Global Hair Color Market Shows Promising Growth in Future
According to Goldstein Research, “Rising popularity of crème hair colors is one of the major factors which are driving the demand for hair colors across the globe.
Availability of affordable products and growing popularity of ‘salon-like hair’ services is accelerating the demand of hair color products across the globe. Novelty colors are becoming a new fashion statement. Colors such as pink, blue, purple, yellow and green are considered as novelty colors. These colors are gaining popularity mainly among men due to the increasing demand of better aesthetic appeal among male customers. Novelty colors have high penetration in regions such as North America and Europe due to its high costs. However, novelty hair color market is experiencing considerable growth in APAC and Latin America region, owing to the increasing demand of novelty color over regular color in the region. Latin America hair color market is estimated to reach USD 2.15 billion by the end of 2024, registering a healthy CAGR during the forecast period. The Global hair market is based on product type, based on usage, by composition, by distribution channel and by end user. Composition segment is further categorized on the basis of organic, natural, herbal and chemical. Increasing harmful effects of hair color made of chemicals are experiencing negative impact and thus majority of population are shifting towards natural or herbal hair color which has no or less side effects. More than 80% of people are willing to opt and pay for organic or herbal hair products. This is likely to boost the demand of hair color market in the near future.