With expanding personal care industry, grooming and hair styling have gained significant traction for both professional and personal purposes. Considering several macroeconomic aspects coupled with improving lifestyle of individuals worldwide, the need for advanced personal care has gained more ground, which in turn is expected to push the growth of the hair styling products market. That said, manufacturers of hair styling products have invested in research and development of novel equipment in order to cater the growing demand from customers for advanced hair styling products.
Rising Preference for Organic Hair Styling Products Augmenting Growth
Customer preference for organic products has risen on back of benefits of natural ingredients along with growing concerns regarding use of chemical based cosmetic products. Chemical based hair styling products are witnessing an all-time low owing to the side effects associated with the formulations that are likely to result in hair damage and hair fall. Moreover, the concept of “being vegan” has proliferated in the hair styling products industry that has fuelled the demand for organic hair styling products. Underpinned by this factor, manufacturers of hair styling products are investing in introducing natural hair styling products that can suit any hair type at the same time preventing hair loss and damage. For instance, Acure Organics has developed argan oil from natural sources that benefit the user by enhancing scalp as well as hair follicles.
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Increasing Hair Loss to Call for Novel Hair Styling Products
Hair loss is one of the major concerns that has not left any region untouched. Being a common problem, it has been considered by many as one of the major cosmetic issues that need to be addressed on time to avoid further damage. Hair styling and hair care can be linked as two sides of the same coin, as both go hand in hand in enhancing an individual’s persona. Since the past few years, hair loss has increased owing to various aspects such as hereditary problems, pollution, over stress and application of unprescribed formulations that do not suit all hair types.
Hair loss ultimately leading to baldness is a growing concern, particularly among men, which has resulted in higher preference for treatments for hair loss. That said, men are becoming more inclined toward hair styling products. According to American Hair Loss Association, the male pattern baldness accounts for over 95 percent of hair loss on the global front. Around 35 million men and about 21 million women face hair loss problems annually. On an average, 25 percent of males face hair loss before reaching 21 years of age, revels American Hair Loss Association. Novel formulations, without the use of chemicals, in hair styling products facilitate efficient hair strengthening along with imparting necessary aesthetics. Growing adoption of hair styling products, particularly among men for self grooming and preventing hair fall is likely to fuel the sales of hair styling products, in turn furthering the growth of their market.
United States Likely to Showcase High Market Attractiveness; Followed by Europe and Asia Pacific
The sales of hair styling products are likely to remain concentrated in the developed regions of the United States on back of growing hair loss percentage witnessed in the country coupled with a high GDHI (Gross Disposable Household Income). According to American Hair Loss Association, in 2017, around two thirds of men in U.S. experienced high degree of hair loss by age of 35 and by 2018, it is expected that almost 85 percent of men in U.S. are likely to lose significant amount of hair by the age of 50. Apart from men, 40 percent hair loss has been observed from the women category, androgenetic alopecia being the most common form of hair loss among both sexes. In addition, professional grooming also lays a vital role that has triggered the adoption of hair styling products in the country. Alongside United States, developed countries in Europe as well as emerging economies such as China and India in the Asia Pacific have also shown higher inclination towards the use of hair styling products, in turn contributing to the overall growth of the industry.
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