The U.S. hair care market is expected to grow by $1.15 billion between 2020 and 2024, although a higher growth rate could be expected after the Covid-19 outbreak.
While many industries have suffered due to the Covid-19 crisis and several sectors have recorded a decline in consumer demand, the US hair care market remains intact and could show promising growth. reports Technavio.
Perhaps this is because salons remain closed and more consumers are definitely looking for hair color and styling products at home.
Technavio includes a ‘Covid-19 Analysis’ in many of its latest reports, and the hair care market is one of the categories included in the ‘Consumer Essentials’ sector. Analysts say they will see a surge due to the pandemic.
The hair coloring segment offers several growth opportunities for market vendors during the forecast period. The availability of a wide range of colors and shades spurs the growth of this category.
Over 31% of the growth in the US hair care market is attributed to the hair coloring segment during the forecast period.
The market growth of this segment will be faster than that of shampoos, conditioners, and other segments.
The demand for new and innovative hair care products is increasing. This is pushing manufacturers to launch more advanced hair care products, analysts say.
Product innovation and product line expansion leading to product premiumization are among the major factors driving the market growth.
One example is manufacturers of premium professional hair care products such as Henkel’s Alterna Haircare. The brand offers Bamboo Smooth Anti-Frizz AM Daytime Smoothing Blowout Balm and PM Overnight Smoothing Treatment. Products like these protect hair from frizz and moisture and are sulfate-, phthalate-, and paraben-free, which is why we’re buying more.
There is also a growing preference for natural and organic hair care products. This has led manufacturers to introduce plant-extracted colors.
Natural hair dyes include Henkel’s Schwarzkopf Professional Essence and L’Oréal Paris Prodigy.
This report provides an in-depth analysis of the market by product, including shampoos, hair colors, conditioners, etc. Competitors include Amway, Henkel, Kao, L’Oréal, LVMH, Revlon, The Estée Lauder Companies, Procter & Gamble and Unilever.
Above: L’Oréal Paris’ Magic Root Cover Up and Magic Root Retouch via Instagram. Apply the Elvie Steam Mask via Instagram/lorealparis. and his Bamboo product in Alterna.
