Chile’s hair care market is worth USD XXX.X million and is expected to grow at a CAGR of XX.XX% by 2022 to be worth USD XXX.X million.
Chile Hair Care Market-Market Dynamics
Chile, a strategic Latin American country, continues to exhibit growth in the hair care market while saturated markets like North America, Europe, and Asia-Pacific show very slow growth. The Latin American (including Chilean) hair care market showed high growth even in the shampoo and conditioner categories. Chile’s shampoo and conditioner market exhibited a growth of almost 10% over the last half decade.
Some of the factors driving the market include:
Slow economic growth, preference for natural products, and the rising cost of products represent key challenges in the hair care market. American brands riding the growth wave with their organic products, an evolution that Chile hair care product manufacturers have not been able to make, have reduced the hair care market share of domestic players.
The most important trend in Chile is that of preferring natural and organic products in both essential categories (shampoo and conditioner), as well as styling and coloring categories (serums, gels, sprays, hair colors, etc.). This is because of an increasing incidence of hair and scalp related issues that are pervasive in Chile and globally. An increase in factors like pollution, sun damage, scalp issues, hair thinning and loss has resulted in an increased focus on categories offering benefits of maintaining the health of hair including hair thickness, faster regrowth, damage repair, deep nourishment, and other such categories.
Another trend in hair styling and hair coloring product categories will be the inclusion of natural ingredient-based products that minimize hair damage and contain properties that promote hair health. Awareness about product ingredients and their functions and other all-natural products (DIY as well as new all-natural retail hair care formulations) will be promoted by an increase in usage of social media through beauty blogs and other media. Furthermore, customers are going for premium items or mass market purchases. The newest global innovation of “masstige” market is pervasive in this market as well.
Chile was one of the markets where product innovators also looked for ways to make hair cleaner for a longer period of time given the temperature of the area around the year. Furthermore, for an aging population, anti-aging products also started making the rounds, an example being Pantene Anti-Aging.
Some of the key players mentioned in the report include:
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