Hair Color Market Outlook
The global hair color market report, released by Market Research Future (MRFR), Hair Color Market size was valued at USD 20.2 Billion at a CAGR of 4.5 % during the forecast period(2020-2030).
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.
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 market.
Hair color is something that everyone does at one point in time. Whether to cover the greys as people age or during premature aging or to experiment with hair colors, the present population has many reasons for hair color purchase. Hair color is a significant part of your appearance, and just like eye color, many people change their hair color temporarily. People are becoming more experimental with their hair colors as we live in a closely linked world with social media space. As makeup and beauty become mainstream businesses, many hair and makeup artists alter their hair color market for creative makeup. The reasons for buying hair color are more in number today than before.
Hair color and styling have also emerged as a mainstream business along with skincare and beauty. Hair color altering offers many choices to the present generation as people like to try different and unique colors. People also like to choose different color combinations to create a complete hair look, apart from distinct colors. The hair color market is therefore at a great advantage because of experimental beauty and makeup trends. There is a lot of room for market stakeholders to launch products from temporary hair colors to more permanent hair colors.
COVID 19 impact
The COVID 19 pandemic affected different markets of the global economic order, including the hair color market. The market took a backseat in the initial waves of the pandemic as manufacturing units shut down. Since the retail sector and its sales were hit, there was a sharp decline in market revenue in 2020. However, as retail revived through e-commerce and hyperlocal stores, hair color sales revived in the later period of 2020. As people stayed at home and experimented with their looks, the global market increased sales and revenue. In post-pandemic years, as beauty trends become bolder and personal care becomes a necessity instead of an option, market revenue will see tremendous growth.
The global hair color market 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.
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.
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The global market 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.
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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