While some markets of North America exhibit saturation, North America a whole presents opportunities for hair care market stakeholders. North America is the largest hair care market, and it continues to grow at a modest rate. The market is driven by new advancements in hair care segments like shampoos, conditioners, colorants, relaxants, perms, sprays, etc.
Market can be segmented into mass, premium and the new segment: masstige.
An ageing population wanting to look young for longer spurs the market growth for hair colorants, and increases demand. A saturated, well-funded market space due to the presence of developed countries in the region has led to high level of product innovation, ever changing formulations and alternate and emerging trends in hair care. The hair care market in North America is estimated grow at a CAGR of XX.XX% over the forecast period (2015-2020).North America represents a large shareholder of the global hair care market. The urbanized population is keen on enhancing their career prospects through better personal presentation. While the working class population drives sales in hair care products and services, innovatively priced mass market products ensure that the products are available for even the lower income populations.
Male grooming in hair care, inclusive of hair setting sprays, gels, shampoos, conditioners and colorants forms a significant sector, growing at XX.XX% CAGR. Herbal care has become a dominant high growth sector in personal care, inclusive of hair care market in both global and North American markets. There is a perceptive shift away from products with heavy chemical composition, towards products which offer natural ingredients. Furthermore, the trend of beauty blogging has perpetrated a number of all natural DIY (Do It Yourself) recipes for both skin and hair care at home.
Driving factors include relief from effects of pollution on the hair, dissolving chemical build up, scalp problems and others like faster growth through hair oils, shampoos, serums, conditioners, etc. For hair styling, colorants, hair styling sprays and gels, and some appliances like hair dryers, hair curlers, hair straighteners and more. Salon procedures for hair include a number of treatments, permanent and otherwise, eating into the share of retail products. A number of retail do it yourself kits have also made their way into the market.
Finally, the trend of greater consumer awareness riding on the back of independent beauty blogs, including names of harmful chemicals, active ingredients in products, and the functionalities of each has made women and men progressively more knowledgeable.
Key players in this market include L’Oreal, Unilever, Revlon, Avon, and others.
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