Russia Hair Care Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2015 - 2020)
Russia is one market in the world which has willingly taken steps towards an economic slowdown through the aggressive action of annexing Crimea. The resultant sanctions and trade barriers erected have left the Russian economy in a lurch. Large industries feel the brunt of the heat.
The economy, worth US$ 2.1 trillion, has yet, however, not shown signs of decline in terms of spending. While overall spending may have declined, the high living standards of Russians have not yet completely been compromised on. Russians place high value on personal care, and under that, hair care and styling. The Russian hair care market is worth US$ XX.XX bn in 2015, and is expected to grow at CAGR X.XX% to reach US$ XX.XX bn by 2020.
This market has been included in the trend of recognizing hair care products for their ingredients, instead of their short term styling benefits. A strong social media presence through blogs and sharing has led to awareness regarding the ill effects of some ingredients present in hair care products, inclusive of shampoos, relaxants and styling products, on the hair health. As a result, a strong inclination towards products with natural ingredients has been recorded in the recent past, and a corresponding marginal decline of X.XX% has been recorded in the sales of hair styling products. Increased awareness about active elements in natural ingredients, and better understanding of ingredients behind the bottle have driven the rise of organic/natural products.
In the view of the economic slowdown, there is a preference for reducing costly salong visits and using home based colourants packs, and other treatment packs. Furthermore, a proliferation of new hair care appliances have further limited salon usage.
Heavy product innovation including for preferences for natural products was made by R&D sections of all dominant players. New incremental benefits in essential hair care products drove the sales despite economic difficulties.
Dominant players include Schwarzkopf & Henkel, claiming XX.XX% of the market, L'Oreal Russia, and others. Both have strong presence in both home based and salon products. Distribution channels include department stores, beauty stores, the emerging e-commerce channel, and more.
An aging population (almost 60% of Russians are aged between 25 to 64) is driving the hair colourant and hair styling market. An increasingly urban population of both men and women is further expanding the scope of the market.
An economic slowdown in the wake of Russia-Ukraine crisis leading to decline in purchase of high value hair care and styling items and salon visits, preference for natural products leading to decline in styling products purchase, and negative reviewing of products will form the bottlenecks in hair care sales in Russia.
What the report offers
Market analysis for the Russian hair care market, with country specific assessments. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the Russian hair care market on regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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