The latest report by Precision Business Insights, titled Hair Color Market covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints.
The global hair color market is estimated to be valued at USD 22 billion in 2021 and is poised to grow at a significant CAGR of 5% over 2022-2028. A substance used on hair with the primary goal of giving them color is known as hair color. They are typically used to cover up grey hair, draw attention to a specific area of the hair, restore the hair's original care, and enhance its beauty. The majority of hair color producers currently create hues that assist brighten hair, which adds to the product's popularity among consumers. The next type of hair color is one that makes the promise to be herbal, simple to use, and long-lasting. The price ratio of the market has been driven by these developments, which have increased consumer retention, product visibility, as well as adoption rates.
The Hair Color Market Growth Factors:
The increasing use of hair color by the older population to cover their grey hair is the main factor driving the growth of the global hair color market. An increasing number of millennials are embracing modern style, which includes appealing hair coloring. Global demand for hair color is anticipated to rise as a result of rising urbanization, an increasing number of young people in developing nations, and changing lifestyles. The rising popularity of salons and spas services that offer hair color services is another significant factor propelling market expansion. On the other hand, government regulations concerning the chemicals used to create hair color are anticipated to impede the market's expansion. In addition to this, the main factor fueling the expansion of the hair color industry is the aging population's increasing use of hair color to conceal their grey hair. A growing proportion of millennials are embracing current trends in clothing, which include attractive hair coloring.
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1) By Distribution Channel: Online, Supermarkets & Hypermarkets, and Others
2) Product Type: Permanent and Temporary
3) Nature: Natural and Synthetic
The Market Regional Analysis: As of 2021, it is predicted that the U.S. will account for more than 70% of the market value in North America, maintaining its position as one of the leading nations for hair color. Additionally, a moderate CAGR of 5% is predicted for the forecast period. This is due to the fact that the nation continues to make a significant contribution to the expansion of the cosmetics sector.
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