LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global hair styling products market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
Evolving consumer expectations is one of the major trends being witnessed in the global hair styling products market 2019-2023. Manufacturers, retailers, and other players in the value chain are improving their products and services due to evolving consumer expectations which is helping the global hair styling products market to grow. At present, consumers seek good-quality products that are safe for use as beautification has become an utmost important concern for consumers. The dry shampoo segment is dominating the hair styling products market due to the wide variety of products. Consumers seek dry shampoo that is either free from harmful chemicals or made of natural ingredients. Salons and spas and medical clinics examine the condition of hair and offer advice. They also guide on hair care and the best products.
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According to Technavio analysts, one of the key factors contributing to the growth of the global hair styling products market is the innovation and portfolio extension leading to product premiumization:
Global hair styling products market: Innovation and portfolio extension leading to product premiumization
With the growing competition and customer demand for innovative products, vendors have actively started focusing on bettering their R&D operations. Additionally, they have also been focusing on differentiating themselves from pharmaceutical companies. To that end, their investment in innovating ingredients and technologies is rising. Customers usually look for hair styling products that can address concerns pertaining to multiple hair-related issues in minimal time. To meet these customer needs, vendors regularly innovate their product ranges and expand their product lines. In addition, the growing purchasing power and increasing disposable income have helped increase customer spending on hair care products, especially on premium hair care products. Therefore, higher product premiumization and product line extension, coupled with growing customer expenditure on beauty products (including hair styling products), will further strengthen value sales in the global hair styling products market.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “Apart from product premiumization, factors such as the growing demand for natural and organic hair care products is boosting the growth of the market. As awareness of hair and skin-related problems caused by synthetic hair-styling products has pushed up the demand for natural and organic hair styling products. Organic hair styling products are free from harmful ingredients such as petrochemicals. sulfates, and ammonia. These organic hair styling products adhere to high standards of purity set by various governing bodies of different countries. Thus, with such advantages, the market is expected to have a positive outlook during the forecast period.”
Global hair styling products market: Segmentation analysis
The global hair styling products market research report provides market segmentation by product (hair styling spray, dry shampoo, other hair styling products) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2018, accounting for close to 36% share, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth.
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