New Trends In Hair Care Industry To Rock 2019
With the increase in industry players, brands are focusing heavily on innovation to offer customised and long-term solutions to the consumers
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Health and wellness industry is set to grow stupendously both in global and domestic landscape. According to a recent report by Transparency Market Research, the global haircare market is expected to reach USD105.3 billion by 2024, registering a steady 3.0% CAGR. Health awareness, personal grooming and the higher standard of living have been key drivers in the growth of the hair care industry. There has been a surge amongst consumers to adopt multi-step beauty regimes; leading to a significant scope of development for hair transplant and restoration industry. Basis industry data, hair-fall concerns have impacted the younger age group and is quite prevalent amongst people in their 20s and 30s. The culmination of different socioeconomic factors has stimulated some new trends which the industry witnessed in 2018.
The hair care industry has witnessed a few significant disruptive technological solutions, fuelling its growth across markets. Industry players have focussed on innovation to introduce best-in-class solutions with minimal side effects. There has been a rise in product premiumisation owing to increased consumer buying power and professional need for style and fashion. With the millennial (Gen-Y) consumer group, the industry has grown concerning experimentation, and with the foray of Gen-Z into the buyer’s market it is invariable to develop the product range with tailor-made solutions catering to specific consumer needs.
Increase in demand for natural and organic products
We have witnessed a steady rise in demand for organic products amongst consumers. The increase in awareness amongst the millennial for a healthy lifestyle has exalted their inclination for chemical –less products. Using natural food ingredients/ plant extracts in the making of products help lessen the side effects, giving better consumer satisfaction. Also, industry players have started developing customised solutions to ensure the enhanced outcome of the solutions offered to the audience.
Rise of the male grooming industry
The male grooming industry has grown exponentially in the last five years. The increase in hair fall, hairline receding challenges, early balding etc. have accentuated the need for hair care procedures amongst the male community. In addition to the medical needs, the millennial men are exposed to professional requirements which necessitate hair care solutions. Owing to today’s lifestyle and environmental conditions; hair care has become a part of personal well being across communities and markets.
Hair Restoration procedures
Hair loss happens for a variety of reasons which is the interplay of external and internal factors. Hair restoration technology is one of the latest innovations in the domain of hair care which has a success rate of 98 percent if executed by experts. It is the most reliable and a permanent solution for those suffering from balding conditions. It retains the original form of hair, giving improved looks to the customer. Furthermore, in comparison to alternative solutions, hair transplant is a low maintenance procedure in long- run.
Hair care industry is expected to grow significantly across economies; Asia is one of the biggest markets for hair care products and procedures. With the increase in industry players, brands are focusing heavily on innovation to offer customised and long-term solutions to the consumers.
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