According to Datamonitor, global spending on hair care last year was $50 billion. As the segment continues to boom, new trends are rising up, particularly in the area of health & wellness.
Consumers are increasingly expressing high concerns about hair health. Baldness and hair loss concerns is at the top of the spectrum while treating grey hair and damage from heat styling is second in line.
The fastest growing categories by market value over the next five years includes hair colorants and conditioners with a rise of 4.6%, shampoo 4.5%, perms and relaxers 1.8%, styling agents 1.2%.
According to analyst Ramaa Chipalkatti, there are three trends driving hair care innovation opportunities.
They are; 'Health & Wellness' - hairceuticals and sun protection, 'Individualism & Expression' - hair cosmetics and personalised products and 'Sensory & Indulgence' - food and drink inspirations and oil formulations.
Of these, the market researcher says the rise of the 'hairceutical' trend will be the one to watch.
Cosmeceuticals are a combination of cosmetics and pharmaceuticals, and are products with biologically active ingredients purporting to have medical or drug-like benefits.
They hold a lot of potential in Asia, and now Chipalkatti says there's a new blend specifically for hair care: the hairceutical.
Manufacturers can tap into this opportunity by capitalizing on demand for more efficient, clinically inspired products by using ingredients like lipids or peptides, while also positioning products as an effective non-invasive treatment.
'Brands can cater to the awareness of hair specific damage from sun exposure by formulating deeply moisturizing products which repair and protect will work best for brands,' Ramaa tells CosmeticsDesign-
Asia.com
Hairceutical innovation
Brands innovating in this area include Pureology with its' 'Strength Cure Restorative Masque' which contains protein, amino acid and lipid complexes.
Schwarzkopf has already launched 'Extra Care Hydro Collagen Shampoo' in China while Dove's 'Heat Activated Reconstructor Treatment' and Pharmaceris H-Stimupurin 'Specialist Hair Growth Stimulating Shampoo' are available on global markets.
L'Oreal has also got involved, targeting consumers with thin and fine hair with an 'Advanced Hair care Volume Filler' range, designed to give greater hair volume & thickening benefits thanks to active ingredient Filloxane.
'L'Oreal demonstrates how brands can take approaches which have been salon-only such as the filler approach, and create an at-home treatment to address consumer concerns and maintain hair quality,' says Ramaa.
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