Global Hair Growth Products Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Hair Growth Products Market Analysis

Hair growth products help to prevent the thinning of hair and improve overall hair growth. Some common hair growth products are serums, oils, and supplements, among others, that provide nourishment and foster hair growth. The growth of the hair growth products market can be attributed to heightened consumer awareness regarding hair health, the growing incidence of hair loss disorders due to changing lifestyles, unhealthy diets, pollution, and health issues, and an increasing preference for organic and natural hair care options. As per industry reports, approximately 56 million people suffer from hair loss globally, which is driving the market’s growth.

Moreover, the industry estimates indicate that approximately 85% of men and 40% of women will encounter significant hair loss by the age of 50, thereby intensifying the hair growth products demand growth, such as for topical steroid creams and immunotherapy. Additionally, the rise in disposable income within emerging markets has allowed consumers to invest in high-quality hair care products offered by companies such as L'Oreal. The growth of e-commerce platforms, along with the rising popularity of at-home treatments has further propelled market expansion. As per industry reports, online sales of hair growth products experienced a 15% increase year-over-year in 2023.

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Hair Growth Products Market Trends

Availability of Products on E-commerce platforms

It is anticipated that by 2024, 40% of global hair care product sales will be generated through online platforms, driven by the convenience of online shopping and access to a broader array of hair growth products. In the United States, online sales of hair care products are projected to exceed USD 4.2 billion in revenue in 2024, also boosting hair growth products market revenue. Brands such as Nutrafol and Viviscal have successfully leveraged this trend by implementing direct-to-consumer strategies, such as subscription services via their websites. The ramifications of this trend have fostered a more competitive digital marketplace, where brands are employing targeted advertising, influencer marketing, and customer reviews to differentiate themselves. Additionally, the ease of comparing products and reading user experiences has empowered consumers to make more informed choices, thereby driving overall market growth.

Growing Focus on Organic Products

A notable trend in the hair growth products market is the growing consumer inclination towards natural and organic formulations due to their safety and simplicity. Consumers are becoming increasingly discerning about the ingredients in their products, with many choosing options devoid of harsh chemicals such as sulfates, parabens, and synthetic fragrances. This transformation has resulted in a notable increase in demand for products that are rich in plant-based components, including biotin, keratin, and essential oils. Popular examples in this category include organic shampoos and oils like Pura D'Or Original Gold Label Anti-Thinning Shampoo and WOW Skin Science Onion Black Seed Oil. This trend is prompting companies to innovate and broaden their product offerings, thereby intensifying competition and expanding the variety available in the market.

Industry News

October 10, 2023

iRESTORE, a leader in technology-driven, noninvasive hair restoration, introduced its most advanced device, the next-generation Elite. The product uses 500 lasers and LEDs to stimulate hair follicles and promote hair growth. Development of such products has fuelled hair growth products market expansion.

January 17, 2023

Nutrafol, a leader in hair health, partnered with Sephora U.S. to offer its complete range of award-winning hair growth supplements and physician-formulated hair care products on Sephora.com.

Opportunities in Hair Growth Products Market

A major opportunity is found in the emergence of personalised hair care solutions that use artificial intelligence and data analytics. Companies such as Prose and Function of Beauty are at the forefront of this trend, providing hair growth treatments tailoured to factors such as hair texture, scalp condition, and environmental influences. Moreover, as per industry reports, 74% of consumers express interest in acquiring products specifically designed for their unique requirements, to avoid any side effects and further hair loss. Additionally, the widespread occurrence of hair loss, which impacts over 80 million individuals in the United States, presents many hair growth products market opportunities. Male pattern baldness, affecting approximately 50% of men by the age of 50, serves as a key driver of market expansion, resulting in a robust demand for effective solutions, such as Hims & Hers Hair Power Pack. Moreover, the growing adoption of herbal or ayurveda-based hair growth products formulated using natural ingredients, such as coconut, castor, and black sesame oil, is rising among consumers of India and North America. These products are free from chemicals and promotes faster and sustainable hair growth.

Hair Growth Products Market Restraints

One significant challenge for the market is the high cost of effective treatments, especially for products that require continuous use to maintain results. For example, popular treatments like minoxidil and finasteride can cost between USD 30 to USD 80 per month, which may not be affordable for all consumers. Additionally, the lack of guaranteed results for over-the-counter hair growth products can lead to consumer skepticism. Many users experience limited or slow hair regrowth, with clinical studies showing that only about 40-60% of people using minoxidil experience significant improvement, leading to dissatisfaction and product discontinuation. Furthermore, side effects associated with certain hair treatments, such as scalp irritation or hormonal imbalances, impacts hair growth products demand forecast.

