Global Hair Growth Products Market Growth, Industry Outlook, Demand & Forecast

Market Overview:

The global hair growth products market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.69% during 2024-2032. The rising hair-related concerns, growing awareness about personal care through digital platforms, significant advancements in research and development activities, rapid technological innovations, and rapid expansion of the e-commerce industry are some of the major factors propelling the market.

Hair growth products are specialized treatments designed to promote and enhance the growth of hair. These products cater to individuals experiencing hair loss, thinning, or slow hair growth. They typically come in various forms, such as shampoos, conditioners, serums, oils, and supplements. Hair growth products work by targeting the scalp and hair follicles, nourishing them with essential nutrients, vitamins, and minerals that support healthy hair growth. The active ingredients found in these products often include biotin, keratin, vitamins (like Biotin, Vitamin E, and Vitamin D), and botanical extracts like saw palmetto and ginseng. These ingredients collectively strengthen the hair shaft, improve blood circulation to the scalp, and reduce factors that contribute to hair loss. Regular use of these products can lead to thicker, fuller, and healthier-looking hair.

Increasing instances of hair-related issues such as hair thinning, hair loss, and premature baldness have spurred a heightened demand for effective solutions. This has led individuals to explore various hair growth products as potential remedies. Additionally, with the proliferation of information through digital platforms and social media, awareness about hair care and available solutions has significantly increased. Consumers are now more informed and proactive in seeking products that cater to their specific hair growth needs. Other than this, urbanization, changing dietary habits, and increased exposure to environmental pollutants have led to hair health issues. Consumers are seeking hair growth products that can counter the negative effects of these lifestyle changes. Besides this, the global demographic trend of an aging population has led to a larger consumer base seeking solutions for age-related hair thinning and loss. In line with this, there is a notable shift toward natural and organic products in various industries, including personal care. Consumers are looking for hair growth products that use natural ingredients, boosting the demand for such offerings. Furthermore, the rise of e-commerce has made hair growth products more accessible to a global audience. Online retail platforms facilitate easy product comparison, reviews, and purchases, driving market growth. Apart from these factors, effective marketing strategies and branding efforts by manufacturers and market research companies play a pivotal role in shaping consumer perceptions and preferences, driving demand for specific hair growth products. Moreover, ongoing research in dermatology and hair biology has yielded insights into the factors that influence hair growth and loss. As a result, manufacturers are able to formulate products that target these underlying causes more effectively.

Hair Growth Products Market Trends/Drivers:

Rising Hair-related Concerns

The rise in hair-related concerns, such as hair thinning and hair loss, has been a significant driver behind the growth of the global hair growth products market. Factors like stress, pollution, improper diet, and genetics have contributed to an increase in these issues among individuals of varying ages. This rising concern has created a substantial market demand for products that address these problems. People are actively seeking solutions to boost their hair's health and appearance, propelling the demand for hair growth products. Market research companies play a crucial role by assessing consumer preferences, conducting efficacy studies, and evaluating user reviews to guide manufacturers in developing products that effectively alleviate these concerns.

Growing Awareness About Hair Care

The accessibility of information through digital platforms and social media has led to heightened awareness about hair care and available solutions. Consumers are now more informed about the factors influencing hair health, making them proactive in seeking suitable products. This increased awareness has fostered a willingness to invest in hair growth products that align with their individual needs. Market research firms contribute by analyzing online trends, consumer discussions, and emerging hair care concerns, enabling manufacturers to develop targeted marketing strategies and product formulations that resonate with informed consumers.

Advancements in Research and Development Activities

Ongoing advancements in dermatological and hair biology research have deepened our understanding of the complex factors influencing hair growth and loss. Insights into the role of hormones, genetics, scalp health, and nutrient deficiencies have paved the way for more effective product formulations. Scientific breakthroughs have enabled manufacturers to create products that target specific aspects of hair health with greater precision. Market research companies collaborate with scientific experts to evaluate and validate these advancements, providing consumers with trustworthy information about the science behind hair growth products. This partnership between research and market insights ensures that products are not only marketed effectively but are also backed by credible scientific knowledge.

Hair Growth Products Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global hair growth products market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, gender, age group, and distribution channel.

Breakup by Product Type:

• Shampoos and Conditioners
• Serums
• Oils
• Supplements and Vitamins
• Others
   

Shampoos and conditioners dominate the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes shampoos and conditioners, serums, oils, supplements and vitamins, and others. According to the report, shampoos and conditioners represented the largest segment.

Shampoos and conditioners represent the largest segment in the market breakup by product type within the hair growth industry due to their widespread popularity and fundamental role in hair care routines. These products offer a convenient and routine-based approach to addressing hair health concerns, making them an essential part of consumers' daily grooming regimens. Shampoos, designed to cleanse the scalp and hair strands, lay the foundation for a healthy scalp environment, promoting optimal hair growth conditions. Conditioners, on the other hand, help in nourishing and moisturizing the hair, enhancing its texture and overall appearance. Moreover, shampoos and conditioners are often the entry point for individuals seeking hair growth solutions. They provide a non-invasive and user-friendly option for addressing common hair issues, making them accessible to a broad range of consumers. Additionally, advancements in formulation technology have enabled manufacturers to incorporate specialized ingredients such as biotin, keratin, and botanical extracts into these products, enhancing their efficacy in supporting hair growth.

