Hair Color Market Size Worth US$ 35.2Bn by 2028 at 6.8% CAGR with Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized by The Insight Partners

NEW YORK, July 5, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Hair Color Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Type, Distribution Channel, and Geography," the market is expected to grow from US$ 23.76 Billion in 2022 to US$ 35.2 Billion by 2028; it is estimated to grow at a CAGR of 6.8% from 2022 to 2028. Increased demand from the aging population and the growing popularity of high-end hair colors drive the hair color market growth. However, potential risks associated with toxic chemical constituents will restrict the growth of the market. Hair Color Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Permanent, Semi-Permanent, and Temporary), Type (Powder, Cream, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography.

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Strategic Insights - Hair Color Market

Hair Color Market: Competition Landscape and Key Developments

Arctic Fox, Coty Inc., Henkel AG & Co. KGaA, Kao Singapore Pte Ltd., L'Oreal Groupe, Revlon, Hygienic Research Institute Pvt. Ltd. (Brand-Streax), PZ Cussons Beauty LLP, Unilever Plc, 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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In 2021, Asia Pacific dominated the hair color market, and the region would continue to be a dominant shareholder in the market during the forecast period. In addition to the markets driving the global market, the rapidly changing lifestyles owing to the ongoing urbanization in developing countries are driving the hair color market in Asia Pacific. The millennial population across the region is much influenced by celebrities and fashion trends, and they opt to color their hair in accordance with the latest trends.

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.

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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Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment dominated the market. Supermarkets and hypermarkets are huge retail establishments that offer an extensive range of products, such as groceries, personal care products, and household products. These stores provide hair colors of various brands at reasonable prices, allowing shoppers to find the right product quickly.

Hair colors are cosmetic products used for changing the color of the hair. These products are categorized into three categories according to the color's application on the hair, i.e., permanent, semi-permanent, and temporary. They are available in a variety of colors. Hair coloring can be done at home or by a professional hairdresser. There are various styles for coloring the hair, for instance, coloring completely, coloring some specific part of hair called highlighting, and nowadays Ombre hair system is popular, in which the bottom section of hair looks lighter than the top section.

Due to an ageing population across the globe, the increased expenditure on hair care products, such as hair color, is one of the market's significant growth factors. Furthermore, considerable product innovation by the market's leading competitors is expected to generate significant prospects. For example, Loreal SA is a leading participant in the hair color market that has introduced a variety of long-lasting hair colors in natural color tones. Hair color is available in pre-measured packets that are easy to use. The market is driven by innovations in product composition, formulation, and the format through which it is sold in the market. The creation of hair color takes place in two stages.

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In 2021, Asia-Pacific accounted for the largest share of the global hair color market. An aging population and the changing fashion trends have fueled the growth of the Asia Pacific market in 2021. In 2021, the permanent segment held the largest market share of the global hair color market. Permanent hair colors do not wash out and they look more natural. In 2021, the cream segment held the largest market share of the global hair color market. Creams are easy to use and manufacturers are offering hair color creams free of ammonia.

During the forecast period, the online retail segment is expected to be the fastest-growing segment. Increasing adoption of technology is allowing the online retail segment to be more efficient and reachable. Moreover, increasing number of online shoppers is expected to propel the growth of online shopping segment.

Increased incidence of grey hair among the young working population, due to stress and improper diet, is one of the major driving factors driving the market growth. Permanent hair colorants offer long-lasting hair color, due to which they have a high demand among the consumers. Moreover, consumers are shifting towards the organic and natural hair colors. To tackle this challenge, manufacturers are coming up with hair colors that are ammonia free. These are some of the factors driving the hair color market growth.

The hair color market, based on geography, is primarily segmented into North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). In 2021, Asia Pacific dominated the global market. The growing demand for natural and organic hair care products, along with the growing aging population, are some of the factors driving the hair color market growth across the region. Hair colors help people cover grays, and sport a different style of hair to their natural hair color.

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Highlights or partially coloring the hair has grown in popularity among the youth of the region. In addition to this, the aging population across the region make extensive use of hair colors to color gray hair and hide signs of ageing. Coloring the hair helps to emphasize texture and add luster to bring back hair's natural shine that has been damaged due to overexposure to the sun as well as due to pollution. Changing lifestyles due to the increased disposable income and urbanization in developing countries have also increased the demand for hair colors.

Impact of COVID-19 Pandemic on Hair Color Market

The consumer goods and many other industries faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of manufacturing units adversely affected the production and supply sides. Also, the shutdown of distribution facilities, including supermarkets and hypermarkets, and retail outlets, had a negative impact on the market. However, with the gradual revival of economies, manufacturers restarted their operations with maximum possible or full capacity. This also benefitted the market as the demand grew from the working population, and chemical and hair color production volumes surged from 2021.

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