Hair Styling Products Market Size, Share, Growth Analysis, By Product, By Gender, By Application, By Distribution channel, By Region - Industry Forecast 2024-2031

Hair Styling Products Market size was valued at USD 22.20 billion in 2022 and is poised to grow from USD 23.5 billion in 2023 to USD 35.64 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The growing popularity of hair care devices stems from heightened awareness of the potential side effects associated with chemical hair treatments. Consumers are increasingly cautious about the damage that excessive use of chemical hair products can cause. These compact and convenient devices are gaining traction as they enable users to style their hair quickly and conveniently without the need to visit a salon. The global market for hair styling devices is set for substantial growth, driven by the widespread adoption of various hair care products like mousses and gels. This demand is expected to rise steadily throughout the forecast period. Additionally, the influence of social media, particularly among teenagers and millennials, is significantly contributing to market expansion. Hairstyles showcased by social media influencers and celebrities play a pivotal role in shaping consumer preferences and driving the market's growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Hair Styling Products market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Hair Styling Products Market Segmental Analysis

The hair styling products market is segmented based on product, gender, application, distribution channel, and region. Based on product, the market is segmented into hair gel, hair wax, hair mousse, hair spray, pomade, and others. Based in gender, the market is segmented into female and male. Based on the application, the market is segmented into household and commercial. Based on the distribution channel, the market is segmented into hypermarkets/supermarkets, specialty stores, online channels, and others. By region, the market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

Drivers of the Hair Styling Products Market

The rising demand for diverse hairstyles is fueled by consumer interest in experimenting with different hair colors, styles, and trends. This trend is driven by the widespread acceptance of various hair types such as straight, curly, wavy, and others in Western cultures. Consumer flexibility has created a dynamic market where hair products that cater to diverse preferences are highly valued. Furthermore, continuous innovation from various companies introducing new hair products is driving market growth.

Restraints in the Hair Styling Products Market

The growing awareness of sustainable energy consumption is driving demand for energy-efficient hair dryers and straighteners. Consumers are recognizing the importance of responsibly using available energy, leading to increased popularity of low-energy hair styling tools. For instance, products like Philips' DryCare Essential 1600W hair dryer offer a more energy-efficient alternative compared to higher wattage options such as the 2100W Philips dryer, potentially saving up to 23% of energy. This shift towards energy efficiency is not only driven by consumer preferences but is also influenced by government initiatives like the EU Ecodesign Directive, which restricts the use of high-energy-consuming appliances.

Market Trends of the Hair Styling Products Market

Consumer awareness and emphasis on personal appearance are key drivers fueling the growth of the hair styling products market. Changes in lifestyle, where consumers increasingly favor premium hair care brands, are significant contributors to market expansion, alongside continuous innovations by industry leaders. Strong marketing efforts also play a crucial role in driving this growth. Moreover, there is a rising consumer preference for natural and sustainable alternatives, leading to increased demand for plant-based hair products. In response to this trend, market players are strategically introducing new plant-based products that align with the growing preference for natural and eco-friendly solutions in hair styling.