North America hair styling product formulations market was valued at US$ 5.77 Bn in 2022. According to North America Hair Styling Product Formulations Market Report, By Product Type (Hair Gel, Hair Wax, Hair Spray (Texture Spray, Smoothening Spray, Hair Thickening Spray, and Others), Hair Serum, Curling Cream, Hair Cream, Hair Mousse, and Others), By Gender (Female and Male), By Packaging Type (Dispenser Pumps, Spray, Tubes, Containers, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, and Others), By End User (Individual, Salon, and Events), and By Country (U.S. and Canada) as published by Coherent Market Insights.
North America hair styling product formulations market was valued at US$ 5.77 Bn in 2022, and is estimated to exhibit a CAGR of 5.4% during the forecast period (2023 to 2030). Changing standards of living and rising awareness regarding personal grooming products is expected to expand consumer base for hair styling products.
Key Trends and Analysis of the North America Hair Styling Product Formulations Market:
- One of the rising trends of North America hair styling product formulations market include increasing social media influence coupled with growing online distribution of Hair styling products. Influencers on social media are creating flawless beauty standards. The followers of these influencers are motivated to fulfil these beauty standards. Increasing inclination towards flawless beauty leaves no option of bad hair days, and this is expected to drive the North America hair styling product formulations market growth. E-commerce is also gaining popularity across North America. Sales of cosmetics through E-commerce channel has been increasing in North American countries. For instance, according to the data published by International Telecommunication Union in 2020, the number of internet users, as a percentage of national population is high, in the U.S., accounting for 96.26% than the Canada, accounting for 92.70%.
- North America hair styling product formulations market has a great opportunity in organic hair styling products such as hair gel and hair spray , because of harmful side effects caused by chemical based hair styling products. Manufacturers are focusing on launching new hair styling products in the market that are manufactured by using natural and organic ingredients & anti-pollution ingredients.
- A major factor restraining the North America hair styling product formulations market growth is the lack of standardization causing side effects on the hair styling products. The lack of standardization of the formulation and application of hair styling products causes several side effects such as hair loss or breakages and dandruff. Overuse of emollient-based hair styling products can create a greasy and lump appearance. Moreover, overuse of hair styling products manufactured by using film-forming polymers can create a weighted down effect or an appearance of white flakes. Flakes are tiny polymer particles peeling off from the hair fibers, which are similar to dandruff in appearance. Furthermore, manufacturers are focusing on production of chemical- based hair styling products due to increasing demand for low-cost products.
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Key Takeaways
- On the basis of product type, hair spray segment dominated the North America hair styling product formulations market in 2022, with around 20% of market share, in terms of revenue, followed by hair gel and others. The growth is attributed to millennial population in North America which is becoming highly conscious, regarding their appearance.
North America Hair Styling Product Formulations Market- Key Players
- 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.
- Key players in the North America hair styling product formulations market are focusing on new product developments, in order to increase their market share. For instance, in May 2021, Baxter, an international health care company, launched a new hair styling cream that provides a flexible all day hold product to the users.
North America Hair Styling Product Formulations Market- Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 had negative impact on the North America hair styling product formulations market. The COVID-19 pandemic has led to the emergence of work-from-home trends. This caused negative effect on demand for hair styling products, as consumers reduced personal and work-related social activities during 2020. In general, hair care was negatively impacted by less usage of hair care products. Moreover, due to lockdown restrictions across the North America region, hair salons and spas were shut as these were not considered as essential entities. This has impacted demand for hair styling products from commercial entities such as salons and spas.
