India’s youth drive haircare market
27 March 2014
The hair styling products sector in India is set to expand rapidly due to the increase in the young population, providing opportunities for brands to create new, innovative products with salon effects.
Young people are looking for a quick fix
56% of hair styling agents are used by consumers aged 24 and under. These younger consumers, particularly those living in urban areas, tend to lead fast-moving lifestyles strongly influenced by Western media which impacts their aesthetic appearance. According to Joanne Hardman, Analyst at Canadean, “there is room here for brands to produce high-end, innovative styling agents which are quick and easy-to-use to help create this Western, salon look at home or on-the-go.”
Young consumers are looking for better quality products
Consumers living in the richest 50% of India’s households use 47.7% of hair styling products by volume. This points to an opportunity to increase consumption among richer consumers and has encouraged brands to launch expensive haircare brands positioned as being of higher and better quality.
Younger consumers are able to spend more money on haircare products as they have fewer financial commitments such as children or mortgages. In addition, they are brand and image conscious; therefore brands such as TRESemmé were launched to appeal to young consumers and help them get a particular look at home without having to go to the salon. These brands are more attractive to consumers who want a more luxurious treatment despite their higher price.
Styling agents are the most important growth market in India’s haircare sector
Rapid volume and value growth will make styling agents the most important market in India’s haircare sector. Growth in the use of styling agents is accelerating in volume with a Compound Annual Growth Rate (CAGR) of 13.3% in 2007-2012 to 15.3% between 2012-2017. Meanwhile in terms of value, it is currently the second fastest growing category in the haircare sector at 20.4% after hair colorants at 20.8%.
India has one of the youngest populations globally. This young population, combined with increased image-consciousness will provide opportunities for styling agent brands to expand or likely to raise a chance for new brands to break through.
This information is based on the Canadean report: ‘Market Focus: Trends and Developments in the Haircare sector in India.’
Set Wet launched in 2002, offering a range of men hair styling products and deodorants. Additionally, it provides a variety of hair gels, such as Cool Hold, Vertical Hold and Wet Look to achieve versatile looks.