Our client, an Italian cosmetics manufacturer, was keen to increase its market penetration in Iran’s professional hair care market. For this purpose, Markets and Markets engagement model was leveraged. We helped in solving a series of problems to assist the client’s market entry and revenue growth. Few of the key problems solved were-
Analyst hours were used to assist the client by profiling it and ranking it on a global basis to ascertain how strong it is in its product segment. Further, client services solutions offered used by the company while applying to the Iran government for access to enter the market.
The client, with our engagement model, gained access to all high-growth niche markets related. In-depth market intelligence offered in KnowledgeStore helped in the identification of revenue opportunities. The sources of revenue shifts in connected ecosystems and unknowns emerging in it were assessed.
Revenue Shifts Identified
There is a shift from premium professional hair care and styling solutions with chemical ingredients to budget friendly organic/natural products that are Halal Certified, especially for Iran market. There is preference for organic products that are sourced and processed in a different way than chemical ones.
The concerns of counterfeiting and authenticity of products leads to the professional salon service providers sourcing from direct distributors. e-commerce platform is gaining trend for professional hair care products for home usage and the companies are catering to strengthen traceability and serialization to protect brand name and avoid counterfeiting.
Though, the product segment shampoo is the biggest market, there is a rising demand for styling and straightening products. There is a rising trend of do-it-yourself hair styling, specific products for male hair grooming, products catering to air pollution.
Revenue Impact (RI)
Our findings helped the client to penetrate the USD 1 billion market, with projected revenue of USD 20 million in 5 years. In addition, the client was able to establish and grow its professional hair care segment in the Iran cosmetics market.
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