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Experiencing a rapid growth, have you considered how big the hair color market might become in the next few years? It is expected to surge from $23.35 billion in 2023 to $25.8 billion in 2024 at a compound annual growth rate CAGR of 10.5%. This significant growth during the historic period is ascribed to factors such as robust economic development in emerging markets, rising use of hair color to cover grey hair and increased investments in promotional activities including celebrity endorsements. Moreover, higher disposable income and innovations in hair color production space have also contributed to this expansion.
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Forecast estimates suggest that the hair color market size will see a substantial growth, swelling to $38.01 billion by 2028, demonstrating a CAGR of 10.2%. This growth in the forecast period is influenced by variables such as worldwide population growth, urbanization, burgeoning number of spa and salon services, and increasing mergers and acquisitions. Other factors such as rising beauty concerns and a growing older population will also play pivotal roles. Major trends noticed in the forecast period encompass offerings of virtual hair coloring tools for enhanced customer convenience, a shift towards vegan hair colors that are less harsh than non-vegan hair dye, leveraging AI-powered hair dye technologies to enhance home hair color options, and a keen focus on product innovations.
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What about the key drivers for growth in the hair color market? Well, the increasing presence of spa and salon services is predicted to boost the expansion of the hair color market going forward. This refers to the global rise in the number of saloons and spa services. They provide tailor-made hair color services to customers, enhancing their overall persona. In January 2022, Zolmi, a saloon software company based in Poland, stated that there are over 80,000 salons spread across the US alone, offering a variety of beauty services. They generate an impressive yearly revenue of $20 billion, which is only set to grow. As a result, this surge in Spa and salon services is expected to stimulate high demand in the hair color market.
In the competitive hair color market, major companies like L’Oreal SA, Henkel AG and Co. KGaA, Kao Corporation, Godrej Consumer Products Limited, Revlon Inc, The Estee Lauder Companies Inc., Combe Incorporated, and Shiseido Company Limited, have carved a niche for themselves. Other prominent players include Mandom corp, Aveda Corp, Guangzhou Hongxinlong Cosmetics Co Ltd, and Guangzhou Dfine Trading Company Ltd along with several others.
Product innovation stands as a crucial trend gaining traction in the hair color market. To strengthen their market positions, most key players are focusing on creating new and groundbreaking hair color products. Loreal, a globally recognized cosmetics and haircare company, launched ‘Copyright’ in 2022. This salon stylist-friendly AI-connected hair color system offers on-demand, personalized hair color and seeks to address the challenges of achieving the correct and consistent color thereby allowing colorists to reduce complications.
The hair color market identified in this report is segmented as follows:
1 By Usage: Permanent Hair Color, Semi-Permanent Hair Color, Demi-Permanent Hair Color, Temporary Hair Color, Hair Highlights and Bleach
2 By Distribution Channel: Offline, Online
3 By Application: Total Gray Coverage, Touch-Up For Roots, Grays Highlighting
4 By End-User: Male, Female, Unisex
In 2023, North America surfaced as the largest region in the hair color market. The forecast period sees Asia-Pacific as the fastest-growing region. The hair color market report spells out regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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