Hair Styling Products Market Size, Share, Growth Analysis, By Product(Hair Gel, Hair Wax, Hair Mousse, Hair Spray), By Gender(Male, Female), By Application(Household, Commercial), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Online channels, Others), By Region - Industry Forecast 2024-2031

Drivers

Innovation and Social Media are Driving Market Growth

• Increased demand for various hairstyles is driven by consumers’ interest in exploring new hairstyles, experimenting with hair colors and adopting new offerings. The main driver of increased demand is western heads' widely accepted hair types, including straight, curly , wavy, and other trends. Customer flexibility has created a dynamic market in which market products are valued highly. Also, continuous innovation by various companies in introducing new hair products is fueling the growth of the market.

Restraints

Proliferation of Informal Sector

• The increasing awareness of responsible energy consumption is fueling the demand for low-energy hair dryers or straighteners. Consumers are realizing the importance of using available energy responsibly, making energy efficient hair tools increasingly popular. For example, products such as Philips' DryCare Essential 1600W hair dryer among other products as a different type of fan compared to higher wattage options like the 2100W Philips dryer Can save up to 23% of energy. This shift towards energy efficiency is not only driven by consumer demand but it is also affected by government initiatives such as the EU Ecodesign Directive, which prohibits the use of high-energy-intensive appliances.