Growing demand for hair bond multipliers anticipated to be witnessed in the near future
Owing to growing fashion trends and the need to define a distinct style quotient, individuals are more inclined towards experimenting with hair styles, modifications and different shades of hair colouring. Increasing disposable income across the globe and rising focus towards grooming and personal care among individuals has led to an increasing demand for hair treatments and modification procedures.
Hair bond multiplier provides protection against chemical hair treatments, hair colourings and various other procedures such as hair straightening and perming. Increasing number of millennials are showing interest in hair colouring and are following celebrities to have different hair styles.
Individuals are becoming more concerned and conscious about hair health and to counter the harmful effects of heat and chemicals, the demand for hair strengthening treatments such as hair bond multipliers is increasing. Another major factor boosting revenue growth of the global hair bond multiplier market is a steady increase in the number of individuals who have started to undergo frequent hair colouring and various other modification treatments to look attractive among peers.
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Hair bond multipliers are used to counter the harmful effects of hair chemical treatments and rising pollution. Individuals are frequenting salons to avail of hair bond multiplier treatments to strengthen their hair. This is fuelling growth in revenue of the hair bond multiplier market.
Salons will be the largest end users of hair bond multipliers
By end use, the hair bond multiplier market is segmented into salons, spa, and personal use. The Salons segment is currently dominating the global hair bond multiplier market with a relatively high market share (estimated to be around 69% by end 2017) and is expected to retain its dominance over the forecast period.
An increasing disposable income across the globe has led to a remarkable increase in the frequency of salon visits among the population, thereby boosting the growth of the Salons segment in the global hair bond multiplier market.
The Salons segment is expected to be valued at more than US$ 240 Mn by the end of 2027, creating absolute $ opportunity of US$ 6.4 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 123.4 Mn between 2017 and 2027, with a high compound annual growth rate of 7.4% over the forecast period.
The Salons segment is expected to exhibit relatively high growth in terms of value and volume over the forecast period owing to an inclination of customers towards experimenting with hair styles and shades at salons. The Spa and Personal Use segments are expected to account for a relatively low value share throughout the forecast period, primarily owing to the growing popularity of salons for hair bond multiplier treatments.
These days, not only women but even men are becoming more concerned about their hair health and hair styles. A growing corporate culture leads men to switch places for their jobs, leading to frequent climate change, which can cause hair loss and various other hair problems.
Owing to these reasons, individuals have started visiting salons more frequently to get hair treatments. This is a key factor boosting revenue growth of the Salons end use segment in the global hair bond multiplier market.
Trends and opportunities for companies
To increase their customer base, companies operating in the global hair bond multiplier market are tying up with salon chains and are collaborating with celebrity hair stylists and celebrities. This is likely to impact the sales of brands and will have a positive effect on the growth of the market. For instance, in March 2016, L’Oreal S.A., which is a cosmetics and beauty care company collaborated with Johnny Ramirez, who is a Los Angeles based hair stylist, to offer its products and services at Ramirez Tran Salons.