Global Hair Growth Products Market

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 Market Analysis

• Market Growth and Size: The global hair growth products market is experiencing robust growth, driven by increasing instances of hair-related concerns such as thinning and loss. Market size is expanding due to heightened demand for effective solutions, with forecasts projecting significant growth in the coming years.
• Major Market Drivers: Rising awareness about hair care, fueled by digital platforms and social media, is a key driver stimulating demand for hair growth products. Additionally, advancements in research and development activities have led to more effective formulations targeting underlying causes of hair issues, further propelling the market growth.
• Key Market Trends: Shampoos and conditioners dominate the market, reflecting their widespread popularity and essential role in daily grooming routines. Men constitute the largest consumer segment, driven by societal emphasis on personal grooming and increased marketing efforts.
• Geographical Trends: Asia Pacific exhibits clear dominance in the market, driven by cultural emphasis on hair care, a diverse population with various hair concerns, and rising disposable incomes. North America and Europe also contribute significantly to market growth, with increasing awareness and adoption of hair growth products.
• Competitive Landscape: Leading companies are investing in research and development to create advanced formulations incorporating scientifically backed ingredients. They capitalize on both offline and online distribution channels, ensuring widespread accessibility. Personalized product ranges and collaborations with celebrities and influencers enhance consumer satisfaction and trust.
• Challenges and Opportunities: Challenges in the market include addressing diverse hair types and concerns effectively, as well as combating misinformation surrounding hair growth products. Opportunities lie in continued innovation to meet evolving consumer needs, expanding into emerging markets, and leveraging digital platforms for targeted marketing and consumer education.
   

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, propelling the demand for such offerings. Furthermore, the rise of e-commerce has made hair growth products more accessible to a global audience, thus is expanding the market outlook. 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

Hair-related problems including hair thinning and hair loss have been the key reason behind the surge of the global hair growth products market. Multiple factors, including stress, pollution, improper diet, and genetics, are the causes of the rise of these problems facing individuals of different age groups. This issue has become a growing problem and thus giving rise to a market for the products that help solve these challenges. The desire for better hair health and beauty is what stimulates the demand for these hair growth products. Market research companies serve as a source of valuable insight by way of consumer preference assessments, product efficacy tests, and user review analysis to help manufacturers create products that will solve these problems efficiently.

Growing Awareness About Hair Care 

The availability of information through digital platforms and social media makes individuals more aware of their hair care and available solutions. The consumers are now more conscious of factors that contribute to hair health, which makes them more proactive in search of the most appropriate products. The higher the consciousness, the more individuals tend to spend on hair growth products which meet their unique requirements. Market research firms do this by studying online trends, consumer conversations and emerging hair care issues and give formulators the advantage to tailor their marketing strategies and product formulations that are directed at informed consumers.

Advancements in Research and Development Activities

Modern dermatology and hair biology studies continue to expand our understanding of the intricate mechanisms that underlie hair growth and thinning. The studies on the function of hormones, genetics, scalp health, and nutrient deficiencies have enabled scientists to formulate better products. Scientific discoveries have given producers an opportunity to make items that target specific elements of hair health with greater accuracy. To examine and authenticate these innovations, market research companies collaborate with scientific experts who provide consumers with trustworthy facts on 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.

The shampoos and conditioners segment represent the largest market share depending on product type within the hair production industry, due to the high demand occasioned by their immense popularity and the primary purpose they serve as essential hair care regimen. These products are by their nature easy to use and procedure-based and can therefore be incorporated into the consumer's daily hair regime, making them indispensable to the purchaser. Shampoos become the main product for cleaning the scalp as well as hair strands. Such special cleansing procedures create the proper environment for the hair, producing an ideal condition for hair growth. The others are shampoo that helps the entry of nutrients into hair and makes it healthier and prevents hair fall and Tangies conditioner which nourishes and moisturizes the hair leaving it healthier and smoother. Furthermore, shampoos are conditioners are the most used and the most preferred of methods to getting hair solutions. They deliver non-intrusive and the easiest way acceptable to consumers edging out the common hair problems. Also, this makes them accessible to a wide range of customers. Moreover, the efforts in formulation technology have also become more refined with the incorporation of more specialized components, such as Biotin, keratin, and botanical extracts into these products, hence, their ability to support 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 50, 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 stores, which include physical outlets, such as brick-and-mortar stores, pharmacies, and salons, offer an extra-sensory experience of hands-on, interactive shopping. Shoppers look for personalized consulting and tips from professionals and traditional channels can help providing this more than the online retail. Furthermore, personal hair growth products shopping occurs face-allows customers to carefully inspect products, read labels, and compare other options on the spot before buying them. This gives consumers an actual take-home feeling of confidence and trust in the product’s quality and effectiveness. Moreover, the hair care industry has gone through a long development stage in brick and mortar retail with which the customers are easily associated.

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.