Market Trends of Chile Hair Care Industry
Escalating Expenditure on Hair Care Products Along With Growth Social Media Penetration
The market is experiencing an escalating pull by the availability and affordability of hair care products, such as shampoo, conditioner, oil, spray, etc., leading to the enhanced spending pattern in the hair care market. Furthermore, the market has witnessed an increasing number of millennials experiencing hair problems like hair fall and dandruff owing to changing lifestyle patterns, along with an increase in stress levels among the working-class women population, which is expected to boost the demand for these products in the forecast period. In response to rising expenditure on hair care products, the players operating in the market are following various strategies like product innovation, expansion, promotional investments, and others to occupy the market share. Additionally, social media and online portals have become major platforms for consumers to gain knowledge about products or share their reviews of products they have purchased that would help other consumers while making a purchase, which, in turn, helps in avoiding counterfeit products of the market studied. Further, shifts in consumer preferences and discretionary spending on hair care products by consumers are encouraging manufacturers to bring product innovations, in terms of packaging, to boost the market demand.
Shampoos Are Expected to Capture a Larger Market Share
The shampoo segment witnessed a significant demand for natural and herbal products, owing to the changing consumer dynamics, coupled with the increasing product awareness among consumers. This has been identified as a major driver for the market. These changes are majorly due to the high millennial population, migration to cities, and rising women employment rates. Furthermore, shampoos designed for specific hair types are gaining popularity among users, with companies now focusing on catering to every niche segment. The demand for different types of shampoos for various hair-related problems is expected to drive the shampoo market owing to the increasing prevalence of hair disorders such as dandruff, hair fall, oily hair, dryness of hair, itchiness, split ends, and many others. Supermarkets/ hypermarkets claim the largest revenue share in shampoo sales, owing to the inclination of broader audiences to these channels when compared to other sales channels. Furthermore, owing to the rising demand for hair care products like shampoo, the import of the same is increasing in the country. The country is witnessing imports of varied hair care products from significant brands in different countries, thereby, propelling the growth of the market further.