Lastly, the market faces regulatory hurdles, as some products require approval from health authorities like the FDA or the European Medicines Agency (EMA), which can slow down the introduction of new hair products. Additionally, stringent regulations require rigorous clinical trials that demonstrate both the safety and efficacy of new treatments. For example, Propecia (finasteride), a well-known FDA-approved product for male pattern baldness, underwent multiple clinical phases and took approximately 8 years from development to market launch. These regulatory barriers not only delay product introductions but also slows down market growth.

Hair Growth Products Market Dynamics

Research and clinical trials focused on alopecia treatments are significantly contributing to the expansion of the market, as ongoing innovations create new opportunities. For example, studies involving JAK inhibitors (Janus kinase inhibitors) have demonstrated positive outcomes in the treatment of alopecia areata, with reports indicating a 30-50% rate of hair regrowth among participants. As new medications and therapies for alopecia treatment become available to consumers, the hair growth products market dynamics and trends are set to change.

Moreover, the increasing impact of social media is fuelling the demand for hair growth products. Platforms such as Instagram, TikTok, and YouTube have emerged as vital marketing avenues, where influencers endorse products and share their success stories, thereby enhancing consumer interest. A study has shown that 67% of millennials are swayed by social media recommendations when buying personal care items, including hair growth treatments. Campaigns led by influencers for hair care brands like Kerastase, Olaplex, Loreal, Nutrafol, and Vegamour have resulted in a significant increase in online sales, further propelling market growth.

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Hair Growth Products Industry Segmentation

“Hair Growth Products Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Shampoos and Conditioners
• Serums
• Finasteride
• Minoxidil
• Oils
• Supplements and Vitamins
• Injectables
• Devices

Market Breakup by Gender

• Men
• Women

Market Breakup by Age Group

• Under 35
• 35 to 50
• Above 50

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Hair Growth Products Market Share

By Product Type Insights

Shampoos and conditioners targeting hair growth remain a dominant category. Leading brands like Pura D'Or, Nioxin, and Indian brands such as Biotique and Mamaearth are popular for offering sulfate-free and natural ingredients. The rising demand for herbal and organic shampoos has particularly driven growth in this segment. Hair growth serums are also gaining traction for their concentrated benefits. Popular products include Vegamour GRO Hair Serum, The Ordinary's Multi-Peptide Serum, and India’s Indulekha Bringha Oil, which are experiencing significant increase in sales since the last few years. 

Amongst type of products, the most effective treatment or product for reducing hair loss is finasteride. As per hair growth products industry analysis, 66% of men experience hair re-growth after one year of use of finasteride, which is driving its sustained demand, particularly in the male grooming sector. Despite the popularity of finasteride, minoxidil remains a vital option for hair loss treatment as over 40 million people worldwide uses minoxidil-based products like Rogaine, Kirkland Minoxidil, and India’s Mintop by Dr. Reddy’s. Moreover, clinical trials suggest that 40-60% of users see positive results within three to six months, contributing to minoxidil’s popularity.

Oils such as onion oil and castor oil are gaining popularity among consumers of APAC region, as India has a long-standing tradition of using natural oils for hair care. Brands like WOW Skin Science, Parachute, and Dabur Vatika lead this segment and Parachute saw a 15% increase in sales in the last year due to the growing demand for its virgin coconut oil. Hair supplements are also witnessing a growing hair growth products market share. Brands like Nutrafol, Viviscal, and Indian players like Cureveda and HealthKart offer biotin and zinc-rich supplements for hair. A recent study showed that 77% of users taking Nutrafol supplements reported visible hair growth within six months, fuelling the popularity of supplements as a non-invasive solution to hair thinning.

On the other hand, consumers across regions are getting aware about injectable treatments such as platelet-rich plasma (PRP). Clinics and brands like RichFeel and Kaya Clinic in India are offering PRP treatments, which are seen as a premium solution for hair growth. Studies show 70-80% of patients experience positive results after PRP therapy. However, it remains a higher-cost option, often priced between USD 500 to USD 1500 per session. 

