The hair growth products market value reached around USD 10743.20 Million in 2023. The rising prevalence of hair loss conditions such as androgenetic alopecia and telogen effluvium have heightened the demand for effective hair treatments as individuals seek to improve their appearance. Due to this, the industry is expected to grow at a CAGR of 8.00% during the forecast period of 2024-2032 to attain a value of USD 21475.71 Million by 2032. Additionally, changing lifestyles due to increased stress, poor nutrition, and exposure to environmental pollutants are contributing to hair loss, further fuelling market demand.
Base Year
Historical Year
Forecast Year
Value in USD Million
2024-2032
Hair Growth Products Market Outlook
*this image is indicative*
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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Rising prevalence of alopecia, growing demand for organic hair care products, and rising availability of products on e-commerce platforms are the key trends propelling the market growth.
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.
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.
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.
The hair loss treatment segment is experiencing significant growth, driven by the increasing prevalence of hair loss conditions such as androgenetic alopecia. Approximately 35 million men and 21 million women in the U.S. suffer from hair loss, with numbers projected to rise by 2% annually through 2024 according to the American Hair Loss Association. Major players like Procter & Gamble and L'Oréal are responding by enhancing their product lines with clinically proven treatments, such as minoxidil and finasteride, which have shown effectiveness in promoting hair regrowth. This trend is expected to accelerate market expansion.
The increasing impact of social media is a key trend in the market as it 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. Additionally, 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. This trend highlights the importance of digital marketing strategies to foster brand loyalty and increase visibility within a competitive marketplace.
Moreover, the demand for personalised hair care solutions is on the rise, with brands like Prose leading the way by offering custom formulations based on individual hair types and concerns. A survey revealed that 74% of consumers prefer customised products to avoid adverse effects associated with generic solutions. This trend is supported by advancements in technology that enable brands to tailour products effectively, thus improving consumer satisfaction and loyalty.
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.
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.
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“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
Market Breakup by Gender
Market Breakup by Age Group
Market Breakup by Region
Market Insights by Product Type
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.
Market Insights by Gender
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.
Market Insights by Age Group
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 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.
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.
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.
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.
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 treatmen...
Vegamour Inc. was founded in 2016 and is headquartered in California, United States. It is a hair wellness com...
Johnson & Johnson Consumer Inc. was founded in 1886 and is headquartered in New Jersey, United States. It offe...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other hair growth products market players include Philip Kingsley Products Ltd., among others.
Hair Growth Products Market Size
Hair Growth Products Market Growth
Hair Growth Products Market Trends
Hair Growth Products Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 10743.20 Million.
The market is assessed to grow at a CAGR of 8.00% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 21475.71 Million by 2032.
The market is categorised according to the product type, which includes shampoos and conditioners, serums, finasteride, minoxidil, oils, supplements and vitamins, injectables, and devices.
The market key players are Venus Concept, REVIAN, Inc., Vegamour Inc., Johnson & Johnson Consumer Inc., and Philip Kingsley Products Ltd., among others.
Based on the gender, the market is divided into men and women.
Based on the age group, the market is divided into under 35, 35 to 50, and above 50.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Gender |
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| Breakup by Age Group |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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