The Hair Care Market in the U.S. to grow by $1.15 billion during 2020-2024 -- but we may expect a higher growth rate after the Covid-19 outbreak.
Although many industries are suffering due to the Covid-19 crisis, with several sectors registering a drop in consumer demand -- the Hair Care market in the U.S. is one that may remain unscathed and show promising growth, Technavio reports.
Perhaps we can attribute this to the fact that salons remain closed, and more consumers are no doubt looking for at-home hair color and styling products right now.
Technavio includes a "Covid-19 Analysis" for many of its latest reports, and the Hair Care Market is one of the categories included in its "Consumer Staples" sector -- and analysts say it see an upsurge to due to the pandemic.
Hair Color Rules
The hair color segment will offer several growth opportunities to market vendors during the forecast period. The availability of a wide range of colors and shades will fuel the category's growth.
Over 31% of the U.S. hair care market growth will originate from the hair color segment during the forecast period.
Market growth in this segment will be faster than the growth of the market in shampoo, conditioner, and other segments.
Key Drivers and Trends
There is a growing demand for new and innovative hair care products. This is encouraging manufacturers to launch more advanced hair care products, analysts say.
Product innovation and product line extension that will lead to product premiumization is one of the major factors driving the market growth.
One example is premium professional hair care product manufacturers such as Alterna Haircare by Henkel. The brand offers Bamboo Smooth Anti-Frizz AM Daytime Smoothing Blowout Balm and PM Overnight Smoothing Treatment. The purchase volume of such products is increasing as they protect the hair against frizz and humidity -- and are free of sulfates, phthalates, and parabens.
There is also an increasing preference for natural and organic hair care products. This has encouraged manufacturers to introduce plant-extracted colors.
Natural hair colorants include Henkel’s Schwarzkopf Professional Essensity and L’Oréal Paris Prodigy.
The report provides a detailed analysis of the market by product, including shampoo, hair color, conditioner, and others. Competitors include Amway, Henkel, Kao, L'Oréal, LVMH, Revlon, Estée Lauder Companies, Procter and Gamble, and Unilever.
Photos above: L'Oreal Paris Magic Root Cover Up and Magic Root Retouch via Instagram; applying the Elvie Steam Mask, via Instagram/lorealparis; and Alterna's Bamboo products.