Technology has advanced in recent years, resulting in a variety of product options. The growing popularity of hair styling products among men, as well as a growth in demand for items such as hair gels, hair wax, and clays, among other things, are all important factors driving the North America hair styling product formulations market. The North America hair styling product formulations market is influenced by rising improvements in ingredients and technology such as hair care products that address hair loss, enhanced product formulations, and a surge in demand for hair styling and colorant products. This wide range of products such as hair spray, serum, etc. is projected to boost the North America hair styling product formulations market due to the popularity of hair styling and personal care among the consumers.
The North America hair styling product formulations market is estimated to surpass US$ 7,017.1 million by the end of 2028, in terms of revenue, exhibiting at a CAGR of 3.5% during the forecast period (2021 to 2028).
The increasing interest of millennials in hair styling products is one of the major growth drivers for North America hair styling product formulations market. Millennial population across the North America region is highly conscious regarding their looks and appearance. Therefore, their perception towards various consumer goods is considered as a major influential factor driving the demand for hair styling products. Millennial have specific preferences when it comes to use of hair styling products. To cater to their diverse requirements, hair styling products manufacturers are coming up with new products targeting the millennial segment. For instance, in 2017, Cloud 10, an online beauty store introduced five types of hair styling products for the millennial segment in the North America market. Moreover, in 2017, Procter & Gamble, a consumer goods company launched a new line of hair styling products through its Old Spice brand, which specifically targets the millennial population of the North America market. Earlier the demand for hair styling products was limited to just the women customers. However, with time, men are observed to be more inclined towards use of hair gels, hair wax, clays, and others. This is also a result of the change in fashion trends, worldwide. The hair styling products market for men is also expected to experience huge demand over the forecast period.
The North America hair styling product formulations market is being restrained by a shift in customer choice from hair styling products to hair care products in order to achieve natural and healthy hair. As a result of its side effects, consumers are turning to organic hair care products. Various chemical-based hair styling products are available in North America, and when used excessively, they can cause hair loss or damage the hair growth, restricting the market for hair styling product formulations in North America.
Increased demand for multi-purpose hair care products is expected to enhance the North America hair styling product formulations market during the projected period. Multi-purpose hair care products are popular because they may be used for multiple reasons at once, such as a hair crème that can be used as a conditioner, a hair serum, or even as oil.
Figure 1. North America Hair Styling Product Formulations Market – Opportunity Analysis
Emerging trends that seem to have a direct influence on market expansion include growing inclination towards hair care products. The North America hair styling product formulations market is experiencing tremendous evolution with the emergence of various hair styling, hair regrowth, and hair colorant products. The advancements in ingredients and technologies is resulting in improved formulations of hair care products, which are manufactured for treating hair loss.
Men in the North America region are becoming more conscious regarding their hairstyles, which is increasing their dependence on hairsprays to keep their hair appearance lightweight while still providing volume. With a fashion-conscious youth population that is constantly informed about various hair care offerings, such as hair styling and colorant products that express individuality, consumer habits are driving the market growth.
|Base Year:||2020||Market Size in 2020:||US$ 5,316.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||3.5%||2028 Value Projection:||US$ 7,017.1 Mn|
L’Oréal, Tresemmé, John Paul Mitchell Systems, Brylcreem, Unilever, Kao Corporation, Henkel AG & Co., KGaA, Shiseido Company, and Procter & Gamble Company
|Restraints & Challenges:||
Figure 2. North America Hair Styling Product Formulations Market, Revenue Share (%), By End User, in 2020
On the basis of end user, individual segment dominated the North America hair styling product formulations market in 2020, accounting for around 60.75% of market share, in terms of revenue, followed by salon and events, owing to the changing standards of living and rising awareness regarding personal grooming products.
North America Hair Styling Product Formulations Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 has a negative impact on North America hair styling product formulations market. The imposition of lockdown by the government to minimize the COVID-19 virus spread has highly restrained the North America hair styling product formulations market. In North America, the purchasing power of consumers was impacted due to job loss and adverse economic conditions. This has resulted in lower preferences of the consumers to purchase non-essential goods including hair styling products. As the virus spread is contained and the lockdown restrictions are eased, the North America hair styling product formulations market is again expected to experience a gradual growth in demand from professional hair salons.
Key players operating in the North America hair styling product formulations market include L’Oréal, Tresemmé, John Paul Mitchell Systems, Brylcreem, Unilever, Kao Corporation, Henkel AG & Co., KGaA, Shiseido Company, and Procter & Gamble Company.
Few Recent Developments
In July 2021, L’Oréal Company had launched Metal Detox hair care range. Metal Detox is created using Glicoamine, a synthetic molecule tiny enough to penetrate inside the hair fiber and neutralize metal.
The cosmetics industry rises to new heights with each passing year. People are becoming more aware regarding the various types of product available in the market for grooming personality with essential vitamins and minerals. Hair styling product are an example of this type of product. New innovations in the product array of shampoos, conditioners, sprays, and other hair products are driving the industry. Hair styling product demand in the North America region is also being boosted by a rise in male grooming, growing elderly population, and greater fashion consciousness among customers.
Changing standards of living and rising awareness regarding personal grooming products is leading to expansion of consumer base for hair styling products. The customers are also becoming more style & beauty conscious, which is contributing towards increasing demand for hair styling products. The various hair styling products available in the market include hair gel, hair spray, hair mousse, and hair creams, which help to improve physical appearance of the individual. Increasing use of hair styling products among individuals as per the current fashion trends is expected to support the market penetration across the North America region.
However, the availability of less expensive alternatives is projected to hamper the expansion of the hair styling products industry. Concerns about these products' detrimental effects on hair are expected to provide a threat to the North America hair styling product formulations market during the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.