Hair growth devices such as low-level laser therapy (LLLT) caps and combs are also experiencing growing demand, driven by the prevalence of alopecia areata affecting approximately 2% of the global population. As per hair growth products market overview, devices like iRestore Laser Hair Growth System, Capillus Laser Caps, and India’s RichFeel Laser Cap are becoming popular for their hair restoration capabilities. A study conducted on LLLT showed 87% of users experienced hair regrowth after regular use, making it a good alternative for at-home treatments.

By Gender Insights

The hair growth products market for men is driven primarily by the high prevalence of male pattern baldness (androgenic alopecia), which affects around 50% of men by age 50. Also, according to the American Hair Loss Association (AHLA), around 95% of hair loss in men is because of androgenetic alopecia, or male-pattern baldness.  This has led to risen demand for products like finasteride, minoxidil, and hair supplements among men. According to the American Academy of Dermatology (AAD), topical therapies, like Minoxidil, aid hair growth in these patients.

Figure: Countries with Highest Bald Man (in %), 2023

For women, the hair growth products market outlook is being shaped by a growing awareness of hair thinning and hair loss issues caused by factors such as stress, hormonal changes, and postpartum hair loss. As per the American Academy of Dermatology, 40% of women aged over 40 suffer from visible hair loss or thinning. To capitalise on this high prevalence, key players are launching innovative hair growth solutions aimed at women. For instance, in September 2021, Dr Reddy's Laboratories launched Minoxidil topical solution USP 2% and 5% for treating female pattern hair loss (FPHL) in India.

By Age Group Insights

The market for hair growth products targeting individuals under the age of 35 is significantly influenced by the early appearance of hair thinning, alongside lifestyle factors such as stress and inadequate nutrition. Research indicates that approximately 25% of men begin to notice hair loss by the age of 30. This demographic is more inclined to pursue preventive measures, including biotin supplements, natural oils, and serums, to combat initial signs of hair thinning. A 2023 Global Consumer Survey revealed that 67% of individuals under 35 are prepared to invest more in preventive hair care solutions, reflecting an increasing hair growth products market demand within this age group.

As individuals age between 35 and 50, hair loss becomes more evident, with over 50% of men and 40% of women experiencing noticeable thinning by this stage. Reports from National Institutes of Health (NIH), indicate that consumers in this category often seek more aggressive hair treatments, such as minoxidil, finasteride, and platelet-rich plasma (PRP) therapy.  However, hair loss is most prevalent among individuals over 50, with more than 60% of men and women in this age bracket experiencing significant thinning. This demographic is more likely to consider more permanent and advanced treatments, including hair transplants, low-level laser therapy (LLLT) devices, and prescription medications like finasteride. 

Hair Growth Products Market Regional Insights

North America Hair Growth Products Market Trends

North America is poised to lead the market, boasting numerous retail giants like Walmart, Costco, and Metro Inc. The availability of hair growth supplements containing biotin and other essential vitamins in these stores is driving product adoption and sales. According to the American Hair Loss Association, approximately 35 million men and 21 million women in the U.S. experience hair loss and the number is projected to grow by 2% annually into 2024. The rising number of people suffering from hair issues has led to increased demand for products like minoxidil and finasteride.

Asia Pacific Hair Growth Products Market Drivers

The Asia Pacific region also holds a significant market share, driven by the desire among Asian women to control hair fall and promote growth for enhanced beauty. Hair supplements, including those from Unilever’s Nutrafol and India's Soul Strips, and oils offered by Indulekha, Mamaearth, and Dabur is increasingly popular in the region. Moreover, according to regional health reports, hair loss in Asia is becoming a growing concern as 40% of age 35+ men in India experienced hair thinning in 2023, leading to market growth. Similarly, 30% of Chinese women reported hair thinning concerns in the end of 2023, leading to a significant growth in scalp health products and expansion by brands like Beijing Tong Ren Tang.

Europe Hair Growth Products Market Opportunities

In Europe, hair loss issues among middle-aged men are fuelling market growth, particularly in countries like France, Italy, Germany, and the UK, where male pattern hair loss is prevalent among individuals aged 18 to 40. For instance, in the UK, around 6.5 million men and 8 million women experience hair loss. The most common type of hair loss is androgenetic alopecia, which affects approximately 85% of men and 40% of women by age 50. Similarly, in Germany, 40% of men over 30 experience some form of hair loss, with the number expected to reach 42% by 2024. These high figures have led to a significant demand for biotin supplements, hair serums, and organic oils offered by brands like Alpecin, René Furterer, and Viviscal.

