The hair colorants market is expected to grow with a CAGR of 4.5% during the forecast period (2020-2025).
- Increased incidence of grey hair among the young working population, due to stress and improper diet, is primarily driving the market.
- Permanent hair colorants offer long-lasting hair color, which is why they have a high demand among the consumers.
- The potential health risks, due to the toxic chemicals incorporated in hair colorants, are hampering the market growth to an extent. To tackle the issue, companies are coming up with better solutions, like the use of natural ingredients and by refraining from the use of ammonia.
Key Market Trends
Increasing Hair Graying Issue is Fueling the Demand for Permanent Colorants
Increased incidence of grey hair among the young working population, due to stress and improper diet, is primarily driving the market as the youngsters are very conscious. Permanent hair colorants offer long-lasting hair color, which is why the demand for the category has inflated. The populaion of Southeast Asian countries, such as South Korea, Hong Kong, Taiwan, and Singapore, are aging faster than Japan, which creates an excellent opportunity for the hair colorant market. In the European Union, about 70% of women use hair colorants, while the rate is higher in the United States, with more than 75% of women using hair colorant products.
Asia Pacific is the Fastest Growing Market Among All Regions
The increased overall population in China and India, coupled with a high gaining population in Japan and other Southeast Asian countries, is generating a higher demand for more hair colorants to cover grey hair. Rapidly changing lifestyles, owing to urbanization in the emerging market, creates demand for products such as hair colorant, which provide stylish looks. The millennial population in the countries of the region is very much influenced by the celebrities and opt to color their hair to synchronize with the fashion trends.
The market of hair colorants is competitive as the major players are trying to cater to the demands of the consumers in terms of color options, offering safer products for use at the same time. The demand for funky and neon colors is also rising with the exchange of cultures and the spread of fashion across the global regions. The demand for hair colorants to cover the gray hair has been constantly growing at a global scale, but the people are still worried regarding the side-effects of using hair colorants and think twice before acting upon the thought of hair coloring. Thus, the manufacturers of hair colorants have an opportunity to offer safer coloring solutions in more color choices to capture the potential market.
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