NORTH AMERICA HAIR STYLING PRODUCT FORMULATIONS MARKET ANALYSIS

North America hair styling product formulations market is estimated to be valued at US$ 8.8 Bn by 2030, exhibiting a CAGR of 5.4% during the forecast period (2023 to 2030).

Technology has advanced in recent years, resulting in a variety of product options. Growing popularity of hair styling products among men, and rising demand for items such as hair gels, hair wax, and clays, among other things are expected to drive the North America hair styling product formulations market growth. North America hair styling product formulations market growth is driven by rising improvements in ingredients and technology such as hair care products that address hair loss, enhanced product formulations, and rising demand for hair styling and colorant products. This wide range of products such as hair spray, serum, and others is expected to drive North America hair styling product formulations market growth due to the popularity of hair styling and personal care among the consumers.

North America Hair Styling Product Formulations Market- Drivers

• Increasing interest of millennial in hair styling products: Increasing interest of millennial in hair styling products is expected to drive the North America hair styling product formulations market growth. Millennial population across the North America region is highly conscious regarding their looks and appearance. Therefore, their perception towards various consumer goods is considered as a major influential factor that boosts demand for hair styling products. Millennial have specific preferences when it comes to use of hair styling products. To cater to their diverse requirements, hair styling products manufacturers are launching new products targeting the millennial segment. For instance, in Aug 2021, Garnier, a subsidiary of L'Oréal, introduced Whole Blends Shampoo Bars in the U.S. The launch is a part of the company's larger sustainability strategy, and the product is made with formulations that uses less water than their liquid equivalents and no plastic packaging. The solid shampoo bars are made with 94% plant-based ingredients, and are devoid of dyes, preservatives, silicones, and soap. Earlier, demand for hair styling products was limited to just the women customers. However, with time, men are observed to be more inclined towards use of hair gels, hair wax, clays, and others. This is also a result of the change in the fashion trends worldwide. The hair styling products market for men is also expected to experience huge demand over the forecast period. 

North America Hair Styling Product Formulations Market Restraints

• Shift in customer choice from hair styling products to hair care products: North America hair styling product formulations market can be hampered by shift in the customer choice from hair styling products to hair care products, in order to achieve natural and healthy hair. As a result of its side effects, consumers are turning to organic hair care products. Various chemical-based hair styling products are available in North America, and when these products are used excessively, these can cause hair loss or damage to the hair growth, and thus, restricting the market growth.
• Counterbalance: In the long term scenario, hair styling products are better in comparison to hair care products, since quality hair styling products are able to offer hair problem solutions than ordinary hair products. Investing in high quality hair styling products is a worthy investment from the customer point of view. Thus, with happy customers, demand of the hair styling product formulations market is expected to be driven positively. For instance, the company AER introduced a portable cordless smart hair dryer in January 2020. Also, it can be connected to a smartphone to provide customized solutions. However, including new features, such as 24K gold tools and models built using supersonic technology, is anticipated to drive market expansion.

North America Hair Styling Product Formulations Market Opportunities

• Increased demand for multi-purpose hair care products: Increased demand for multi-purpose hair care products is expected to drive the North America hair styling product formulations market growth during the projected period. Multi-purpose hair care products are popular because these may be used for multiple reasons at once such as a hair crème that can be used as a conditioner, a hair serum, or even as oil.            

North America Hair Styling Product Formulations Market Trends

• Emerging trends that seem to have  direct influence on the market expansion include growing inclination towards hair care products. North America hair styling product formulations market is experiencing tremendous evolution with the emergence of various hair styling, hair regrowth, and hair colorant products. The advancements in ingredients and technologies is resulting in improved formulations of hair care products, which are manufactured for treating hair loss.
• Men in the North America region are becoming more conscious regarding their hairstyles that increases their dependence on hairsprays to keep their hair appearance lightweight while still providing volume. With a fashion-conscious youth population that is constantly informed about various hair care offerings, such as hair styling and colorant products which  express individuality of consumer and consumer habbits   are driving the market growth.   

    Figure 1. North America Hair Styling Product Formulations Market, Revenue Share (%), By End User, 2022

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North America Hair Styling Product Formulations Market- Segmentation

• On the basis of end user, the market is segmented into individual, salon, and events. Out of which, individual segment dominated the North America hair styling product formulations market in 2022, accounting for around 65% of market share, in terms of revenue, followed by salon and events, owing to the changing standards of living and rising awareness regarding personal grooming products.                   

Figure 2 : North America Hair Styling Product Formulations Market, By Country, 2018- 2030

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• On the basis of Country , the market is segmented into U.S. and Canada out of which U.S. is dominated the North America Hair Styling Formulation Market in 2018-2030, Accounting for around 60% of market share.                                                                       

North America Hair Styling Product Formulations Market- Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 had negative impact on North America hair styling product formulations market. The imposition of lockdown by the government, to minimize the COVID-19 virus spread, had highly restrained the North America hair styling product formulations market growth. In North America, the purchasing power of consumers was impacted due to job loss and adverse economic conditions. This has resulted in lower preferences of the consumers to purchase non-essential goods including hair styling products. As the virus spread is contained and the lockdown restrictions are eased, the North America hair styling product formulations market is again expected to experience a gradual growth in demand from professional hair salons.

North America Hair Styling Product Formulations Market- Competitive Section

Key players operating in the North America hair styling product formulations market include L’Oréal, Tresemmé, John Paul Mitchell Systems, Brylcreem, Unilever, Kao Corporation, Henkel AG & Co., KGaA, Shiseido Company, and Procter & Gamble Company.

North America Hair Styling Product Formulations Market- Recent Developments

• In July 2021, L’Oréal, It is the world’s largest cosmetics company, launched Metal Detox hair care range. Metal Detox is created by using Glicoamine, a synthetic molecule tiny enough to penetrate inside the hair fiber and neutralize metal.
• In October 2022, Kao Corporations Brand Oribe Hair Products launched a limited edition of dry texturizing spray. This limited –edition design spray provides hairstyle and shines and adds rough-luxe texture and volume, and soaks up oil and dirt to make it last longer between washes.
• Arata, a Slick Organics Pvt Limited Brand, released its advanced curl care line in February 2022. This line includes gels and creams for styling hair. The curls look shiny because the products contain murumuru butter, mango butter, hydrolyzed proteins, grape seed oil, and natural fragrances made from herbs, and floral extracts.

The limited-edition Revlon Titanium Max One-Step Volumizer, which has a barrel size of 2.4 inches as opposed to the 4.2 inches of the original One-Step, was introduced by Revlon in November 2020. The revised version of the tool has a titanium barrel rather than a ceramic one, which normally warms up more quickly. It also has bristles that are infused with activated charcoal, which is known to absorb excess oil.