LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global hair color market to grow at a CAGR of over 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global hair color market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Hair colors have four types of application, including total gray coverage, touch-ups for roots and grays, highlighting, and other hair color applications. The developed markets of the Americas and Europe are the major users of all application types, followed by APAC and MEA.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global hair color market:
Innovation in product formulation and formats
The formulation of hair color is done in two stages. The first stage deals with the development of the product base and the second stage involves the formulation of the desired shade. During the process of the formulation, special attention needs to be given to factors such as dye stability, color wearability on hair, light fading, and rheology of the product. The innovation is brought about in the shades of the finished product.
Tamal Saha, a lead cosmetics and toiletries research analyst at Technavio, says, “Hair brightness enhancements, a variant of hair color, is the most widely used product in the market. This is followed by hair color variants that claim to be long-lasting, easy to use, and herbal. These innovations have led to an increase in customer acquisition, product visibility, and adoption rate, driving the price quotient of the market.”
Growth in novelty color segment as premium product
Novelty hair colors have shown significant growth over a period. These products have gained popularity and visibility, particularly among male customers. Novelty hair colors are mostly used as a fashion statement by men because they are trendy and have high aesthetic appeal. These hair colors include blue, orange, yellow, and purple.
“Novelty hair color is mostly popular among millennials and has gained business not only in the developed countries of the Americas and Europe but also has considerable penetration in the APAC countries. However, the high demand for these colors across the region makes them more expensive than regular hair colors. This will propel the growth of market with respect to price during the forecast period,” added Tamal.
Celebrity endorsements
Celebrity endorsement is one of the measures taken by the prominent vendors in the market to boost the sales of their product. These endorsements also serve as a quick demonstration on the know-how of the product. These advertisements that are aired on television, social media platforms, and other mediums of media have a large impact on the end-customers.
Expanding market for salon/spa services and growing hair treatment market
The spa and salon services market across the world is on the rise. The penetration of national and international brands of male, female, and unisex salons have been increasing in tier II and tier III cities of the Americas, Europe, and EMEA. The increasing penetration rate of salon and spa services will impede the growth of the global hair color market in the key economies.
Top vendors:
- Henkel
- Kao Corporation
- L’Oréal
- Coty
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