The world is aging. And as we increasingly become a "gray hair society, the base of aging consumers looking to welcome hair products that make them look younger has never been bigger. Indeed, reflecting its popularity, new research from Mintel reveals hair colorants is the only hair care sub-category to have increased its share of global product development, accounting for 15% of global new hair care product launches in 2012, up from 11% in 2008.
Showcasing global hair care trends at in-cosmetics Asia in Thailand, Mintel revealed India will be the star performer in the hair colorant market in the Asia-Pacific region over the next five years. Mintel’s research shows that the market, valued at an estimated $382 million in 2012, is expected to grow a massive 110% between 2012 and 2016.
Today, the largest market for hair colorants in Asia-Pacific is Japan with $1 billion sales in 2012. Despite being still a small market, South Korea—valued at $230 million in 2012—is also forecast to grow rapidly, with a predicted 120% growth between 2012 and 2016 to reach $505 million. In addition, Thailand, with a hair coloring market valued at an estimated $104 million in 2012, is also set to see swift growth, with Mintel forecasting an increase of 40% over the same period to reach $144 million.
Vivienne Rudd, director of global insight, beauty and personal care at Mintel, said, “There is scope for the hair coloring category to recruit new users with new formats and formulations that promise ease of application and enhanced performance. In developing markets such as India, these developments will help to encourage consumers to trade up from traditional, low-cost products to more sophisticated products that use familiar ingredients and claims and add a more cosmetic twist, promising luxuriant, shining color and professional results at home.”
This item is an excerpt from GCI magazine, Cosmetics & Toiletries' sister publication for beauty business and marketing.
This content is adapted from an article in GCI Magazine. The original version can be found here.