North America Hair Colorants market is projected to grow at a CAGR of 2.87% during the forecast period 2020-2025.
- Increased aged population, rising demand for natural and organic hair colorants and increased prevalent of hair fashion trend among young consumers has driven the hair colorant market growth.
- Synthetic hair colorant offer long-lasting color effects and available in a fascinating color range which is a limitation of natural hair colorants. However, increased research and development by cosmetic companies launching natural hair colorants in the market with longtime effects.
Key Market Trends
Emerging Styling Trend Among Young Consumers
In the North American region, the maximum percentage of woman residents dye their hair. The customers use hair dye, not just for covering gray hair but likewise to create a style statement. People who wish to look stylish is as a consequence of boosting the hair colorant market in the region. The various company endorses celebrities and beauty experts for product promotion and advertising across the regions in order to increase the customer base. The prime income flow comes from the group of middle-class people.
United States holds the Largest Share
In the United States, consumer spending on cosmetics and other personal care products has witnessed a rise. Due to the increase in advertising and promotional activities, the consumers in the United States are still buying these hair colorant products. Additionally, often the advertisements are focused on a specific age group, such as adolescents or aging-women, in an effort to influence and target specific population groups.
Due to frequent product innovation in the market, consumers are being introduced to new types of products and trying them out. Consumers generally want to ensure that they buy products that suit their skin or hair type and thus, product trial is important in the cosmetics market. Thus, companies such as Henkel and Loreal have been increasing their marketing expenditures towards such activities in recent years.
The market of hair colorants in North America 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 region. Some of the major players in the market studied are Henkel AG & Co. KGaA, COTY INC., L'Oreal S.A, Kao Corporation among others.
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