Hair Styling Products Market - Growth, Trends, and Forecasts (2023 - 2028)

Hair Styling Products Market - Growth, Trends, and Forecasts (2023 - 2028)

The Global Hair Styling Products Market is projected to register a CAGR of 3.9% over the next five years.

Consumers these days are more conscious of their looks and appearance. Changes in lifestyle pattern and consumer attraction toward foreign hair styling products is driving the market. Moreover, product innovation and marketing activities by major players in the market are some of the factors propelling its growth. As demand for plant-based products is increasing, the market players are launching new products with plant-based ingredients. For instance, in April 2022, Bulldog SkinCare entered the hair care segment by launching the "Natural Hero Ingredients" range of hair styling products. The products include pomade, cream, and spray and contain argan oil, shea butter, and Mediterranean sea salt.

Furthermore, globally, the rapid adoption of various hair styling products, such as hair mousse, gels, and others, is anticipated to boost demand for hair styling products over the forecast period. Additionally, growing social media influence among teenagers and millennials is also driving the market. Social media influencers and actors try different hairstyling products to style their hair and post the process on social media platforms. Because of this, the market is growing. In August 2022, La Biosthetique, a United Kingdom brand, launched Sun Hair Sprays. The spray-packed lacquer, which is butane-free, spreads perfectly throughout the hair, dries instantly, and provides UVA and UVB protection.

Increasing demand for different hair styling products is due to consumer interest in new hairstyles, hair colors, and new product innovations. The primary reason for the growth in demand for hair styling products is the adoption of different Western hairstyles, along with making the hair straight, curly, and wavy, among other styles. The innovation by various companies in creating new hair styling products is further adding to market demand. For instance, in 2022, the Complex Culture brand launched a fresh hair mist, Heat Cheat, which can be applied on damp hair before blow-drying, or on dry hair before using styling tools. This heat-protectant mist helps in protecting hair from heat styling damage.

Additionally, the millennials and gen Z are much more attracted to styling their hair owing to social media influence. The population is interested in trying different hairstyles by observing celebrities and influencers on social media platforms. This growing use of social media and adaptation of social media trends is also driving market growth.

Asia-Pacific is the fastest-growing region for the hair styling products market. The market includes a high growth rate, and China caters to a large portion of the market demand. The key players in the market focus on understanding the demand from customers in the urban and youth populations, along with their willingness to spend on the premium products offered. Products designed for focused hair types are gaining popularity among users, with companies now focusing on products rich in active ingredients. Across all products, price segments, and sectors, there is an increase in demand for natural ingredients that feature essential oils and organic and biodynamic ingredients. Other countries like India, Japan, and Australia contribute to the market's growth due to their interest in foreign hairstyles. Market players are targeting consumers of a certain age, especially teenagers and millennials. For instance, in September 2021, Kao Corporation launched the " Cape for Active" series of hair spray in collaboration with the famous anime series Jujutsu Kaisen. Because of this collaboration, young consumers in the country are attracted to the products.

The hair styling products market is highly competitive with many international players. The market is fragmented with companies like Henkel AG & Co. KGaA, Procter & Gamble, L’Oréal SA, and Unilever PLC, which are leading the market. The key players are focusing on technology to offer products made from organic and natural ingredients, catering to the growing customer demand. Locally made brands have also been contributing to the growth of hair styling products because of the diverse needs of customers in different regions. The companies are focusing on adapting to specialty stores’ business models, which help offer a hybrid approach toward brands, categories, and products. Meanwhile, the companies are also focused on expanding their products geographically to cater to larger markets regionally.

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