Asia-Pacific perms and relaxants market is anticipated to witness a CAGR of 4.23% during the forecast period (2020 - 2025).
- Increased preference for hairstyling, changing lifestyle, urbanization, and marketing and promotional activities are the primary factors fueling the market growth of perms and relaxants in the region. Furthermore, with the rise in disposable income in China and India, the demand for hair care products has grown rapidly in recent decades.
- The increasing replication of Western culture and fashion in the developing countries of the region has regulated the demand for perms and relaxant products.
- The demand for natural and organic personal care products has also gone up in recent years due to the spreading awareness regarding the ill-effects of chemical-based products, which is expected to pose new opportunities for the market.
Key Market Trends
Demand for Organic/Natural Products is Rising Rapidly
The high demand for natural ingredients has been quite evident in the Asia Pacific market, which has led to the majority of companies launching products with nature-inspired ingredients, especially ones with plant-inspired and premium botanical ingredients. The trend for natural ingredients is quite strong in perming and relaxant products, with many companies launching products focused on active botanical ingredients to attract the consumer.
Apart from nature-based ingredients, the use of preservatives is of growing concern. The potential health impact of artificial preservatives, such as benzoates is triggering the demand for natural preservatives. The demand for organic products is increasing in the same manner and the whole concept is likely to catalyze the market growth in the future.
Rising Sales through Online Channels is Likely to Regulate the Market
The Asia Pacific region is rapidly developing and with the extensive exposure of the people to the internet, online sales have become a major distribution channel for the manufacturers to cope up with the market competition. Often, new products are being launched through online platforms in the region, which were previously first seen in the supermarkets. Also, with the spread of awareness regarding the benefits of online shopping, consumers are readily purchasing products through online retail sites that offer discounts. The concept of digital payment has also helped to increase the sales through this channel as the people can now pre-book their orders in case of limited stocks by paying in advance. Thus, the advantages associated with the distribution channel are expected to drive the market in the near future.
The Asia-Pacific Perms and Relaxants Market is fragmented with the presence of both global and domestic players. A significant population of the region is convinced that their hair care products are actually harmful to the body, and therefore, should be substituted with completely natural/organic products.
This provides considerable opportunity for R&D to mandatorily include natural ingredients in products designed to fix the new age hair problems which are increasing in frequency across the region due to the excessive use of chemical-based products. Moreover, global players that had an upper hand in the market previously, are facing tough competition because of the new product launches by the private-label brands from domestic players, that are focused on the current needs of the locals.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support