According to the Market Statsville Group (MSG), the global hair color market size is expected to grow from USD 18,823.96 million in 2022 to USD 40,443.95 million by 2033, growing at a CAGR of 7.2% from 2023 to 2033. A growing number of people are seeking ways to change their appearance, leading to an increase in demand for hair color products. Since consumers continue to experiment with new colors and styles, the worldwide market for hair color products is rapidly expanding. Due to the increased demand, more complicated hair color formulae and techniques have been developed, necessitating the need for more skilled professionals in the hair color sector. On the hand, some people are afraid of the adverse effects that hair color can have on their health, and so they choose not to color their hair. Additionally, there is a general trend away from permanent hair coloring due to concerns over chemicals and allergies. This has hindered market growth over the forecasting period around the globe.
Moreover, an increasing number of the millennial population is adopting trendy fashion which includes coloring the hair in appealing colors. The large number of stylists and salon owners who utilize Instagram to promote their businesses has helped create a large community of hair-focused influencers on Instagram. This has created a lots of opportunities for new and existing market players to enter in the market over the forecast period.
There are currently hundreds of hairs color options on the market, with something for everyone. Permanent hair dye, semi-permanent hair dye, temporary hair dye, and hair chalk are some common hair color products. To avoid putting chemicals in their hair, several people nowadays prefer to go natural or semi-natural. Natural treatments often include the use of conditioner and cream that have been blended with herbs or spices like ginger, onion, or garlic.
Hair coloring works by covering each strand with color (temporary color) or by piercing each hair cuticle, entering the hair cortex, and bonding with the hair (permanent color) (permanent color). While non-permanent hair color can be washed out eventually, permanent color, as the name implies, colors the hair forever.
The global hair color market is expected to witness a slight decline in 2020, in the recent outbreak of the COVID-19 pandemic. Keeping up with the present changing challenging condition, the market situation of hair color production is being halted and has forced the government authorities and key manufacturers to stop or delay their manufacturing processes and investment in such manufacturing plants, to control the spread of the novel coronavirus disease i.e., COVID-19. This ongoing pandemic further interrupted the demand and supply of hair color throughout the world, backed by certain restrictions on trade and lockdown imposed by government bodies. This often limits the adoption of hair color, and therefore, inhibits market growth globally.
However, after a few weeks at home without the ability to visit a hairdresser, many consumers are turning their attention to products like hair dye, at-home hair treatments, clippers and beard trimmers. Some hair salons have responded to the demand by delivering custom hair color kits to their customers’ homes. Companies like Revlon, Coty Inc. and Garnier have seen increased demand for their at-home hair coloring products.
In the present scenario, hair color plays a prominent role in improving the personality of any human being no matter how old he or she is. Generally, people opt hair color for conceal their grey strand. Gray hair is a natural part of aging, and it's inevitably going to occur at some point in life. However, the process may begin earlier for some women/men than for others due to a variety of factors.
The growing geriatric population across the world drives the demand for hair color across the world. For instance: According to AgeingAsia.org, the number of populations aged 60 and above were 11,988,000 in 2019 and is expected to rise by 29,841,000 in 2050. Also, the total percentage of population aged 60 and above were 12.3% in 2019 and is expected to rise by 27.2 % in 2050. Thus, rising demand for beauty & cosmetic care options at home for geriatric population will create a lucrative demand of the market.
In addition, there are various vendors who introduced self-hair color kits and products in the market which may be more ease for senior citizens. A growing number of millennials are adopting current fashion, which includes hair colouring in attractive colours. Expanding population of the geriatric people in the developing countries, increasing urbanization, and changing lifestyles are likely to foster growth of the global hair color market.
Hair dyes, use a veritable cocktail of chemicals to alter hair color. They often contain ammonia, lead acetates (Note: The FDA recently repealed approval of this ingredient, but it is pending), hydrogen peroxide and paraphenylenediamine (PPDA) – a common allergen. Many people are allergic to PPDA, common in both cheap and expensive hair dyes and present in nearly all permanent type dyes. Although researchers have studied the long-term effects – including possible cancer risks – of hair dyes, many of the findings have been inconsistent or inconclusive. Permanent hair dyes use the harshest chemicals to alter hair color, but semi-permanent dyes (often used to cover graying hair) may still contain worrisome chemicals, including PPDA or a similar compound.
Further, a limited consumer pool for novelty and premium hair colors in developing countries is a key challenge for the market in focus. The global hair color market is flourishing in the developed markets of the Americas and Europe. This is due to the presence of a significant proportion of premium and mass segments of end customers. These markets have a balanced demand for hair colors from different price brackets. The demand for premium hair color in developed countries is more than that of the mass segment. The sale of premium hair color and novelty hair color in APAC and MEA is low due to the low presence of the segment. The low sale of premium hair colors leads to a small revenue turnover. Thus, the value of revenue generated from these regions is low.
Since the last few years, an increasing number of the millennial population is adopting trendy fashion which includes colouring the hair in appealing colours. Mobile search has evolved over the past several years as Google continues to roll out updates to its search algorithm that prioritizes mobile-friendly sites and content. The updates came as a direct result of consumer search behaviour, as more users search on mobile than desktop. The hair industry is not immune to this behaviour with almost 75% of unbranded hair-related searches occurring on a mobile device!
The large number of stylists and salon owners who utilize Instagram to promote their businesses has helped create a large community of hair-focused influencers on Instagram. In addition to explicitly hair-focused influencers, makeup artists, as well as beauty and wellness influencers who post about hair care and color products are invaluable assets for brands seeking to boost visibility and awareness. While most Index brands are occasionally mentioned by influencers, a handful of brands receive outsize attention.
The study categorizes the hair color market based on type, application, form, and usage area at the regional and global levels.
Based on the form, the market is divided into cream, powder, and others. The cream segment is expected to dominate the market share in 2022 in the global hair color market. The cream segment currently dominates the market share in the hair color market. Cream hair colors are becoming more popular among customers due to their thicker consistency. In the cream category, hair color manufacturers provide a variety of tints and tones. Numerous firms also provide herbal and organic hair coloring. Because of the herbal elements that help strengthen the hair, several of the products have a particular nurturing capacity.
In addition, biodegradable cream ingredients are such a binding scope to construct it as an eco-friendly solution and have no pollution or contamination. The hair dyes being all herbal based add a garnishing on top of the other advantages of cream hair dye care. These reasons have also boosted this segment over the forecast period.
Based on the regions, the global hair color market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is projected to account for the highest market share in 2022. The increased desire for natural and organic hair care products, as well as the region's ageing population, are some of the reasons driving the region's hair color market expansion. Hair colors allow people to conceal greys and wear their hair in a different way from their original hair color. The elderly population's increasing usage of hair color to hide their grey hair is the key driver of the hair color market's development. India is predicted to be the Asia-Pacific region's fastest-growing hair color market. This is because an increasing number of individuals are working long hours, which can lead to stress and premature greying. On the other side, placing items on shop shelves has made them more accessible to customers, resulting in increased sales of branded hair color. Leading competitors in the hair color market, such as L'Oreal, are utilizing strong digital resources to maintain a strong online presence, which is critical for the industry's development.
The hair color market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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