e.l.f. Beauty Inc "Getting to the Root of ELF’s Haircare Push" (Neutral) Grom

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e.l.f. Beauty Inc "Getting to the Root of ELF’s Haircare Push" (Neutral) Grom

e.l.f. Beauty Inc UBS Research

Where Is The Growth In Haircare?

According to Euromonitor data, the U.S. Mass Haircare market is worth ~$11.4B, with

Shampoos, Conditioners, and Styling Agents accounting for $3.6B, $3.4B, and $2.5B,

respectively. The overall category has delivered a 2.9% CAGR over the past five years,

driven primarily by styling, which has grown at ~6.5%, while shampoos and

conditioners have grown at ~3.5% and ~3.7% respectively.

Figure 1: Styling Agents Are Growing At +MSD CAGR, Above The Broader

Category

Gr

Are

s

nt

Age

ing

Styl

owin g At +MS D CA GR, Abov e Th e Br oade

r Category

Source: Euromonitor, UBS

The core wash (shampoo/conditioner) category remains more established, reflected in its

higher overall buy rate and household penetration, though growth has moderated on a

year-over-year basis. In contrast, Styling Products exhibit a lower buy rate and household

penetration but is growing more rapidly, suggesting earlier-stage category development

and increasing consumer adoption. Both categories have exhibited higher spend per

trip, likely reflecting continued premiumization in haircare, as consumers gravitate

toward cleaner, ingredient-focused products and are more willing to pay for stronger

quality and performance. As ELF expands into both categories, it is uniquely positioned

to benefit across both fronts: a mature segment offers a stable, high-penetration

demand base, with both categories further supported by ongoing premiumization as

consumers increasingly trade up to higher-quality products

Figure 2: Shampoo/Conditioner Buy Rates YoY Remain Figure 3: Although the Buy Rate for Styling Products is

Volatile Lower, YoY Growth (%) is Higher

Vo r B g P y R

ain

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