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Spain shows promise in salon hair care market
03 Jan '07
3 min read
The Spanish market for salon hair care products is expected to post the highest growth rate in Western Europe through 2010, and there are signs that the overall market in that region is headed for an upswing, according to a new study recently published by Kline & Company.
“The Spanish professional hair care market is expected to grow by more than 3% annually, making it the fastest growing country of all the salon markets we track––including the U.S.,” says Deirdre McNulty, associate manager for Kline Europe.
“Because salon hair care products are a luxury item, this growth could signal the potential for overall economic growth in a country where disposable income and consumer confidence are on the rise.”
Kline's study, SALON HAIR CARE 2005, Volume II: Western Europe, pegs the overall market at more than €2.3 billion at the manufacturers' level in 2005, with 2.1% annual growth expected over the next five years.
Driving this growth is the trend toward innovative, multi-functional products, especially in the conditioners segment, as more European consumers start to search out the benefits of salon formulas that offer added shine, UV protection, and color extenders and enhancers.
Amid signs of growth, the study also indicates that heavy competition between the two top players, L'Oréal and Procter & Gamble, will require smaller, niche companies to concentrate on the cultural and fashion trends in each country.
“As an example, Spain's Colomer Group and Cosmética Cosbar have been able to hold their own in their domestic market, but the battle between L'Oréal and P&G has left other major salon companies out in the cold,” says McNulty.
“The Spanish professional hair care market is expected to grow by more than 3% annually, making it the fastest growing country of all the salon markets we track––including the U.S.,” says Deirdre McNulty, associate manager for Kline Europe.
“Because salon hair care products are a luxury item, this growth could signal the potential for overall economic growth in a country where disposable income and consumer confidence are on the rise.”
Kline's study, SALON HAIR CARE 2005, Volume II: Western Europe, pegs the overall market at more than €2.3 billion at the manufacturers' level in 2005, with 2.1% annual growth expected over the next five years.
Driving this growth is the trend toward innovative, multi-functional products, especially in the conditioners segment, as more European consumers start to search out the benefits of salon formulas that offer added shine, UV protection, and color extenders and enhancers.
Amid signs of growth, the study also indicates that heavy competition between the two top players, L'Oréal and Procter & Gamble, will require smaller, niche companies to concentrate on the cultural and fashion trends in each country.
“As an example, Spain's Colomer Group and Cosmética Cosbar have been able to hold their own in their domestic market, but the battle between L'Oréal and P&G has left other major salon companies out in the cold,” says McNulty.
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