Products Market in the United States

  • According to Solvay, 65% to 75% of the world’s women have textured hair. It is also stated that over 40% to 50% of the United States population have textured hair. Furthermore, a report published by Mintel stated that over 56% of adults in the United States do not have straight hair, but have wavy, coily, or curly textured hair.
  • As of May 14, 2022, the United States Census Bureau recorded the country’s population as 332,674,478.
  • The number of people in the United States with textured hair can be estimated as follows,
    • People with textured hair (40%) = 40% of 332,674,478 = 332,674,478 x 0.4 = 133,069,791
    • People with textured hair (50%) = 50% of 332,674,478 = 332,674,478 x 0.5 = 166,337,239
    • The average number of people in the United States with textured hair = [(133,069,791+166,337,239) / 2] = 149,703,515 Americans
  • Therefore, an average of 149,703,515 people in the United States have textured hair.
  • According to an article published by GCI Magazine, consumers spend over $205 annually on textured hair products, which is significantly more than the amount people with straight hair spend each year ($130 annually).
  • The total addressable market for textured hair products can be calculated by the following formula,
    • TAM for textured hair (US) = Average number of people in the US with textured hair x Average annual spend on textured products per consumer
    • TAM for textured hair (US) = 149,703,515 x $205 = $30,689,220,575
  • Therefore, the total addressable market for textured hair products in the United States is estimated to be around $30.68 billion in 2022.

Beauty and Personal Care Market Size in the United States

  • According to Statista, the country’s beauty and personal care market is valued at $87.9 billion in 2022 and is predicted to grow at a CAGR of 3.11% during the forecast period 2022-2026. The personal care market sector holds the largest share in volume, with a value of $41.57 billion.
  • Additionally, a report published by Prescient & Strategic Intelligence estimated that the country’s beauty and personal care market would reach $128.7 billion by 2030 at a CAGR of 4.8% during the period 2020-2030. The growth of the market is attributed to the increasing prevalence of skin abnormalities, rise in the aging population, increasing personal care spending, and a shifting interest in the use of products with organic and natural ingredients.

Haircare Market Size in the United States

  • The haircare market is growing considerably primarily due to the affordability and availability of various haircare products such as shampoo, oil, conditioner, and spray. This is further enhancing the average American’s spending pattern on haircare products.
  • Shampoo holds the largest market share and its demand continues to grow with the rising prevalence of hair-related issues such as hair fall and dandruff. Botanical and natural ingredients in shampoos are witnessing good results in the United States and, in turn, is propelling the herbal shampoo market.
L'Oréal SA, The Estée Lauder Companies, Inc., Procter & Gamble Co., Unilever PLC, and Henkel AG & Co. are the five major market players in the United States.

Research Strategy

For this research on the total addressable market for the textured hair products market in the United States, we leveraged the most reputable sources of information available in the public domain, including market studies and reports from websites such as Mordor Intelligence, Mintel, Statista, Market Watch, and Future Market Insights; articles from industry-specific websites such as Solvay; news articles from outlets such as Businesswire; and articles published by key market players such as L'Oréal SA. Most of the current market reports and articles by notable media outlets such as PRNewswire on textured hair and products is based on the research study published by Naturally Curly titled “TextureTrends” in 2018 which states that 65% to 75% of women across the globe have textured hair. On further search, we were able to find a Mintel press report published in 2021 that corroborates the statistics presented by Naturally Curly, stating that “56% of US adults do not have straight hair”. Due to the limited recent information and statistics on textured hair in the United States, we have considered two assumptions while estimating the TAM of the textured hair products market —
  • The percentage of people with textured hair in the United States has remained the same, between 40% to 50%, as first found in the report of TextureTrends in 2018.
  • The average consumer spend on textured hair products has remained the same ($205) since it was first reported by Naturally Curly in its TextureTrends report in 2018.

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