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The US hair care market size is forecast to increase by USD 3.84 billion, at a CAGR of 4.77% between 2023 and 2028. Our market growth and forecasting report examines historical data from 2018-2022, besides analyzing the current market scenario.
The offline distribution channel, encompassing salons, specialty stores, and drugstores, witnesses a soaring growth rate. Consumers seek convenience and access to premium brands amidst global trends favoring self-grooming. With rising concerns over their health, medical clinics recommend high-quality products, amplifying consumer consumption. Increased spending power allows for affordable premium products in salons and spas, further boosting the market's growth. This surge in demand aligns with forecasts and analysis indicating sustained market expansion. Additionally, Coty Inc. offers products such as Cote hybrid shampoo, Cote hybrid conditioner, Cote texturizing cream, and others.
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Availability of a wide range of color shades is the key factor driving the market. Changing fashion trends and the growing availability of new, more effective, and safer hair color products have led to a surge in the use of these products. Market players are offering new color shades, mostly targeting women in the age group of 20-40 years. Hair coloring has also become extremely popular among men. Consumers are ready to spend more on products, which guarantee safety and effectiveness. Semi-permanent colorants are also popular among consumers who want to try various shades more often.
For instance, L'Oreal SA offers blonde, brown, platinum, red, and violet shades through its L'Oreal Paris hair color products line. The company's popular color shades include Sunflower Blonde, Pure Diamond, Caramel, Hot-Toffee, Sparkling Amber, and Espresso. In addition, hair color trends, such as caramel highlights, lilac, and silver blonde, are in high demand among young adults in the country, significantly influencing the demand for more products. Therefore, the availability of a wide range of color shades and the rising inclination of young adults toward new coloring trends are expected to drive market growth during the forecast period.
Increasing adoption of multichannel marketing is the primary trend shaping the market. Omnichannel marketing or multichannel marketing is driven by shoppers who use various offline and online channels to shop. E-mail marketing and social media are some online channels, while specialty stores like Nordstrom and Sephora and salons and spas can be accessed offline. Manufacturers need to ensure their products are easily available as consumers now shop at their convenience amid a scenario of ebbing brand loyalty.
Consequently, if a brand product is not readily available, consumers may choose a different brand and begin endorsing it. Multichannel marketing helps market players optimize their business across various channels and achieve higher revenues by offering consumers a better shopping experience across multiple platforms. Therefore, the increasing adoption of multichannel marketing is expected to drive the growth of the market in focus during the forecast period.
The presence of counterfeit products is a major challenge that affects the market. A counterfeit product is designed, packaged, and marketed in a manner similar to that of the original. Counterfeits of leading brands have begun flooding the market. The growth of the hair care market in US is affected by the presence of such counterfeits, and as customers may find it difficult to distinguish between genuine and fake products, the sales of replicated are on the rise. These replicates are available at very low prices in unauthorized places, also known as the gray market. These results adversely affect the sales and pricing strategy of the prominent hair care market in US companies.
Moreover, counterfeits are manufactured using low-quality petrochemicals, and lower production costs reduce their prices considerably. Counterfeit products are dangerous as they may be contaminated and cause harmful side effects, such as hair loss and scalp problems. Counterfeits can also affect the reputation of leading brands. Therefore, the growing emergence of counterfeit products of premium hair care products is expected to impede the development of the market during the forecast period.
The offline segment is estimated to witness a significant boost during the forecast years. The offline distribution channel for the sales of hair care products includes salons and spas; specialty stores, supermarkets, hypermarkets, and clubhouse stores; medical clinics and institutes; and drugstores. Specialty stores like Sephora and The Body Shop offer buyers of such products a pleasant shopping experience with a superior display of products on neat and better-designed aisles.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Price Range
8 Market Segmentation by Product
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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