Charles Sternberg, Assistant Editor03.05.21
According to a recent report from Technavio, the global hair color market is expected to grow by $13.75 billion during 2021-2025.
This marks a significant market slowdown compared to the 2020 growth estimates due to the impact of the Covid-19 pandemic in the first half of 2020, but healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 8%.
The hair color market is driven by innovations in product formulation and formats. In addition, the growth in the novelty color segment as a premium product is anticipated to boost the growth of the hair color market.
As per Technavio, during the process of the formulation, special attention needs to be given to factors such as dye stability, color wearability on hair, light fading, and rheology of the product. The innovation is brought about in the shades of the finished product. Hair brightness enhancements are the most widely used product in the market. These innovations have led to an increase in customer acquisition, product visibility, and adoption rates, driving the price quotient of the market.
Major hair color companies include Combe Inc., Coty Inc., Henkel, Kao Corp. and New Avon Co.
