Hair Segment in India - Promising segment with high growth prospects
Genetic hair loss is the main cause due to which people undergo hair restoration, along with other reasons. Due to the heredity factors, which are beyond control, artificial hair restoration through various methods is the only feasible way for hair re-growth. The major demand for hair restoration treatment is among the individuals in the 30-39 years age group, making it the ideal target segment for hair restoration worldwide.
The present treatment methods including cosmetic, surgical and medicinal approaches like Homeopathy, Botanical/Herbal and Poly/Botanical combined. These treatments have inherent limitations in curing permanent baldness paving way for advanced techniques for hair restoration. Non-surgical treatments are the most promising hair restoration techniques which are getting popular among Individuals with time.
Hair treatment in India is a promising concept owing to the low cost of treatments in India. The annual per capital spend on hair care in India is -25% of the world average (US$ 0.7 India vis-a-vis US$ 3.0 World). Even the medicines for a six-month course of a hair therapy costs about $100 in India compared to $1400 elsewhere. This makes India a major destination for hair treatment and restoration services in the world.
The global hair restoration Industry was worth $1.9 billion in 2010, India is a significant player by contributing 14 percent to the overall industry. The industry grew by 22 percent for here years and continues to grow at 37 percent annually from 2012 to 2015. The growing stress levels and increasing hair fall troubles have scaled up opportunities in the hair restoration industry. Hair restoration is emerging as a concept promoting medical tourism in India. People from around the world visit India for customiz.ed and effective hair care treatment. This is helping India becoming a major hub for quality and affordable hair care treatments and therapies.
Hair Restoration Market is passing through an interesting phase
■ The market is expected to grow at a CAGR of 37%
■ High growth is expected to drive mainly in select metros like Chandigarh and Tier 1 cities like Mumbai, Delhi/NCR, Chennai, Hyderabad, Bangalore, etc.
■ Annual Per capital spend on Hair care in India is - 25% of the world overage (US$ 0.7 India vis-a-vis US$ 3.0 World) - This is likely to go up in the next 5 years.