The Asia-Pacific Hair Styling Products market is expected to grow at a CAGR of 4.2% over the forecast period, 2020 to 2025
- The growing fashion industry, along with a growth in personal care and the cosmetic segment has paved a strong ground for hair styling products to prosper. New products that encompass novel fragrances along with branded products available at a much generic price have leveraged the growth room for new entrants in the market.
- Japan and China remain the largest market for Hair Styling Products market in Asia-Pacific. Changing lifestyle, rising disposable income, product innovation, and marketing activities are various factors driven the market for hair styling products in the region.
Key Market Trends
Japan Leads the Market for Hair Styling Products
Japan remains the dominant market for hair styling products driven by increased consumer spending on fashion products. Recovered the Japanese economy due to strong corporate profits has fueled consumer spending on personal care products. Japan has the highest per capita spending on cosmetic products and increased demand for men grooming products has led to significant sales the hair styling products. In terms of business expansion, many Japanese brands are investing in the US, Europe, and Brazil to expand their market presence after its massive success from domestic markets. Furthermore, the prominence of both J-beauty and K-can be witnessed as a part of innovation in cosmetics care globally.
The recent growth of Chinese tourists in Japan has boosted the Japanese personal care market. Japanese beauty has the fastest and efficient cutting-edge trends in personal care to bring to the market quickly compared to other regions. Increased elderly population resulting in hair thinning and demand for anti-aging hair styling products in Japan are some of the factors that have boosted sales over the past years. South Korea is one of the significant hair styling products markets which is moving at a healthy growth rate. Furthermore, the growing interest in international hair care brands among Asians has also leveraged the hair styling products to escalate further.
Hair Styling Creams and Waxes are likely to Grow at a Faster Pace
Hair gel and Styling Creams and Waxes are witnessing the fastest growth in the market. Hair gel has become a basic need among Asians due to the increased adoption of western-style culture. The frizzy, curly, and straight Asian hairs have a thick and coarse texture that can withstand the styling without wearing out. Increased working women population and exposure to environmental pollution affecting hair strength and look has driven the demand for hair styling among women. Hair Mousse is another fastest growing segment which is witnessing a significant growth rate over the forecast period.
The Asia-Pacific Hair Styling Products market is very competitive with many regional brands continue to compete with foreign brands. The well-established presence of multinational brands is focusing on product innovation while new entrants are targeting quality and high-performance products. For an instance, in June 2018, Hindustan Unilever Limited’s classic men-grooming brand Brylcreem launched a range of hairstyling creams, gel, hair wax, three in1shampoo, and Beard grooming products in India after its partnership with India’s leading online shopping site Amazon. The company aims to strengthen e-commerce sales and to expand its presence in the men grooming sector.
Major players include - Mandom Corporation, Procter & Gamble Co., Unilever Plc., Kao Corporation, L`Oreal S.A., Henkel AG & Co KGaA among others.
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