ID: MRFR/CR/6350-HCR | February 2021 | Region: Global | 90 pages
The hair color market is a major market in the beauty and personal care sector. Hair color has been in use for years and decades. People have been modifying their hair color throughout history. The market and its allied trends have gone through many transformations. Even today, people like to modify their hair color and use multiple formulas to do so. From a simple color change to complex hair color trends, the Market has catered to different beauty fads and trends over the years. Since beauty standards and trends keep evolving, the Market is a dynamic commerce space.
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 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.
For a long time, a key driver of the hair color market has been the demand for semi-permanent and permanent hair color among middle-aged people and the older generation. There will always be a demand for hair color from middle-aged people who like to stay presentable and young. As premature greying also becomes a huge contributor, this demand will increase and become a major driver of the global market. For example, 70 percent of women around the world prefer getting their hair colored.
One of the major opportunities that the hair color market will experience in the new decade is the adaptation of creative makeup. Makeup artistry and hairstyling have come up as a major industry where people are trying to experiment. Makeup artists and hairstylists are going for bolder, strange looks, which creates a huge space for temporary, unique hair colors. Key companies of the market can launch unique, wacky temporary hair colors to boost hair color market revenue. Many new hair trends will create a demand for hair color that hair color producers need to supply.
One of the new age restraints in the hair color market is people's adoption of natural grey hair. Today, people like to embrace aging gracefully. People are slowly going for their natural grey hair in the middle ages. This mentality in the population shrinks market size considerably. Many people want to keep their hair color intact and not ruin it with artificial colors. These people will always act as a restraint on the global market.
A major challenge in the hair color market is the demand for natural, organic colors that are safe for hair and health. People are demanding cruelty-free, 100 percent organic hair colors. While many competitors have already gone into the ammonia-free, organic hair dye sector, many brands are yet to make the switch. Brands have to supply the demand for safe and natural hair color formulas to continue the market revenue flow. Much research and development are necessary to cater to the demand for organic, safe hair dyes.
Cumulative growth analysis
From cumulative market analysis, it is apparent that the market enjoys much demand from customers and will see growth in the market forecast period. Some restraints and challenges exist in the market even now. However, the hair color market will register healthy growth with a 6.5 percent CAGR. The market size by revenue will reach USD 36.1 billion by the end of the market forecast period.
The market divides into different industry segments based on different criteria. The different segments have different market shares. A market analysis by segment is necessary to understand hair color market trends in depth. The major segments are divided over product type, channel, and form of the dye.
By type, the major hair color market share belongs to the permanent category. However, the temporary segment will register considerable growth in the forecast period because of color experimentation. By form, powder dyes dominate the market share because of their higher availability and affordable prices. However, crème hair color will also gain market share in the next few years.
By distribution channels, there are store-based and non-store-based channels. The store-based channels hold the highest hair color market share in the present. Non-store-based channels will register the highest CAGR in the forecast period due to the rise of e-commerce ventures.
market analysis by region is very important to understand the global distribution of revenue and profits. The major regional markets of the market are North America, Europe, Asia Pacific, and the rest of the world. Among the major regional markets, the North American region holds the biggest market share, with the US market being the largest contributor. Moreover, the Asia Pacific region will register the highest CAGR in the future, with China's CAGR bordering 10 percent. Other regional markets like Europe will also make a significant contribution in the coming years.
The hair color market is dispersed with many competitors that create a dynamic economic space. A study of the competitors is necessary to understand current activity and future market trends. The hair color market has many key players that contribute to its collective growth. The major players of the market are as follows-
These companies dominate the competitive landscape of the hair color production industry.
Many developments keep revenue flowing into the hair color market. Major producers of hair color take up many economic activities to ensure that business keeps running. For example, many companies go for research and development of new product lines. New, quirky colors are also introduced from time to time. With the introduction of new colors, a competitor creates a niche for itself. On the other hand, marketing campaigns and promotional activities also go on. Additionally, competitors go for mergers and acquisitions for expansion.
The Market Outlook Overview is as follows-
The Market Outlook is a complete report on the present conditions, drivers, and opportunities of the Hair Color Market. It also considers the unprecedented impact of the pandemic on the market before proceeding into the Market Forecast. It talks about industrial and regional segmentation of the Market to give the reader a detailed view of revenue and profit distribution. It also focuses on major competitors of the market and their recent activities that support Market Growth over the next few years. The report is a wholesome, insightful one that is very helpful in understanding the Market for the reader.
Frequently Asked Questions (FAQ) :
According to the Hair Color Market Outlook, the North American region will be the biggest contributor to Market Revenue.
The leading segment of the Hair Color by type is permanent hair color
A major challenge in the Hair Color Market is the mindset of gracefully aging with natural grey hair.
A key driver of the Hair Color Market is growth in creative makeup and experimental beauty standards.