Pune, India, July 28, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Hair Color Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Type, Distribution Channel, and Geography,” the hair color market is expected to grow from $ 23.76 Billion in 2022 to $ 35.2 Billion by 2028; it is estimated to grow at a CAGR of 6.8% from 2022 to 2028. Growing popularity of high-end hair colors and increased demand from the aging population to drive the hair color market growth. However, potential risks associated with toxic chemical constituents will restrict the growth of the market.
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Hair color and styling have become a mainstream business along with skincare and beauty with a continuous increase in digitalization across the world. The hair color products are mainly classified into three categories according to their duration in the hair, i.e., temporary, semi-permanent, and permanent.
The global hair color market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2021, and it is further expected to record the highest CAGR during the forecast period. The overall increase in population in China and India, and a high aging population in Japan and other Southeast Asian countries are generating a huge demand for hair colorants to cover gray hair. Rapidly changing lifestyles owing to urbanization in developing countries are further contributing to the air color market growth across the region.
Increased Demand from Aging Population Boosts Hair Color Market Growth
The increased prevalence of graying of hair among the young, working population due to stress and improper diet is primarily driving the hair color market as most of these individuals are conscious about their hair and appearance. The graying of hair is also one of the major concerns among middle-aged and aging populations. Along with this, premature graying of hair is an important concern. Premature graying of hair starts before the age of 20 years in Caucasians and before 30 years in African American population. Thus, hair color becomes an ideal solution for the aging population as it imparts a permanent color to the hair. Hair color becomes an easy and fuss-free solution to cover the gray hair. According to a survey, during the May 2017 in the US, near about 8% of respondents aged between 30 to 59 years stated they used hair colors 2-3 times a month which is driving the demand for hair colors. Along with this, the increase demand for natural and organic hair color is the growing hair color market trend.
Global Hair Color Market: Segmental Overview
Based on distribution channel, the hair color market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment held the largest hair color market share. Supermarkets and hypermarkets are huge retail establishments that offer an extensive range of products, such as groceries, personal care products, and household products. This store provides hair colors of various brands at reasonable prices. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Manufacturers of hair color usually prefer selling their products through supermarkets and hypermarkets—such as Walmart, Aldi, and Tesco—owing to heavy customer footfall, large customer reach, and wide distribution network.
Based on product type, the market is segmented into permanent, semipermanent, and temporary. In 2021, the permanent segment held the largest hair color market share. Permanent hair colors are a long-lasting solution that stays on the hair till the hair grows out. This becomes an ideal solution for people having gray hair concerns.
Based on type, the market is segmented into powder, cream, and others. In 2021, the cream segment dominated the market in terms of revenue share. The cream hair color is cost-effective, easier to apply along the hairline, and if the proper consistency is maintained, the mixture does not splatter or drip easily.
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Impact of the COVID-19 Pandemic on Hair Color Market
In 2020, the COVID-19 pandemic adversely affected the hair color market due to the shutdown of manufacturing facilities, and the restrictions on transportation and logistics. Disruptions in supply chains hampered the manufacturing and supply of hair colors. However, businesses have started growing again as governments of various countries have eased the social restrictions imposed earlier. Moreover, vaccination drives have led to a rise in business activities across the world, along with the resumption of hair color manufacturing units with full capacities. During the lockdown, people stayed at home and experimented with their looks, which had a positive impact on the hair color market. The COVID-19 pandemic has forced the closure of beauty salons and parlors, which has reduced the demand for professional hair colors. With the temporary closure of many hair salons, the at-home hair color business grew during the pandemic. The pandemic has driven consumers to color their hair at home more often which had a positive impact on the market.
Hair Color Market: Competition Landscape and Key Developments
L’Oreal Groupe, Revlon, Coty Inc., Kao Singapore Pte Ltd., Hygienic Research Institute Pvt. Ltd. (Brand-Streax), Henkel AG & Co. KGaA, Arctic Fox, Unilever Plc, PZ Cussons Beauty LLP, and Wella Operations US LLC are among the key players operating in the hair color market. Leading market players adopt various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.
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