Hair Color Market size to grow by USD 9.86 billion from 2023 to 2028, Innovation in product formulation and formats to drive growth – Technavio

The Hair Color Market is experiencing growth driven by the escalating demand for novelty hair colors. This rise has led to segment premiumization, notably boosting market expansion.

New York, Jan. 11, 2024 (GLOBE NEWSWIRE) — The hair color market is expected to grow by USD 9.86 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 5.78% during the forecast period. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format 

What is the factor that drives the Hair Color Market growth?

The Hair Color Market is experiencing growth driven by the escalating demand for novelty hair colors. This rise has led to segment premiumization, notably boosting market expansion. Consumers are increasingly drawn to a diverse array of options such as Blonde hair dye, Brunette hair dye, Red hair dye, Black hair dye, Brown hair dyes, along with Highlighting kits, Ombre hair color, Balayage hair color, Pastel hair color, Rainbow hair color, and Temporary hair colors. This inclination towards diverse and innovative color choices is boosting the hair color market during the forecast period. 

What is the leading trend in hair color?

An emerging trend in the Hair Color Market is the rising preference for vibrant and unconventional colors, steering market growth. This trend encompasses a spectrum of options, including Permanent hair color, Semi-permanent hair color, Natural hair color, Gray hair color, and White hair dye, as well as Ash Blonde hair color, Chestnut hair color, Mahogany hair color, Auburn hair color, Platinum Blonde hair color, and Rose Gold hair colors. The increasing popularity of these diverse and striking color choices is significantly influencing the trajectory of the market.

What are the challenges faced by the Hair Color Market?

A significant challenge faced by the Hair Color Market is the occurrence of allergic reactions and other harmful effects linked to hair color products, impeding market growth. Instances related to Lavender hair color, Blue hair dye, Green hair dye, Purple hair dye, as well as Copper hair color, Burgundy hair color, Strawberry Blonde hair color, Jet Black hair color, and Henna hair dye raise concerns regarding adverse reactions and potential health risks. Addressing these issues is vital to overcome obstacles and foster sustained market advancement.

How is the Hair Color Market Segmented?

The market is segmented by product (permanent, semi-permanent, temporary, and highlights and bleach), end-user (women, unisex, and men), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

Which segment is significantly contributing to the Hair Color Market?

• The market share growth by the permanent segment will be significant during the forecast period. Oxidation is a term used to describe the process of permanent hair color because prior to its application it contains an oxidizer like hydrogen peroxide or ammonia. Therefore, manufacturers are doing all they can to make sure that the hair retains its color in a lasting way without any damage to its strength and elasticity. A wide range of natural shades is also available for permanently colored hair. Moreover, a number of global permanent suppliers offer hair color that is long-lasting and requires minimal maintenance.

To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report

Which region is providing high market share in the Hair Color Market?

• Europe is estimated to contribute 29% to the growth of the global hair color market during the forecast period. UK, France, and Germany are the key contributors to the market in the region. Major suppliers in the hair color market in that region are LOreal SA, Unilever Group, Henkel AG & Co. KGaA, and New Avon Company. Due to the expansion of distribution networks, as well as the adoption of multichannel marketing strategies, there has been a high level of competition between retailers, particularly in Western European countries. High consumers’ disposable income, high purchasing power parity, and high per capita earnings are the micro factors that have led to European incomes being so high.

Who are the key players in the Hair Color Market?

The hair color market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including Amway Corp., Cadiveu Professional, Chatters GP Inc., Coty Inc., Godrej and Boyce Manufacturing Co. Ltd., Henkel AG and Co. KGaA, John Paul Mitchell Systems, Kao Corp., LOreal SA, Madison Reed Inc., Moroccanoil Inc., NATULIQUE Ltd., NATURIGIN, Revlon Inc., Surya Brasil, The Estee Lauder Companies Inc., Tints of Nature, Tish and Snooky NYC Inc., Natura and Co Holding SA, and Shiseido Co. Ltd.

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

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