Closed Hair Salons amid COVID-19 May Hinder Market Growth
The enforced lockdown has resulted in the complete halt of operations that has led to unprecedented economic loss across the globe. To contain the spread of the novel coronavirus, people have been advised to stay confined at home spaces.
Additionally, the government has ordered the shutdown of various shops and establishments that include hair salons and grooming services. This is hindering the market growth to some extent.
However, the increasing focus on developing innovative portable hair styling products by the manufacturers will favor the market growth in the near future.
The global hair styling tools market size is expected to reach USD 39.63 billion by 2027 while exhibiting a CAGR of 3.7% between 2020 and 2027.
This is attributable to the presence of the younger generation that drives the demand for advanced smart hair styling tools across the globe. The market stood at USD 30.09 billion in 2019 and is projected to showcase exponential growth in the forthcoming years.
Hairstyling tools are extensively adopted by hairdressers for their grooming sessions. The tools include hair dryers, hair irons, hairbrushes, diffusers, hair roller, and other types of equipment.
These tools are used to add shine, texture, volume, curl, or hold on to any desired style by the customer. The increasing consciousness over appearance and style is driving the demand for advanced personal care products across the globe.
List of the Companies Profiled in this Market:
- Koninklijke Philips N.V., (Amsterdam, Netherlands)
- Spectrum Brands, Inc. (Middleton, U.S.)
- Dyson Ltd. (Malmesbury, U.K.)
- Conair Corporation (Stamford, U.S.)
- Panasonic Corp. (Osaka, Japan)
- Coty Inc. (New York, U.S.)
- Procter & Gamble Co. (Ohio, U.S.)
- Helen of Troy Ltd. (Bermuda, U.K.)
- WAHL Clipper corp. (Illinois, U.S.)
- Hamilton Beach Brands (Virginia, U.S.)
MAJOR DRIVING FACTORS
Presence of Gen X to Surge the Adoption of Innovative Hair Styling Tools
According to the U.S. Census Bureau, the millennial population has surpassed the baby boomers as the largest living adult generation in the U.S. The high presence of the younger population is propelling the demand for premium grooming products.
Additionally, increasing spending on personal care services by the Gen X is expected to drive the demand for advanced hair styling tools during the forecast period.
The manufacturers are further adopting advanced technology to develop smart personal care products that will contribute to the growth of the global market during the forecast period.
Hypermarkets/Supermarkets Held 42.82% Market Share in 2019
The hypermarkets/supermarkets segment, based on the distribution channel, is anticipated to gain momentum backed by the large availability of grooming products and hair styling tools across stores globally. The segment held a market share of about 42.82% in 2019.
TOP REGIONAL INSIGHTS
Europe to Remain at the Forefront; Increasing Number of Hair Salons to Augment Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global hair styling tools market. The dominance is attributable to the increasing number of hair salons and the growing adoption of advanced smart hair styling tools in the region.
The market in Asia-Pacific is expected to showcase a considerable growth backed by the surging demand for innovative grooming products owing to the presence of a younger population in South Asian nations in the region between 2020 and 2027.
Merger and Acquisition by Major Companies to Expand Portfolio
The market is experiencing massive competition from the major companies focusing to maintain their stronghold. They are doing so by acquiring other companies to develop advanced hair styling products and further striving to expand their product portfolio.
Apart from this, key players operating in the market are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain their presence in the global marketplace.
KEY INDUSTRY DEVELOPMENT:
January 2020 – Helen of Troy acquires Drybar Product LLC, trendsetting hair care and styling brand. According to the company, the acquisition is expected to strengthen its position in the multi-million dollar beauty industry.
Collaborations and Joint Ventures to Characterize Market Competition
According to the hair care market research, major players are increasingly engaging in partnerships and collaborations to deepen their footprint in this market. Such ventures also enable companies to widen their range of offerings and expand their operations in other regions.
Urban spaces are a hotbed for pollution and extreme weather changes, which has led to long-term health hazards for humans and for the environment. Compounding to this is the expanding number of people in the working age group of 15 to 60 years, which has raised the overall stress quotient in big cities.
