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Hair Growth Serum Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033
Hair Growth Serum Global Market
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According to The Business Research Company's, The hair growth serum market size has grown strongly in recent years. It will grow from $1.58 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to rise in incidence of hair loss and damage, increase in awareness of hair health, rise in economic development and disposable income, increase in development of organic and herbal products, and increase in development of hair care products.
The hair growth serum market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising popularity of hair coloring and styling, expansion of professional hair care services, increasing demand for hair rejuvenation, increasing focus on hair health and appearance, and growing preference for natural and organic ingredients in hair care products. Major trends in the forecast period include innovative hair serum formulations, advancements in organic and natural hair serums formulation, innovation in hair styling products, advancements in hair care devices, and advancements in hair care products.
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Market Drivers and Trends:
The increasing incidence of hair loss is expected to propel the growth of the hair growth serum market going forward. Hair loss refers to the partial or complete loss of hair from the scalp or other body parts. Hair loss cases are related to nutritional deficiencies, hormonal changes, genetics, and increased stress. Hair growth serums help combat hair loss and thinning by nourishing the scalp, stimulating hair follicles, and promoting stronger, healthier hair growth. For instance, in March 2022, according to an article by the Hair Society, a US-based full-service professional organization, hair loss affected about 21 million women and 35 million men globally. Moreover, in 2024, according to the National Health Service, a UK-based government agency, approximately 8 million women and 6.5 million men are affected by hair loss in the UK. Additionally, more than 650,000 hair transplants are carried out each year. Therefore, the increasing incidence of hair loss drives the hair growth serum market.
Major companies operating in the hair growth serum market are developing rejuvenating hair serums to address hair loss, promote hair growth, and enhance overall hair health. A rejuvenating hair serum refers to a specialized hair care product designed to revitalize and improve the condition of hair. For instance, in February 2022, WETHRIVV, a US-based wellness and fitness services company, launched REVIVV Hair Growth Serum, a topical serum designed to support hair growth and improve the appearance of hair. The serum is a drug-free, non-toxic formula created by physicians and scientists to enhance hair fullness, thickness, and health. Dermatologists and stylists recommend it, and it is available in various bundles for men and women. The serum can be applied using a convenient roller device, allowing for effective delivery and absorption.
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Major Key Players of the Market:
L'Oréal S.A., Kao Corporation, Wella AG, Revlon Inc, Aveda Corporation, Hims & Hers Health Inc., Lanza, Strength of Nature LLC, Vegamour Inc., iRestore, Artnaturals Co., Nutraceutical Wellness Inc., Kerotin Inc., Eufora International, Keranique, DS Healthcare Group Inc., BosleyMD, DrFormulas LLC, Nulastin Inc., Ustra LLC, Finally Hair, Luseta Beauty Inc., Pura d'Or, Briogeo Hair, TreeActiv
Hair Growth Serum Market 2024 Key Insights:
• The hair growth serum market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Increasing Hair Loss Benefit On The Hair Growth Serum Market
• Innovations in Hair Growth Serum Formulations by Leading Companies
• North America was the largest region in the hair growth serum market in 2023
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