The Asia-Pacific Hair colorants market is projected to grow at a CAGR of 6.2% during the forecast period, 2020 to 2025.
- Across the Asia Pacific, the hair colorant market in India is expected to be the fastest-growing led by an increasingly aging population and rising hectic work style resulting in stress that leads to premature greying. On the other hand, the availability of products across the retail shelf has led consumers to gain ease in accessibility, thereby, increasing volume sales of branded hair colorants.
- Consumers across South Korea are seeking products that are new, unusual, and have exotic ingredients that can provide consumers a luxury feel and relaxing experience. On the other hand, the growing share of South Korean women is on the lookout for novel solutions specifically in haircare, color combinations and new textures, and those offering experimental looks. Manufacturers, similarly, are capitalizing on this trend, while formulating and offering products with a specific combination and exclusive ingredients.
Key Market Trends
Growing ageing population, driving sales of hair colorants
An aging population and the trend to look younger with times has been one of the prime drivers that have led the hair colorant market to prosper in the region. Countries such as Japan accounts for the largest aged population which is followed by China and South Korea. More than 33% of the population in Japan are aged 60 years or above, whereas, across China, the working population is expected to fall by 2.7% during 2015-2030 which is likely to give rise to an aging population.
Furthermore, East Asian countries such as South Korea, Hong Kong, Taiwan, and Singapore are aging at a faster pace. Thailand is the third fastest-growing aging country in Asia-Pacific, which is projected to grow by 29.9% by 2030. Vietnam is also aging quickly with 17.5 percent of people are expected to be old by 2030. One in four Thai population is expected to be a senior citizen by 2030. The increased rate of the aging population in Asia-pacific offers a potential growth opportunity to the hair colorants market growth. On the other hand, the younger population which prefers to keep update their look has further fueled the hair colorants market size.
Tone-On-Tone Colorants Driving Sales
Permanent hair colorant sale dominates the market mainly driven by an aging population who prefer to dye hair for a more extended period. However, its popularity is growing among the young population as well, owing to fashion and changing lifestyles. Japan and China dominate the permanent hair colorants market which is primarily driven by the senior citizen population. Countries such as Japan where American-Asian women and the Japanese prefers to bleach hair have primarily driven the Hair Bleachers sale.
The tone-on-tone segment within the hair color market has witnessed a growing sales over the past years, where the product doesn't oxidize the hair since there is an absence of ammonia. On the other hand, Tone-on-tone hair coloring requires less precision when applied and has a reduced application time of 20 minutes compared with 35 to 40 minutes for classic hair coloring. Several products sold in supermarkets allow you to easily create this effect at home, thereby, witnessing a growing sales volume.
The Asia-Pacific Hair colorants market is competitive with many domestic and international brands occupying a significant share of the market. New product launch focused on herbal and natural ingredients to promote hair growth is the key strategy adopted by players. For instance, in May 2018 Cellmid's Limited which is the wholly-owned subsidiary, Advangen entered into an exclusive agreement to distribute its anti-aging hair care products under brand évolis® in China. The agreement has two key stages where it Fukangren on behalf of Advangen will register the product with Chinese regulator, SFDA (State Food & Drug Administrator), and distribution agreement to sell évolis® lotions and shampoos for five years.
Major players include - L`Oreal S.A., Hoyu Co., Ltd., Procter & Gamble, Godrej Group, Henkel AG & Co KGaA, among others.
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