HAIR DRYER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growth of the beauty and wellness industry

Beauty and wellness industry encompassing cosmetics, skincare, fragrance, hair care, beauty devices, salons, and spas has emerged as one of the fastest growing segments globally. Improving earning capacity, rising health and diet consciousness, growing digitally savvy population are major socio-economic trends that can influence expansion. For instance, according to the data published by World Economic Forum in 2024, India has experienced a remarkable increase in its digital population, boasting over 751 million active internet users as of January 2024. The COVID-19 pandemic played a crucial role in accelerating this growth, resulting in a digital economy that is projected to reach US$ 1 trillion within the next two years. India is home to a substantial number of developers and a young, tech-savvy population, further, solidifying its position as a major player in the global market.

As more women join the workforce, these spend increasing amount of disposable income on personal care products to look polished and feel confident. Work pressure elevates the importance of self-care, relaxation and rejuvenation. This renders the wellness and beauty industry recession proof with consistent annual growth. Attractive marketing via digital and social media platforms promotes indulgent habits of beauty rituals and self-pampering routines as routine lifestyle options.

Changing demographics pattern with higher number of working women and aging population drives the need for anti-aging, youthful appearance focused products and services. Popularity of Korean beauty trends and standards pushing flawless complexions can also drive the market growth. Growing medical aesthetic procedures like non-surgical facelifts indicate stronger commitment towards youth retention and enhanced looks. Career-oriented lifestyles increase dependency on salon services for hair styling and coloring highlighting the importance of complementary products like hair dryers.