The UK men’s hair care market is growing at a rapid rate, despite a declining number of new product launches, a report by Mintel has found.

The number of hair care launches aimed at men declined by 46 percent between 2013 and 2014 with launches targeted at men making up just 3 percent of the total category last year.

Yet despite this, sales of men’s hair care products grew from £59m in 2014 to £60m last year. The report predicts that by 2019, sales will reach £68m.

Mintel surveyed UK men and found that the top three concerns amongst men when it comes to hair is thinning hair, with over a quarter (27 percent) claiming this is a worry. Furthermore, 24 percent admitted to being concerned about hair loss and one in five (17 percent) are concerned that their hair is difficult to style.

Drawing upon these concerns, Mintel has highlighted product innovation opportunities. A quarter of the men surveyed (24 percent) claimed that they would try products that stimulate hair growth, 23 percent would be interested in products that make hair easier to style and one in five (21 percent) would be interested in products that thicken hair.

Roshida Khamon, Senior Personal Care Analyst at Mintel, commented, “Hair loss is a universal concern for men, although the reasons for being concerned about hair loss may be different. Younger men may find it harder to retain hair styles, or experiment with different hair styles as they lose hair. For older men, being concerned about hair loss may be more about not wanting to look older. Products that stimulate hair growth will therefore appeal to men of all ages.” Roshida continues.

The report also identified several key trends in the women’s hair care market. It found that prestige haircare products are becoming increasingly popular. Sales of prestige haircare products rose by 6 percent from £380 million in 2013 to £403 million in 2014.

The rising popularity of prestige products among female consumers has been accompanied by an increase in product launches within this market segment. Prestige product launches made up 29 percent of the category in 2014, up from 18 percent in 2013.

Charlotte Libby, Senior Beauty and Personal Care Analyst at Mintel, noted, “The prestige segment of the women’s haircare market is the primary driver of growth, as women are willing to spend money on perceived better quality products. The growth in online retailers in particular is facilitating a move to more expensive products, as women use price comparison sites to find luxury products at reduced prices, sparking a ‘spend money to save money’ mentality.”