LONDON--(BUSINESS WIRE)--The hair care market in the US is expected to post a CAGR of close to 2% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decrease in the year-over-year growth.
A key factor driving the growth of the market is product innovation and product line extension leading to product premiumization. Manufacturers of hair care products are focusing more on developing and launching new and innovative products to meet consumers’ demand. The focus on product premiumization and product line extension is increasing with consumers’ willingness to pay more for innovative products. Several players in the market are also coming out with products that offer daytime smoothing and overnight smoothing treatments. These products are free of sulfate, phthalate, and paraben and protect against frizz and humidity. Thus, with such innovative offerings, products are undergoing premiumization which is driving the growth of the overall market.
This market research report on the hair care market in the US 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for natural and organic haircare products as one of the key emerging trends in the hair care market in the US market:
Hair care market in the US: growing demand for natural and organic haircare products
Natural and organic products do not contain chemicals that damage hair or effect the overall health of users. The demand for plant-derived colors is emerging in the hair care market and consumers have started using natural and herbal hair coloring agents. As natural and herbal hair color products are ammonia-free, they are less harmful compared to their synthetic counterparts. Moreover, growing demand has encouraged manufacturers to introduce plant-extracted colors which is expected to drive the growth of the market.
“Offline and online channels are increasingly being leveraged to engage and increase awareness about various products. The surge in internet penetration globally and the success of social media sites has helped vendors to promote their products at minimal costs. The use of celebrity endorsements is growing rapidly in this intensely competitive market,” says a senior analyst at Technavio for research on consumer services and personal care.
Hair care market in the US: segmentation analysis
This market research report segments the hair care market in the US by product (shampoo, hair color, conditioner, others).
The shampoo segment led the market in 2017 with a market share close to 35%, followed by the hair color and hair conditioner segments respectively. However, during the forecast period, the hair color segment is expected to show the highest growth.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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