Hair Color Market Overview
Hair color is an ever-evolving industry that continues to grow in popularity as consumers become more aware of their options. The hair color market has seen significant growth over the past decade and is expected to continue its growth trajectory in the coming years. Trends in hair color are constantly changing and this makes it difficult for brands to stay ahead of the curve. This article will explore the hair color market and discuss the key trends that are impacting the industry.
The US hair color market has experienced robust growth in recent years, fueled by changing beauty standards and a growing emphasis on personal grooming. With a diverse consumer base ranging from teenagers to seniors, the market size is substantial, estimated to be worth billions of dollars. Furthermore, the market continues to expand, driven by the introduction of new products and advancements in hair coloring technologies.
This is due to a combination of factors such as the increasing demand for hair coloring services and products, the influx of new hair color products and services, and the increasing popularity of hair color trends. Hair color products range from permanent to semi-permanent, as well as color-depositing and color-correcting products. Additionally, brands are now offering a range of natural, vegan, and organic hair color products.One of the key trends in the hair color market is the shift towards using more natural and organic products. Consumers are becoming more conscious of the ingredients in the products they use and are more likely to opt for organic and natural products. Brands are responding to this trend by introducing more natural and organic hair color
The global hair color market size was valued at USD 4.5 billion in 2023. The Hair Color market industry is projected to grow from USD 4.7 Billion in 2024 to USD 7.01 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.54% during the forecast period (2024 - 2030).
The entire period would see various factors providing a tailwind to the market. Changing fashion trends would play a huge role and along with it, social media where various influencers would launch new ideas. Constant funding for research and development projects is also going to ensure the market gets ample growth opportunities. hair colors and other related products. Another major factor is the increase in consumer hair related issues, which has led to several product innovations that accommodate the prevalent and changing tastes and preferences of consumers, thus facilitating the demand for hair care products. Also, fashion trends around the country are changing, which in turn, is encouraging hair color producers to introduce innovative new products to meet consumer demand.
Strict regulations are acting both as a restraint and an influencer. As a restraint, a lot of products are getting barred from entering the market for their side effects. But it is also triggering the launching of natural products, which is a plus for the Hair Color Market Analysis .
Segmentation:
The global hair color market analysis report, as discussed by MRFR, has been segmented into product type, form, and distribution channel. These segments are known to be the hosts of several valuable inputs and insights that can ensure an easy understanding of the market.
By product type, the hair color market share can be segmented into permanent and temporary. Changing fashion trends are boosting the use of temporary ones.
By form, the report relies on segments like powder, cream, and others. The cream segment is expecting a good lead.
By distribution channel, the global report on the hair color market would be backed by segments like store-based and non-store-based. The store-based segment includes supermarkets and hypermarkets, specialty stores, and others.
Regional Analysis:
North America has the chance to dominate the hair color market in the coming years as the regional exposure to various products, high disposable income, the better impact of the entertainment industry and social media, improved marketing styles, and constant investment to develop new products would influence the market. The US and Canada would be the major revenue providers.
Europe would also relish its position in the market and better investment in product development is providing ample tailwind to the market. A lot of brands are operating from the region and their reach is substantial in other regions owing to which the revenue generation process is getting a boost. The Asia Pacific region is the fastest-growing as the massive population here is getting exposure to various entertainment-related activities and social media. Global players are also putting in efforts to capture this huge market, which is triggering growth for the market. The Middle East & Africa would record sluggish growth and it would be hindered due to the presence of poor economic growth.
Competitive Landscape:
The global Key Hair Color Market Players report on hair color market trends contains details of major impacting companies like Revlon Consumer Products Corporation (US), L'Oréal S.A. (France), Avon LLC (UK), The Procter & Gamble Company (US), The Estée Lauder Companies Inc. (US), Conair Corporation (US), Hoyu Co., Ltd (Japan), Coty, Inc. (the US), Godrej Consumer Products Limited (India), and World Hair Cosmetics Co Ltd (Hong Kong). These companies are launching their innovative strategies to make sure that the market gets ample backing from several quarters. Their strategies often rely on branding ideas, marketing forms, mergers, collaborations, rising investments in R & D, and others.
Industry News:
In February 2020, L'Oréal from France announced the launching of their new holographic color, which they believe would be the trend in 2020. It would also come with other color variants like Feria Cool Amethyst, Superior Preference Lilac Opal, and others.
In January 2020, Revlon launched a new product Total Color, which would be vegan in origin and would deliver permanent hair color with 100% coverage of all the hair types.
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