Hair Care Market Trends

Key Emerging Trends in the Hair Care Market

The Gross Domestic Product (GDP) serves as a crucial indicator when evaluating cosmetic expenditures, with the general belief that economies boasting higher GDPs tend to allocate more resources to cosmetic products. This trend was notably observed in Europe, where developed regions like Switzerland and Norway, with higher GDPs, exhibited higher per capita expenditures on cosmetic products compared to the lower GDP region of Bulgaria. In 2016, the per capita cosmetic expenditure in Switzerland and Norway was approximately USD 318, while in Bulgaria, it was significantly lower at USD 57, as reported by Cosmetics Europe.

The global economy has experienced a recovery from the recession of 2016 in recent years. This economic rebound is anticipated to result in an increased percentage of GDP being dedicated to cosmetics. Such a shift is expected to create a conducive environment for market growth in the foreseeable future.

In addition to economic factors, the rise in the prevalence of certain health conditions has also impacted the cosmetics market. Diseases such as alopecia areata and scalp psoriasis have become more prevalent. Alopecia areata, an autoimmune skin disease characterized by hair loss on the scalp, face, and other body parts, has seen an increase in recent years. A study published in the Annals of Dermatology in 2015 estimated the lifetime prevalence of alopecia areata to be around 1.7% to 2.0% in the United States.

Furthermore, medical conditions like scalp psoriasis have been identified as contributors to hair loss. The connection between these health issues and hair-related concerns has led to an increased demand for cosmetic products designed to address and mitigate the impact of these conditions on hair health.

Looking ahead, these factors, including economic recovery and the rising prevalence of health conditions affecting hair, are poised to shape the trajectory of the cosmetics market. As economies continue to rebound and health awareness grows, the cosmetics industry is likely to witness sustained growth. The ongoing relationship between GDP, health conditions, and cosmetic expenditures underscores the intricate dynamics influencing the cosmetic market on a global scale.

In conclusion, the interplay between GDP, economic recovery, and health considerations defines the landscape of cosmetic expenditures. Understanding these relationships is vital for anticipating market trends and ensuring the cosmetics industry remains responsive to evolving economic and health conditions.