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2013-11-19 09:32:46, Hit : 2,718, Rec. : 591 |
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Abstract
The hair care market is catering to a more diverse cross section of needs and 2013 saw some interesting
newcomers appear on the scene, as Julia Wray reports
Hair care is having a moment. In 2012, the category achieved sales of nearly $75bn, according to
Euromonitor International, an increase of 2.3% on the previous year.
As Oru Mohiuddin, Senior Analyst – Beauty & Personal Care at Euromonitor, observes:
“It is not just the market size which is increasing, but the growth rate itself has grown successively
over the last five years. In terms of future growth prospects, it is the second leading category predicted
to contribute to the beauty industry after skin care.”
One reason for the sector’s robustness is Latin America.
Spurred by demand in Brazil and Mexico, its hair care market grew 8% between 2011 and 2012 to
reach $16bn, and it has now overtaken western Europe as the largest region for hair care.
The Latin American appetite for hair products has always been healthy, as the generally humid climate
simultaneously encourages consumers to shower more often – boosting volume usage of shampoo –and
sends women scurrying for a solution to frizz.
However, Mohiuddin also notes that disposable income in the region is on the rise and “consumers are
able to afford more sophisticated products”, which manufacturers are facilitating by “launching products
with extra benefits”.
Another positive influence is the glut of ‘salon inspired’ products that have hit shelves in the past few years.
“Since the onset of the recession, manufacturers have been trying to tap into professionally inspired at -
home products, so that consumers can emulate the experience and results at home,” says Mohiuddin.
This has benefitted consumers and manufacturers alike, she adds, stating: “The products cost a little bit
more than regular products, so that justifies premium [prices] for the manufacturers. But, at the same time,
the consumer benefits from reduced visits to salons and spas.
It’s not consumers looking to downgrade or reduce their expenditure; they’re looking for value for money.”
Ref. Cosmetic business
(http://www.cosmeticsbusiness.com/technical/article_page/Hair_care_growing_strong/93243)
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