Global Hair Color Market Size 2024, Forecast To 2033

The hair color market has experienced rapid growth, increasing from $23.35 billion in 2023 to $25.8 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.5%. This growth in the historical period is attributed to strong economic growth in emerging markets, increased usage of hair color to cover gray hair, increased investments in promotional activities like celebrity endorsements, increased disposable income, and innovations in hair color production. Forecasts suggest continued rapid growth, with the market projected to reach $38.01 billion in 2028, boasting a compound annual growth rate (CAGR) of 10.2%. This expansion is driven by global population growth and urbanization, an increasing number of spa and salon services, increasing mergers and acquisitions, increasing beauty concern, and an increasing older population. Major trends in the forecast period include offering virtual hair coloring tools for greater customer convenience, focusing on vegan hair colors that are milder or have fewer harsh chemicals than non-vegan hair dye, leveraging AI-powered hair dye technologies to offer better home hair color options, and focusing on product innovations.