According to the study, the global hair styling tools market size was $30.09 billion in 2019 & is projected to reach $39.63 billion by 2027, exhibiting a CAGR of 3.7% in forecast period
The global hair styling products market size is expected to reach USD 39.63 billion by 2027 while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the presence of younger generation that drives the demand for advanced smart hair styling tools across the globe. Fortune Business Insights, in its latest report, titled, “Hair Styling Tools Market Size, Share & Industry Analysis, By Product Type (Manual and Electric (Dryer, Straightener, Curler, and Others)), Application (Household and Commercial), Distribution Channel, and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 30.09 billion in 2019 and is projected to showcase an exponential growth in the forthcoming years.
Closed Hair Salons amid COVID-19 May Hinder Market Growth
The enforced lockdown has resulted in the complete halt of operations that has led to unprecedented economic loss across the globe. To contain the spread of the novel coronavirus, people have been advised to stay confined at home spaces. Additionally, the government has ordered the shutdown of various shops and establishments that include hair salons and grooming services. This is hindering the market growth to some extent. However, the increasing focus on developing innovative portable hair styling tools by the manufacturers will favor the market growth in the near future.
Hair styling tools are extensively adopted by the hairdressers for their grooming sessions. The tools include hair dryers, hair irons, hair brushes, diffusers, hair roller, and other types of equipment. These tools are used to add shine, texture, volume, curl, or hold on to any desired style by the customer. The increasing consciousness over appearance and style is driving the demand for advanced personal care products across the globe.
Browse In-depth Summary of This Research Insight:
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Presence of Gen X to Surge the Adoption of Innovative Hair Styling Tools
According to the U.S. Census Bureau, the millennial population has surpassed the baby boomers as the largest living adult generation in the U.S. The high presence of the younger population is propelling the demand for premium grooming products. Additionally, increasing spending on personal care services by the Gen X is expected to drive the demand for advanced hair styling tools during the forecast period. The manufacturers are further adopting advanced technology to develop smart personal care products that will contribute to the growth of the global hair styling tools market during the forecast period.
List of the Companies Profiled in the Market:
Hypermarkets/Supermarkets Held 42.82% Market Share in 2019
The hypermarkets/supermarkets segment, based on the distribution channel, is anticipated to gain momentum backed by the large availability of grooming products and hair styling tools across stores globally. The segment held a market share of about 42.82% in 2019.
Europe to Remain at the Forefront; Increasing Number of Hair Salons to Augment Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global hair styling products market. The dominance is attributable to the increasing number of hair salons and the growing adoption of advanced smart hair styling tools in the region.
The market in Asia-Pacific is expected to showcase a considerable growth backed by the surging demand for innovative grooming products owing to the presence of a younger population in South Asian nations in the region between 2020 and 2027.
Merger and Acquisition by Major Companies to Expand Portfolio
The market is experiencing massive competition from the major companies focusing to maintain their stronghold. They are doing so by acquiring other companies to develop advanced hair styling tools and further striving to expand their product portfolio. Apart from this, key players operating in the market are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain their presence in the global marketplace.
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