Five Reasons Behind the Growth of Hair Restoration and Grooming Industry in India
The CAGR of men grooming industry will increase by 17 per cent by the end of 2020
India with accelerated socio-economic development and the burgeoning effect of social media have paved way to the growth of the grooming industry in the domestic market. The fusion of different cultures, thoughts, practices and beliefs through new age media platforms have made consumers self-aware and vocal about health challenges.
Hair fall is one of the concerns to have witnessed a significant rise amongst people across age groups and a significant ratio of youngsters today, are fighting with the consequences of early hair loss. Technological advancements coupled with the success of the pharmaceutical industry have propelled demand for styling and surgical solutions.
The number of companies venturing into the industry has augmented significantly with the increase in consumer demand hinting at the growth potential of this sector in the future. Appearance has taken an important aspect of one’s social identity; wanting to look good is no longer conditioned to festivals or special occasions but has become synonymous to feeling good.
Technological Innovation and its integration with styling procedures have further led to the quick development of the sector. In the ongoing scenario, industry players are striking the right balance between providing and customizing solutions and procedures that guarantee healthy and long-term solutions.
Five key reasons that have led to the rise of Haircare and restoration industry in India are as follows: -
Boom in Technological Advancement
Availability of state-of-the-art technology and tested medical solutions have been a key driver in the growth of hair care/ restoration industry in India. A wide range of services, assuring positive impact is made affordable and accessible to the Indian audience.
Market players are heavily investing in research and product innovation to develop tailor-made solutions in combating growing hair-fall challenges to sustain business growth. With a positive industry growth trajectory; India is attracting global brands to invest, leading to healthy competition with increased options for consumers and the responsibility for brands to be dynamic with their offerings. Some of the procedures, which have become popular in the last few years, are hair transplant; and Hair Extensions, etc.
A significant increase in a technology-driven, sedentary lifestyle coupled with extreme environmental conditions and stress has led to multiple health hazards. In addition, the need to carry a presentable look owing to professional requirements and personal desire has led to a surge in demand for grooming procedures. With growing awareness, patrons are becoming more cautious about hair care and are open to making lifestyle changes in addition to professional help.
Availability of plethora of services and personal grooming products have fuelled the growth of this industry and with innovation and effective implementation of services the industry is set to further develop in the coming future.
Direct Engagement with the Consumers
Hair loss is a very sensitive topic in Asian culture. Awareness around balding, alopecia and other medical reasons for hair loss challenges are considerably low if compared to global markets. Increase in demand has also been a result of aggressive marketing initiatives by brands.
Through experiential activations, industry players have started engaging directly with the audience creating a personal connection to build brand loyalty. Association with public icons from across industries has further enabled them to motivate people in addressing hair loss challenges with permanent solutions.
Increasing Consumption and Acceptance
According to the reports of Frost and Sullivan, hair loss challenges have significantly increased amongst youth that further propels industry growth. Companies are mapping consumer requirements using innovative analytics to set their offerings right.
With changes in standard of living, individuals have become more open to discuss personal grooming, style and healthy living. It is invariably to be confident about oneself to be able to lead a healthy and happy life. With the smartphone revolution, knowledge has empowered people even from smaller regions to look for options in meeting their needs for personal hygiene and grooming.
Rise of the Male Grooming Industry
According to a report by a Research, the CAGR of men grooming industry will increase by 17per cent by the end of 2020. Hair loss has always been a concern amongst men, higher than the female gender. It has only been recently when men have started acknowledging the concern and have been vocal about their demand for solutions.
Study researches and real-time analytics have enabled brands to address the growing demand amongst the male community, owing to lifestyle challenges and daily requirements. With the evolving dynamics in the nation, reports suggest men are beginning to look at innovative grooming and personal care products created specifically for them higher than women.