The hair color spray market was valued at US$1.119 billion in 2019. Hair color sprays are aerosol cans that are filled with hair color inside. These are temporary hair colors that offer quicker and swift results when compared with liquid or powder-based hair colors. These types of colors can be removed easily with the help of shampoo. The gaining traction of hair color sprays especially among the millennials due to the shifting consumer preferences towards the adoption of fashion on account of the penetration of various social media platforms is one of the key factors supplementing the market growth during the next five years. The rising concerns among the various health-savvy consumers around the globe regarding proper hair care coupled with the rising purchasing power due to economic growth, especially in the developing economies has led to a sudden upsurge in the demand for a variety of personal care products. This, in turn, is also anticipated to positively influence market growth throughout the forecast period.
The hair color spray market is also booming on account of the rising adoption of cosmetics and personal care products which is mainly attributed to the increasing interest in these products especially among young women around the world. This is because of the fact that these women love to explore a variety of beauty care products available in the market further leading to high market demand for these products, which in turn is propelling the market growth as well. Additionally, several independent brands are coming up and every new brand has a new idea of remaining or becoming beautiful, hence, contributing to the growth of the cosmetic industry, thus fuelling the market growth. Apart from the younger generation, the inclination of adults towards the use of these kinds of products, thereby providing an impetus for the market to propel the coming years. These colors are highly useful in providing instant coloring, this, coupled with the rising consciousness among the young generation regarding looks and appearance is leading to the increased adoption of instant products that too with temporary effects. Thus, significantly boosting the demand for hair color sprays and thereby driving the market growth in the next five years.
Rapid product innovation is boosting the market growth
The rising consumer requirements have led to the continuous participation of both big and small market players in the form of investments in R&D for the development of new and latest products to cater to the rising consumer expectations is also considered to be a major factor bolstering the market growth in the coming years. For instance, recently in February 2020, the small company Mydentity Guy Tang announced the launch of a line of new product offerings that included a wide range of hair color sprays. Similarly, in August 2019, KMS a UK based cosmetics company and a salon chain announced the launch of its three new spray-on tones. Also, in September 2017, got2b, a leading brand under Schwarzkopf announced the launch of their new lighteners, colorations, and color sprays for the people who like to experiment with their hair colors. Thus, all these product launches and innovations by the key players operating under the hair color spray market with an aim to expand the market share and gain a competitive edge over other players are some of the factors that show the potential for the hair color spray market to grow in the next five years.
The rising middle-class population is also driving the market growth
The decent growth in the sale of cosmetic and personal care products can be attributed to the increase in the proportion of the middle-class income, especially across the developing economies of the world, the increase in the number of people with high income is creating a consumer base. Increased affordability is leading to the growing adoption of the latest fashion trends and inclination towards personal grooming. The global middle class is expected to grow from the size of 1.8 billion in 2009 to a size of 3.2 billion in 2020 (source: OECD statistics). Asia, by 2030 is projected to hold the maximum middle-class population, where it will represent more than 60% share in the global middle-class population and over 50% share on the basis of middle-class consumption. China and India are expected to account for the maximum share in the middle-class population and consumption in the forecast period. According to the National Bureau of Statistics, China, by 2020, the middle-class population in China is projected to grow at an exponential rate especially in big cities, and at the same time will consist of the most active consumer group for cosmetics and personal care products. Thus, all these factors are propelling the opportunities for the market to grow in the next five years.
The global hair color spray market has been classified on the basis of ingredients, end-use, distribution channel, and geography. On the basis of ingredients, the market has been segmented into natural and synthetic. By end-use, the classification of the market has been done into residential and commercial. By the distribution channel, the segmentation of the market has been done into online and offline. Geographically, the market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Prominent key market players in the hair color spray market include L’Oréal Paris, BBLUNT, and Henkel AG & Co. KGaA among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the hair color spraymarket have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.