Latin America Hair Growth Products Market Growth

Latin America’s market for hair growth products is expanding, driven by a beauty-conscious population and growing awareness of hair health. Brazil is the largest market, followed by Mexico and Argentina, where hair care is a culturally significant part of personal grooming. According to the Brazilian Society of Dermatology, 50% of Brazilian men reported experiencing hair loss by age 40 in 2023, a statistic expected to increase by 3% in 2024 due to lifestyle and environmental factors. The market is also seeing growth in men’s grooming products.

Middle East and Africa Hair Growth Products Market Dynamics

A 2023 survey indicated that 42% of men in the UAE were concerned about hair loss, a number expected to rise to 45% in 2024 due to rising stress levels. In Africa, the demand for natural hair care products, especially those that cater to textured hair, is increasing, with brands like SheaMoisture and ORS gaining popularity. Moreover, there is a growing preference for hair oils and serums among female consumers to protect their hair from harsh weather and water conditions, leading to market expansion in MEA region.

Innovative Start-ups in Hair Growth Products Market

Start-ups in the hair growth products sector are using advanced technologies such as artificial intelligence and data analytics to provide tailoured solutions that address individual hair types and requirements, exemplified by companies like Prose and Hims & Hers. Furthermore, these start-ups are adding natural and organic ingredients to cater to the increasing consumer demand for chemical-free alternatives. They are also exploring e-commerce and subscription models, which enhance convenience and build customer loyalty through regular product deliveries. Start-ups that have worked for hair growth products market development are:

Hims & Hers, founded in 2017 and located in California, United States, offers a variety of telehealth services, including both prescription and over-the-counter treatments for hair loss, such as finasteride and minoxidil. By concentrating on direct-to-consumer (DTC) strategies and subscription services, Hims & Hers has attracted a substantial user base, boasting over 1 million subscriptions as of 2023. The company went public in 2021 and achieved a valuation of USD 1.6 billion, which reinforced its status as a hair growth products market leader.

Nutrafol, founded in 2015 and headquartered in New York City, offers natural, clinically supported hair growth supplements to address hair thinning issues and promote overall scalp health. More than 3,000 healthcare professionals recommend hair care products from this brand, which has contributed to the company's impressive triple-digit revenue growth over the years. However, in 2022, Nutrafol was acquired by Unilever.

Competitive Landscape

Market players are introducing devices for hair restoration, high-quality vegan hair care products, and solutions aimed at treating androgenetic alopecia while promoting hair growth. Firms such as Rogaine (Minoxidil) and Propecia (Finasteride) are making substantial investments in research and development to enhance effectiveness and reduce adverse effects. Additionally, brands like L’Oréal, through their acquisition of Kérastase, are seeking to broaden their product offerings and expand their hair growth products market presence. Nioxin and Hairfinity exemplify brands that provide natural formulations appealing to health-conscious consumers. Companies like Keeps and Hims offer hair loss treatments tailoured to individual requirements. Furthermore, many brands are leveraging e-commerce platforms to improve accessibility and reach a wider audience.

Key Industry Players

REVIAN, Inc. was founded in 2016 and is headquartered in California, United States. The company offers a REVIAN RED System, which is used to treat androgenetic alopecia and promote hair growth.

Venus Concept was founded in 2002 and is headquartered in Ontario, Canada. It offers hair restoration treatment devices named NeoGraft and ARTAS iX. 

Vegamour Inc. was founded in 2016 and is headquartered in California, United States. It is a hair wellness company that offers premium vegan hair products and Hair GRO Serum to promote hair growth and overall scalp health.

Johnson & Johnson Consumer Inc. was founded in 1886 and is headquartered in New Jersey, United States. It offers hair growth products under brands such as Neutrogena and Regaine.

Other hair growth products market players include Philip Kingsley Products Ltd., among others.

Recent Developments

June 23, 2023

Pfizer Inc. announced that the U.S. FDA has approved LITFULO (ritlecitinib), a once-daily oral treatment for individuals aged 12 and older with severe alopecia areata.

May 7, 2023

CurrentBody, a United Kingdom-based company known for high-quality grooming and wellness devices, introduced its LED Hair Regrowth Helmet in the United States. Such launches invigorate growth of the hair growth products market.

Hair Growth Products Market Report Snapshots

Hair Growth Products Market Size

Hair Growth Products Market Growth

Hair Growth Products Market Trends

Hair Growth Products Market Share

Hair Growth Products Market Regional Analysis

Hair Growth Products Manufacturers