Breakup by Gender:

• Men
• Women
   

Men hold the largest share in the market

A detailed breakup and analysis of the market based on the gender has also been provided in the report. This includes men and women.  According to the report, men accounted for the largest market share.

Hair loss and thinning have been more prevalent among men, and addressing these concerns has gained societal importance. As a result, men have shown a higher inclination towards seeking hair growth solutions. The shifting cultural norms and increased emphasis on personal grooming have also contributed to the growth of the men's segment. Men today are more open to exploring hair care products and solutions, including those focused on hair growth. Moreover, the marketing efforts directed towards men's grooming and hair care have expanded, breaking traditional stereotypes and encouraging men to prioritize their appearance.

Breakup by Age Group:

• Under 35
• 35 to 50
• Above 50
   

35 to 50 age group dominates the market

The report has provided a detailed breakup and analysis of the market based on the age group. This includes under 35, 35 to 40, and above 50. According to the report, 35 to 50 age group represented the largest segment.

Individuals within this age range often experience a convergence of factors that contribute to hair thinning and loss, such as hormonal changes, genetic predisposition, and the cumulative effects of environmental stressors. Moreover, people in this age bracket are typically more conscious of their appearance and well-being. As they enter their middle years, concerns about hair health become more prominent, leading to a heightened interest in hair growth products. The 35 to 50 age group is also more likely to have disposable income, enabling them to invest in solutions that address their hair-related concerns.

Breakup by Distribution Channel:

• Online
• Offline
   

Offline holds the largest share in the market

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes online and offline. According to the report, offline accounted for the largest market share.

Traditional retail outlets, such as brick-and-mortar stores, pharmacies, and salons, offer a tangible and interactive shopping experience. Consumers often seek personalized guidance and advice from professionals when selecting hair growth products, which offline channels provide more effectively. Additionally, purchasing hair growth products offline allows consumers to physically examine products, read labels, and compare options before making a purchase. This hands-on experience instills a sense of confidence and trust in the product's quality and efficacy. Moreover, the hair care industry has a longstanding presence in physical stores, establishing a sense of familiarity and reliability among consumers.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance in the  market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.

In the Asia Pacific region, hair is often considered a symbol of beauty and vitality, driving a significant cultural emphasis on hair care and growth. The prevalence of genetic factors and a diversity of hair types has led to a substantial demand for specialized products targeting various hair concerns. The region's large and diverse population, coupled with rising disposable incomes, has created a substantial consumer base seeking effective hair growth solutions. Moreover, the growing urbanization and exposure to environmental pollutants have fueled hair-related issues, prompting individuals to explore products that address these concerns.

Competitive Landscape:

Leading companies are investing in research and development to create hair growth products with advanced formulations. They incorporate scientifically-backed ingredients like biotin, keratin, and natural extracts to offer effective solutions for various hair concerns, appealing to a wider consumer base. Additionally, key players are capitalizing on both offline and online distribution channels, ensuring their products are widely accessible. This includes partnerships with salons, pharmacies, and e-commerce platforms, enhancing convenience and consumer reach. Other than this, companies are recognizing the diversity of hair types and concerns and are offering personalized product ranges. Customized solutions cater to specific needs, enhancing consumer satisfaction and loyalty. Besides this, leading players are actively educating consumers about hair health, causes of hair issues, and the benefits of their products. This approach enhances consumer awareness and trust, positioning these companies as authoritative sources. In line with this, collaborations with celebrities and influencers who endorse hair growth products through social media and other platforms help build credibility and generate consumer interest. Furthermore, several key players invest in clinical studies to validate the effectiveness of their products. Transparent communication about results and ingredients builds consumer trust and confidence.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Farouk Systems Inc.
• Johnson & Johnson
• L'Oréal S.A.
• Mosaic Wellness
• Nutrafol (Unilever plc)
• Philip Kingsley Products Ltd.
• Vita Balance Inc.Yanagiya Honten Co. Ltd.

Recent Developments:

• L'Oréal S.A. has recently developed Neogenic by Vichy, which contains an active ingredient that has been clinically proven to increase hair density. It has also introduced two user-designed breakthrough innovations dedicated to reinventing hair coloration.
• In 2023, Unilever plc announced that it has signed an agreement to acquire a majority stake in Nutrafol, a leading provider of hair wellness products to move the industry forward with new innovations to support the needs of consumers at every point of their hair health journey.
• In 2023, Johnson & Johnson has introduced Vivvi & Bloom, a new skin and hair care brand for babies and toddlers to meet the expressed needs of Millennial and Gen-Z parents and caregivers to streamline their baby care routines.

Hair Growth Products Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the hair growth products market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global hair growth products market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the hair growth products industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.