LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global novelty hair color market to grow to USD 3,536.55 million by 2021, at a CAGR of more than 21% over the forecast period, according to their latest report.
The research study by Technavio on the global novelty hair color market for 2017-2021 provides a detailed industry analysis based on the end-users (women, men, and unisex), color (blue, purple, yellow, and green), distribution channel (online and offline), and geography (the Americas, Europe, APAC, and MEA).
|The Americas is the leading segment of the novelty hair color market, projected to generate both the highest revenue and the maximum incremental growth over the forecast period. The successful capitalization of the offline distribution channels in the region, combined with highly aware consumer base, are the key factors for the market dominance of the segment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global novelty hair color market:
- Wide product portfolio and product innovation
- Growing number of fashion-conscious consumers
- Changing lifestyles in developing countries
Wide product portfolio and product innovation
Hair color products form a major segment of hair care products, contributing almost 20% to the global hair care market's revenue. Hair color products are provided by a wide range of vendors in a variety of color and shades. Innovation in terms of product formulation is a key factor driving the sales of novelty hair colors.
“Manufacturers are introducing hair color products which have a stain-free application, with conditioning agents or oils, ammonia-free formulation, and innovative packaging,” says Poonam Saini, a lead analyst at Technavio for cosmetics and toiletry research.
Growing number of fashion-conscious consumers
The current consumers of the market use hair color and dyes not only to cover gray hair and look presentable but also to look stylish and fashionable. Most consumers color and highlight their hair to create a style statement, with various celebrities leading this trend.
L'Oréal is currently the leading vendor in the hair color market, with its product offerings marketed with its brand's value proposition 'Beauty for All.' The company has endorsed many celebrities and beauty experts for its product promotion and advertisement across different regions.
Changing lifestyles in developing countries
“Many consumers, especially in the growing middle-class demographic, are willing to spend more to obtain high-quality hair care and hairstyling products, due to changing lifestyles and buying habits,” says Poonam.
Female consumers in the developing regions such as APAC and MEA have started spending more on beauty products. Also, an increase in the disposable income of the middle-class is motivating them to spend more on personal grooming, thereby creating an opportunity for the major players to expand their business across the globe.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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