The South America hair styling products market is growing at a CAGR of 3.5% during the forecast period 2020 - 2025.
- The market is majorly driven by the increasing consciousness for physical appearance among the young population. In addition, the increasing demand for natural and organic hair styling products is anticipated to boost the growth of the hair styling products market.
- Moreover, growing purchasing power and rising disposable income across the region have increased the consumer spend on premium haircare products. Furthermore, with the rising consumer demand for innovative products, key players are increasing their R&D efforts to introduce new products made of superior quality ingredients and new technologies.
Key Market Trends
Increasing Demand for Hair Gel in the Region
The hair gel market is witnessed to have a significant growth in recent years, owing to the increased consciousness regarding hair perfection among the young working population. The trend for natural ingredients is quite strong in hair gel products with many companies launching products focused on active botanical ingredients to attract the consumer. For instance, brands, like Arata offer natural hair gel, infused with organic flaxseed extracts, vegetable extracts, and flower extracts, among other natural extracts, to avoid damage to hair caused by parabens and chemicals. Apart from nature-based ingredients, the use of preservatives is of growing concern. Thus, the demand for natural-ingredient-based hair gels is witnessing healthy growth from both developed and emerging South American countries, thus boosting the market of hair styling products.
Brazil to Drive the Regional Hair Styling Market
Brazil is witnessed to have the largest market for hair styling products, followed by Argentina, owing to the high preference of natural hair styling products in the countries. The growing men grooming trend in the country has further accelerated the market. Argentina is the second-largest market in the region. Growing preference for foreign brands among working men and women in the region who are demanding premium hair styling products is further driving the market. Moreover, products designed for focused hair types are gaining popularity among users, with companies now focusing on products rich in active ingredients based styling products.
The South America hair styling products market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the market include L’Oréal Paris, Procter & Gamble, Unilever, Revlon, Henkel Corporation, and John Paul Mitchell Systems, among others.
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