The last few years have had a negative impact on most types of business, but not the hair health and care industry. This industry shows no signs of slowing down in the foreseeable future. So, what does the hair care industry have that others don't? Even makeup and skincare companies have seen a decline in the last few years.
Well, we don't think there is one answer to that question. Instead, we think a mixture of developments, circumstances, and new opportunities have come together to create a booming industry that has something new to offer the customer. The relationship between customers and their hair health has never been better.
We believe that there are five major reasons why the hair health industry is still seeing growth and we are going to talk you through those reasons today.
Many industries have not experienced a flurry of new developments over the past few years - but hair care has.
This has helped the industry in two ways. Firstly, it has meant that new products can be developed. Secondly, it has made the industry feel exciting and full of possibilities.
The industry has been able to tell new stories and offer the customer something new - which is the key to turning over a profit. This is not a stagnant industry - like it has been in the past.
Many people are returning to the world of hair care and looking at it with brand new eyes - knowing it has more to offer them.
Haircare is moving away from its previous one size fits all stance and is now embracing the range of benefits its customers are looking for. This is partly a result of hair health care influencers. For example, https://haircareology.com/ and Brad Mondo. They both explain to people the importance of creating custom routines to get the best out of their locks.
Online stores also offer their customers custom formulas based on what type of hair they have and what issues they have with it. Consumers getting more education on the topic and are shopping accordingly.
The Zero Waste Moment is on the rise and many hair health brands have been able to jump onto the bandwagon and start offering more environmentally friendly products to their customers. We have seen hair care companies start to offer recyclable bottles, chemical-free products, and even conditioner and shampoo bars that come with no packaging at all.
Over the next 5 years, the Zero Waste market is going to offer companies a huge amount of growth, and the hair industry is perfectly positioned to capitalize on that - unlike the makeup and skincare industry. Companies like Lush have even been experimenting with making bottles out of solid conditioners and filling them with shampoo. We are not sure this will catch on. But we fully expect to see shampoo and conditioner refilling stations appear in grocery stores over the next decade. Customers will be asked to bring their own bottle to fill. This will mean both customers and companies will have to waste less money on packaging.
Many hair health and care brands are still benefiting from the popularity of subscription boxes. There are two key benefits to subscription boxes. One, they offer a chance for companies to reach new customers and most importantly customers that are open to trying new products. Two, it is possible for companies to sell excess stock to subscription companies without having to worry about products being returned. They are a great way to shift stagnant products.
People of European descent and people of Indian descent have different hair concerns. It is highly likely that the same product will not work for both of them. As more people of color are starting their own hair care businesses we are seeing new opportunities in the market. For years people of color and mixed-race people have been told that their hair is damaged and untreatable - these new companies are showing them that this is not true. That they just haven't had the right tools to look after their hair.
These new and diverse companies are catering to people who have never been offered the right products before.