Asia Pacific Hair Colorants Market - Growth, Trends, and Forecasts (2023 - 2028)

Asia Pacific Hair Colorants Market - Growth, Trends, and Forecasts (2023 - 2028)

Over the next few years, the Asia-Pacific hair colorants market is expected to register a CAGR of 6.2%.

The growing use of hair color by the aging population to cover their gray hair is the primary driver for the growth of the hair color market. India is expected to have the fastest-growing hair colorant market in the Asia-Pacific region. This is because more and more people are working long hours, which can cause stress and early graying. On the other hand, having products on store shelves has made it easier for customers to get them, which has led to more sales of branded hair colorants. Leading players in the hair colorants market, like L'Oreal, are using strong digital resources to maintain a strong online presence, which is important for the success of the market.

People all over South Korea are looking for new and unusual products with exotic ingredients that make them feel luxurious and help them relax. On the other hand, a growing share of South Korean women are looking for novel solutions, specifically in haircare, color combinations, new textures, and those offering experimental looks. Companies are coming up with better solutions to tackle the issue, like using natural ingredients and refraining from using ammonia. Manufacturers are also taking advantage of this trend by making and selling products that have a certain mix of unique ingredients.

An aging population and the trend to look younger with the times have been some of the prime drivers that have led the hair colorant market to prosper in the region. Most elderly people live in places like Japan, China, and South Korea, in that order. According to the Population Reference Bureau, Japan will have 22 percent of its population over 65 in 2022. Also, people are getting older faster in South Korea, China, Hong Kong, Taiwan, and Singapore. According to the National Bureau of Statistics of China, in 2022, about 984.3 million people in China were estimated to be between 15 and 64 years old. The growing number of older people in Asia could benefit the hair colorant market. In 2021, 8.3% of Vietnam's population was at least 65 years old, according to the General Statistics Office of Vietnam. This was more than the previous year. On the other hand, the younger population, which prefers to keep updating their look, has further fueled the growth of the hair colorants market.

Permanent hair colorants make up most of the market. This is mostly because people are living longer and want to dye their hair for longer periods. But because of fashion and changing ways of life, its popularity is also growing among young people. Japan and China have most of the market for permanent hair colorants, which are mostly used by older people. Most of the hair bleaching business has been driven by countries like Japan, where both American-Asian women and Japanese people like to bleach their hair. Emerging markets have lifestyles that change quickly and are becoming more urban, which increases the demand for products like hair colorants that give people stylish looks. According to the Ministry of Economy, Trade, and Industry, in 2022, the sales value of hair colorants in Japan will amount to USD 0.76 billion. Celebrities have a strong influence on millennials, who color their hair to keep up with fashion trends. Hair colorant products are gaining immense popularity among all consumer groups across the region.

The Asia-Pacific Hair Colorants Market is competitive, with many domestic and international players occupying a significant share of the market. Some major players in the market are L'Oreal SA, Henkel AG & Co. KGaA, Unilever PLC, Proctor & Gamble Company, and Godrej Consumer Products Limited. The major players are trying to cater to the demands of the consumers in terms of color options while offering safer products. Emphasis is given to the companies' mergers, expansions, acquisitions, partnerships, and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.

• The market estimate (ME) sheet in Excel format
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