Hair coloring has always been a major part of the hair care industry, with the former’s contribution amounting to more than one-fifth of the global market’s monetary output. However, never before has the industry offered such a rich selection of products, ranging from hair dye colors including semi-permanent and temporary hair color products, that are easy to use, highly accessible and cost-effective. With mounting consumer interest for hair care and the emerging trend of professional hair treatment, top hair dye brands have developed a range of coloring products. Technavio has quantified this industry’s growth and predicts brisk business.
The global hair color market looks promising in terms of CAGR during the next five years. The major factors impacting positive growth in this market include, the growing fashion consciousness of the target audience, innovation in product formulation and formats, changing lifestyle of the people in developing countries as well as the expanding market for salon services with the growing usage of hair color for men as well as women.
Technavio maintains that the one effective and strategic way to ensure dependable growth in this industry will be to formulate partnerships with salons – with the latter acting as both a consumer and third-party promoter of the hair coloring products.
Professional spas and salons could prove to be valuable allies
The spa and salon services market is on the rise across the world. Several national and international brands of male, female and unisex salons are increasingly penetrating the global markets in the Americas, Europe, and EMEA, predominantly in tier II and tier III cities. While there has been a momentous increase in the number of customers using hair color products, it is no surprise that a majority of these individuals still prefer going to the salon for the application of the dye.
In salons, the attainment of the predictable hair color intensity is attained after mixing a significant proportion of primary, secondary, and tertiary hair colors along with conditioning bases such as cream and creamy liquids. Additionally, innovative tools used in salons enhance the ease of utility of hair care products, which in turn increases the volume sales of hair colors and other related products.
In the near future, vendors of hair color products will be focusing on forming partnerships with professional salons for competent product distribution. While, several leading players have already implemented this approach, the business end of this arrangement will see an almost universal adoption of this strategy. With a growing number of consumers preferring to visit salons to avail hair coloring services, the hair color manufacturers cannot ignore such a crucial enabler in the profit chain. In turn, the global market for spas and salons will grow alongside, symbiotically.
Industry experts at Technavio have furnished a comprehensive market research report that dives deep into the global hair care industry and offers insights to help companies amplify their market reach. This report can be sampled for FREE from the links provided herein.
