The global hair styling products market is presently estimated to be worth about US$ 22.37 billion; by 2029, it is expected to have grown at a stable CAGR of 5.2% to reach US$ 29.77 billion.
Global demand for hair styling products is largely supported by a rising consumer propensity to experiment with popular hair colors and styles. A recent market research study by Future Market Insights has cited celebrity endorsements as playing a crucial role in popularising a wide range of hair styling products worldwide – especially among consumers based in developing economies. While cumulatively rising instances of hair loss and several other hair-related problems are likely to be prominently responsible for the surging sales of hair styling products,
Hairstyle has a sizeable part of more than 13% of the constantly growing hair care market, according to research. Shortly, it is anticipated that the scope of hair styling product penetration will increase due to a sharply rising rate of consumer demand for hair coloring, straightening, and perming, which has been observed to be popular among millennials, and hair coloring and styling treatments among the geriatric population.
It is more likely that demand for hair bond multipliers will increase in the next years as more clients choose chemical processes and treatments to style their hair in new ways.
Europe Leads the Pack, Sales to Gain Momentum in Developing Economies
The FMI analysis predicts a revenue increase of less than 5% per year over 2019 estimates for the worldwide hair styling market in 2020. According to a senior research analyst, “the most significant drivers driving popularity and sales of hair styling goods throughout developing nations will be the fast-rising number of salons and spas, and expanding consumer predisposition toward adopting contemporary hairstyle trends.”
Europe is projected to keep leading other areas with a share of the market worth over 20%. The EU5 and Nordic nations are on board with the expansion of the market for hair styling goods in the area. According to reports, the rise of the market for hair styling products would be aided by the increasing availability of skincare and hair care products as well as customers’ expanding spending power.