December 2022, Market Research Future has published a Report on the Global Hair Color Market
Market Research Future has recognized the following companies as the key players in the global hair color market: L'Oréal S.A. (France), Kao Corporation (Japan), Henkel AG & Co. KGaA (Germany), Revlon Inc. (US), Coty, Inc. (UK), Estée Lauder Companies Inc. (US), Combe Incorporated (US), Hoyu Co., Ltd (Japan), Godrej Consumer Products Limited (India), and Davines S.p.A. (Italy).
Market Highlights
The global hair color market is projected to be valued at of USD 6,868.55 million by 2028, recording a CAGR of 6.54% during the forecast period. Are the rising inclination towards self-care and grooming, the growth in preference for professional salon services, and the rapid growth of the organized retail sector in Asia-Pacific. However, the side effects of chemicals present in hair color are set to curb the growth of the global hair color market. Nevertheless, the increasing demand for organic products and new product launches are expected to create lucrative opportunities for players operating in the global market during the forecast period. Additionally, media promotion and celebrity endorsement will create favorable opportunities for the market players. However, branding is likely to be a major challenge expected to be faced by the new players entering the global hair color market
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Segmental Analysis
The global hair color market has been segmented based on product type, category, nature, form, end user, distribution channel, and region.
By product type, the global market has been segmented into permanent hair color, demi-permanent hair color, semi-permanent hair color, temporary hair color, root touch-up, and others. The permanent hair color segment accounted for the largest market share of 40.71% in 2020. Permanent hair color products give long-lasting color. They are available in a broad range of colors and are usually more natural-looking than products in the other segments. The composition and formulation of permanent color products are complex and critical to quality. Manufacturers put considerable effort into achieving a long-lasting color that does minimal damage to hair while providing both strength and elasticity
Based on category, the global hair color market has been segmented into conventional and natural & organic. The conventional segment accounted for a larger market share of 89.56% in 2020. The conventional hair colors are based on color precursors, called oxidation dyes, and the final shade is developed by their interactions with an oxidizing agent. The demand for conventional hair color is rising among men across the globe, owing to its easy availability and low cost compared to the natural & organic category
Based on nature, the global hair color market has been segmented into professional and consumer (DIY). The professional segment accounted for a larger market share of 73.82% in 2020. Professional segment refers to beauty salons and parlors. The professional segment is gaining acceptance both in developed and developing economies. Hair color manufacturers are collaborating with beauty salons and parlors to enhance the volume sales of the hair color. The growth of the commercial segment is high due to the increasing per capita disposable income and rapidly changing lifestyles of consumers
Based on form, the global hair color market has been segmented into powder, cream & gel, and others. The cream & gel segment accounted for the largest market share of 53.62% in 2020. Cream & gel are some of the most widely available formats of hair color. The cream & gel segment is expected to register the highest growth in the global market. Premium hair colors come in cream form. Due to the increasing preference for premium products, the consumer demand in the cream & gel segment is expected to increase over the study period
Based on end user, the global market has been segmented into men, women, and unisex. The unisex segment accounted for the largest market share of 49.53% in 2020. Since the composition of hair color and working at the fundamental level is the same for men and women, hair color is showcased as unisex.
Based on distribution channel, the global hair color market has been segmented into store-based and non-store-based. The store-based segment is further classified as supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for a larger market share of 88.49% in 2020. Supermarkets & hypermarkets account for the most personalized sales of hair care products, including hair colors. Convenience stores also contribute significantly to the distribution of hair colors. Consumers prefer store-based channels as they provide a one-stop shopping experience.
Regional Analysis
On the basis of region, the Global Hair Color Market has been divided into North America, Europe, Asia-Pacific, South America and Middle East & Africa. Asia-Pacific accounted for the largest market share of 34.71% in 2020. North America was the second-largest market in 2020 and is projected to exhibit the highest CAGR of 6.75% during the review period. The regional market's growth can be attributed to the high adoption rate of hair color by the population. Coty, Inc. and Combe Incorporated are some of the key manufacturers operating in the region. The increasing trend of self-grooming among the population and growing per capita disposable income is driving the market growth. The US accounted for 72.61% of the North American market in 2020 and is anticipated to maintain its dominance during the projected period. In European market, Germany accounted for 19.02% market share in 2020 and is expected to retain its dominance during the projected period. However, the market in France is projected to exhibit the highest CAGR of 6.47% during the study period. The Middle East & Africa is anticipated to grow at the rate of 6.36% during the forecast period. The UAE, Saudi Arabia, and South Africa offer lucrative opportunities to the manufacturers of hair color. The rapid growth of professional salon services and the organized retail channel contribute to the regional market growth
Key Findings of the Study: