(MENAFN- GlobeNewsWire - Nasdaq) The hair color market is thriving, fueled by innovative technologies, bold consumer choices, and a growing demand for natural products. With dynamic trends and diverse demographics, this vibrant industry presents unparalleled opportunities for growth and creativity, captivating beauty enthusiasts worldwide.New Delhi, Nov. 21, 2024 (GLOBE NEWSWIRE) -- The global hair color market was valued at US$ 20.04 billion in 2023 and is projected to reach US$ 38.42 million by 2032 at a CAGR of 7.5% during the forecast period, 2024–2032.
As per Astute Analytica, the hair color market is set for robust expansion, underscored by significant milestones and consumer trends. Last year alone, over 1.5 billion units of hair color products were sold globally, reflecting unwavering consumer demand. The Asia-Pacific region emerges as a powerhouse, with China's market expected to flourish due to its population of 1.4 billion people, and India's market anticipated to reach a valuation of $2 billion in the years to come. The surge in at-home hair coloring continues, with 100 million consumers opting for DIY solutions, bolstered by advanced product formulations. Natural and organic hair color products have gained momentum, appealing to an estimated 200 million eco-conscious consumers worldwide. Professional salons report that hair coloring remains among the top three services, with over 500,000 salons offering specialized treatments globally. Technological innovations like virtual try-on apps have engaged 20 million users, enhancing the shopping experience. The men's hair color segment shows promise, tapping into a global male population of 3.9 billion. Social media influence is profound, with over 60 million #haircolor posts on Instagram and billions of views on TikTok, driving trends and market dynamics.
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Today, companies in the global hair color marketlike L'Oréal have launched virtual try-on tools utilized by over 20 million consumers worldwide, enhancing product selection and customer satisfaction. Additionally, 3D printing technology is being explored to create custom-matched hair colors, with over 500 salons globally testing such services. Personalized hair color subscriptions are on the rise; eSalon shipped over 1.5 million custom hair color orders in 2023, meeting consumer demand for tailored solutions.
Another significant opportunity lies in targeting underserved demographics, such as male consumers and emerging markets. The men's grooming market was valued at US$ 81 billion in 2023, indicating substantial potential for hair color products tailored to men. Brands like Just for Men reported a sales increase of US$ 50 million in 2023, highlighting growth in this segment. Furthermore, emerging markets present vast growth potential; India's hair color market expanded to US$ 1.2 billion, with a rising middle class of over 350 million people, as noted by the World Bank. In Africa, the beauty and personal care market reached US$ 14 billion, with hair color products gaining popularity among the youthful population of 1.2 billion people. Market players that tailor products to these demographics and leverage localized marketing strategies stand to capitalize on significant growth opportunities.
Key Findings in Hair Color Market
| Market Forecast (2032) | US$ 38.42 Billion |
| CAGR | 7.5% |
| Largest Region (2023) | Asia Pacific (34.8%) |
| By Type | Chemical (58.6%) |
| By Application | Women (68.5%) |
| By Form | Cream (62.3%) |
| By Usage | Permanent (60.4%) |
| Top Drivers | Increasing consumer emphasis on personal grooming and self-expression across all age groups. Influence of social media and celebrities on consumer hair color choices and trends. Aging population seeking hair color products to conceal gray hair and appear youthful. |
| Top Trends | Growing demand for natural, organic hair colors with safer, eco-friendly ingredients. Rising popularity of bold, unconventional hair colors among younger consumers. Expansion of DIY at-home hair coloring market due to cost and convenience factors. |
| Top Challenges | Health concerns over chemical ingredients causing skepticism toward traditional hair color products. Regulatory changes imposing stricter requirements on hair color product formulations. Intense market competition making it difficult for brands to distinguish themselves. |
Hair Color Trends: Embracing Boldness, Convenience, and Sustainability in a Growing Market
As the hair color market is witnessing a dynamic shift in consumer behavior, influenced by diverse factors such as demographics, product types, and purchasing channels. The market caters predominantly to women in the United States, with millions engaging in regular hair coloring routines. However, men have become an increasingly significant demographic, with over 5 million men now frequenting salons for color treatments, prompting brands to expand their male and unisex product lines. The trend of embracing bold and vibrant shades is most pronounced among younger consumers, particularly Generation Z and millennials, who are keen on experimenting with color as a form of self-expression. The market has also seen a rise in interest among older consumers, with a significant number choosing to maintain or enhance their natural gray hair, reflecting a broader trend towards authenticity and self-acceptance.
The COVID-19 pandemic has profoundly impacted purchasing patterns in the hair color market, with a surge in at-home coloring solutions. For instance, some brands report that their home coloring kits have seen sales triple since 2020, as consumers prioritize convenience and cost-effectiveness. This shift has been supported by e-commerce, with online sales of hair color products experiencing notable growth, reaching billions in annual revenue. Consumers are increasingly seeking products that offer ease of use and long-lasting results, with a marked preference for ammonia-free and nourishing formulas. Furthermore, environmental consciousness is playing a pivotal role, as more consumers demand sustainably produced and organic hair color options. Brands that offer eco-friendly packaging and ethically sourced ingredients have gained traction, capturing a growing segment of the market driven by sustainability concerns. These evolving consumer preferences highlight a market that is both expanding and diversifying, driven by innovation and a keen awareness of personal and environmental well-being.
Women's Predominance in Hair Color Consumption Contribute More than 68% Revenue
In 2023, the hair color industry has observed an intriguing trend: women are not just the primary consumers but also the trendsetters who drive the innovation and marketing strategies of hair color products. Of the $20 billion global hair color market, women account for more than $13.79 billion in sales, highlighting their overwhelming influence. The average woman changes her hair color three times a year, with a growing segment opting for bold, unconventional colors like electric blue and neon pink. This shift toward adventurous choices underscores how women are using hair color as a form of self-expression and rebellion against traditional beauty norms. The beauty industry has responded by launching over 300 new shades in the past year alone, catering specifically to this adventurous consumer base.
Social media continues to be a powerful catalyst in this dynamic of the hair color market. Platforms like Instagram and TikTok have amassed over 2 billion views on hair color transformations, significantly impacting consumer behavior. Influencer collaborations and hashtag campaigns have driven a 40% increase in hair color sales among women aged 18-24. Notably, brands that partner with influencers see an average sales spike of $500,000 within two weeks of a campaign launch. Furthermore, the accessibility of DIY tutorials and virtual try-on apps has empowered women to experiment with hair color at home, contributing to a 25% growth in the at-home hair color segment. This digital influence is so profound that brands are investing over $2 billion annually in social media marketing to capture this engaged audience.
Popularity of Hair Color Creams Over Powders Generates More than 62% Revenue
The global preference for hair color creams over powders in 2023 reflects a significant shift in consumer priorities towards convenience and efficacy. Hair color creams now command a staggering $15 billion of the total $25 billion hair color market. This preference is driven by the ease of application and the superior coverage that creams offer compared to their powder counterparts. With over 400 million units sold annually, creams are favored for their ability to deliver rich, consistent color without the mess typically associated with powders. The convenience factor is further amplified by the increasing popularity of cream formulations that include nourishing ingredients like argan oil and keratin, which enhance hair health while coloring.
Consumer satisfaction with hair color creams is remarkably high, as evidenced by a 60% increase in positive online reviews over the past year. This feedback highlights not only the effectiveness of the product but also the overall user experience. The rise of e-commerce has played a pivotal role in this trend, with online sales of hair color creams growing by $3 billion in just the last year. This growth is supported by innovative packaging solutions, such as easy-to-use applicator brushes and squeeze tubes, which have been introduced by leading brands to further simplify the process. Additionally, the professional hair care sector reports that over 80% of salons prefer cream formulations for their reliability and the high-quality results they deliver, making it clear that both consumers and professionals have embraced the cream revolution.
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Top 6 Players Control Over 50% Revenue Share in Hair Color Market, But L'Oreal Takes the Lead with Over 20% Market Share
L'Oréal , Coty, Inc., Estee Lauder Companies, Unilever, Godrej, Henkel are 6 major players in the market. They are currently holding over 50.20% revenue share collectively. Wherein, L'oreal has emerged as the winner.
L'Oréal is the largest player in the global hair color market due to its extensive portfolio of innovative products, strong brand recognition, and strategic global presence. Established over a century ago, L'Oréal has consistently invested in research and development, enabling it to introduce cutting-edge hair coloring products that meet diverse consumer needs. Key products popular in the market include the L'Oréal Paris Excellence Crème, known for its long-lasting color and gray coverage, and the L'Oréal Professionnel Majirel line, favored by salon professionals for its rich, fade-resistant shades. Additionally, the Garnier Nutrisse and Garnier Olia ranges offer nourishing at-home hair color options infused with natural oils.
What makes L'Oréal the market leader is its commitment to innovation, understanding of consumer trends, and expansive distribution network. The company's major product lineup in the hair color market spans various brands catering to different market segments, from mass-market products under L'Oréal Paris and Garnier to professional lines like L'Oréal Professionnel and Matrix. Operating in over 150 countries, L'Oréal leverages its global reach to adapt products to local preferences, making it a truly universal beauty company. The most prominent market for L'Oréal is Europe, where it holds a significant market share, but it also has a strong presence in North America and the Asia Pacific region. In terms of recent mergers and acquisitions in the hair color domain, L'Oréal acquired the professional hair color brand Pulp Riot in 2018 to strengthen its position in vibrant, creative hair color products.
Global Hair Color Market Key Players:
Henkel Corp. Kao Corp. L'Oréal Coty, Inc. Developlus, Inc. HOYU Corp Ltd. Godrej Revlon World Hair Cosmetics (Asia) Ltd. Amorepacific SHISEIDO CO., LTD. Unilever Group The Estee Lauder Companies Inc. Combe Inc. Other Prominent Players
Key Segmentation:
By Type
By Application
By Form
By Usage
Permanent Hair Color Semi-Permanent Hair Color Temporary Hair Color Highlights/Bleach
By Region
North America Europe Asia Pacific South America Middle East & Africa
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
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