A study published in the Journal of Clinical and Diagnostic Research in 2018 revealed that 60.3% of the working-class males reported that they are suffering from a hair loss problem, while 17.1% said that have a dandruff problem.
Thus, growing prevalence of hair-related issues is emerging as one of the leading hair care market trends.
Rising Popularity of Hair Maintenance Products among Men to Create New Sales Opportunities
Hair care awareness among men is steadily rising around the world. The fashion of keeping long hair and hairstyling and grooming is increasingly being followed by men, especially in urban areas, the hair care market research states.
In April 2017, a research study on scalp hair health was published in the International Journal on Trichology, which found that nearly 40% of male students from China and 12.5% male students from India colored their hair.
The study shows that men are not just superficially interested in grooming themselves, but they are taking serious efforts to enhance their appearance through coloring, dying, and styling their scalp hair.
Most importantly, personal grooming can now claim to be gender-neutral, removing biases surrounding cosmetics.
High Fashion Consciousness to Drive the Market in Europe
Among regions, Europe is slated to dominate the hair care market share during the forecast period owing to high awareness regarding fashion and cosmetics across all age groups in the region.
As per the Health and Beauty Association estimates, from roughly USD 334 million in 2018, sale of hair conditioner products rose to USD 341 million in 2019 in the UK.
In addition to this factor, Europe is home to some of the largest personal care brands in the world such as Henkel and L’Oréal, which substantially strengthens the position of the region in the global market.
In Asia-Pacific, the market for hair nourishment products is anticipated to grow at a steady rate on account of better standard of living among the middle class and rising preference for self-grooming.
Growing consciousness regarding overall physical wellbeing, especially in China and India, is further fueling the demand for hair care products in the region.
Skin care products are gaining rapid popularity across the world. The changing lifestyle habits, coupled with the high spending power of common people will aid the growth of the market in the coming years.
The advancements in cosmetics industry have opened up a huge potential for the companies operating in the market.
In January 2020, Procter & Gamble announced that it has acquired Billie Inc. The company possess an extensive range of women’s body care products. This acquisition is expected to strengthen the company’s product range.
This acquisition will not only help the company grow, but will have a direct impact on the growth of the skincare market in the coming years. The report highlights a few of the other factors that have influenced the growth of the market.
Asia Pacific to Hold Highest Market Share; Increasing Company Collaborations Will Aid Growth
The report analyses the ongoing skin care market trends across North America, Europe, Asia Pacific, and the Rest of the World.
Among these regions, the market in Asia Pacific will hold the highest skin care market share driven by the increasing number of company collaborations and mergers in several countries across the world.
The market in North America is projected to witness considerable growth in the coming years, owing to the presence of several well-established companies. As of 2018, the market in North America was worth USD 25.82 billion in 2018 and this value is projected to increase further in the coming years.
Increasing Demand from Collegians & Working Women to Drive Growth
In today’s technology-driven world where almost every person is glued to a number of social media platforms, the adoption of makeup products is increasing at a fast pace. This growth is attributable to their capability to change the appearance of a person’s face, skin, and body.
According to one of our lead analysts, “Working women and collegians are the main consumers of these products as they utilize cosmetics extensively in their everyday lives to look presentable and elegant.
”Also, the availability of a wide range of products as per a consumer’s skin tone is set to propel the makeup market growth in the coming years. They possess the ability of hiding scars, dark circle, discoloration on neck or face, as well as covering up acne.
However, too much usage of makeup products can result in adverse effects, such as intoxication, redness, and allergies. It may hinder market growth.
Property of Being User-friendly to Favor Growth of Powder Segment
In terms of products, the market is segregated into lotions, gels, powders, and others. Out of these, the powders segment is anticipated to lead by holding the maximum makeup products market share during the forthcoming years.
It would occur because of the rising usage of cosmetics, such as eyeshadow palette, blush, and foundation. These are available only in powdered form.
The demand for powder is also up surging as they provide natural, lightweight, and clear look. They are suitable for all skin types and are hence, user-friendly.
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.