DESPITE ITS maturity, the global hair care market is shining with above-average growth driven by increasing demand for new, innovative and higher margin hair care products.
Slightly behind skin care, the hair care market was among the fastest-growing cosmetic and personal care categories last year with growth of 5-6%, according to Kline & Company. The consulting firm estimated the global market's value at $35.7bn at the manufacturers' level.
In the US, the hair care market's retail value is said to have grown 3.2% to $10.3bn last year, according to Euromonitor. In 2005, the market grew 2% to $9.92bn.
"We have seen hair care players respond to increasing market competition and maturity by launching a plethora of new products targeting specific consumer segments in an attempt to differentiate their brands and create value growth," says Diana Dodson, cosmetics and toiletries analyst at Euromonitor.
She cited as an example Alberto-Culver's TRESemme ColorThrive, which was launched last year.