Global Hair Serum Market 2023

Global Hair Serum Market 2023

Description
The global hair serum market was valued at USD 1.31 billion in 2022, projected to reach USD 2.13 billion by 2029, with a CAGR of 6.9%. Hair serum is a liquid solution containing silicones that protect and enhance hair, providing smoothness and shine. It effectively addresses split ends and damaged hair. The COVID-19 pandemic shifted focus from skincare to hair care, increasing awareness of hair health and driving demand for hair serum globally. New hair serum products have created growth opportunities, including organic and conventional options with advanced treatment and aesthetics. Herbal alternatives offer safer options with improved hair growth and reduced side effects. Hair loss issues have led to increased use of chemical-based hair care products, including serums, oils, shampoos, and supplements. Hair serums work on all hair types, enhancing shine, controlling tangles, smoothing, and strengthening. The preference for natural, herbal, and green hair care solutions creates opportunities for market players specializing in natural ingredient-based hair serums.

Social media platforms have attracted young adults to hair serum use. Industry players promote their products online, accelerating sales. Social media has strengthened connections between consumers and sellers. The beauty industry uses social media and influencers for marketing. E-commerce has made hair serum products widely available. Online shopping increased during the pandemic, making it a prominent platform. Leading brands like L'Oréal prioritize e-commerce. Hair serum products offer beauty and clinical benefits, driving demand for hair care treatments. Issues like hair loss and dry hair fuel demand. Hair serum products claim to promote regrowth and reduce hair fall. Rising disposable income worldwide drives demand. Concerns about hair care lead to increased product demand. Women spend more on haircare, and men's grooming expenditure has grown.

Market Segmentation
The market is segmented based on various factors, including ingredient, gender, application, distribution channel, and geography.

Segmentation by Ingredient
Conventional
Organic

Segmentation by Gender
Women
Men

Segmentation by Application
Treatment
Aesthetic

Segmentation by Distribution Channel
Offline
Online

Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
Asia-Pacific - China, Japan, India, South Korea, Australia
Latin America - Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, Turkey

The global hair serum market is segmented into conventional and organic ingredients. In 2022, the conventional segment had the largest market share, using chemical ingredients to enhance effectiveness. Silicone is a widely used conventional ingredient, forming a protective layer on hair. However, the organic segment is projected to grow at a faster rate of over 7.3%, driven by the increasing demand for green haircare solutions. The global shift towards organic products creates opportunities for organic ingredient-based hair serums.

During the forecast period, the women's segment is expected to dominate the global hair serum market due to their deep concern for appearance and ongoing hair fashion trends. Factors like pollution, daily activities, stress, and hair-related activities have led to damaged and dry hair among women, driving the demand for hair serums. Men have also shown an increased interest in personal grooming, which is expected to drive the demand for hair serum solutions. Treatment holds the largest market share, accounting for over 67.6% in 2022, as new hairstyles and hair coloring have caused damaged hair. Offline distribution dominates the market share, with supermarkets, pharmacies, and other retail outlets being significant sources of sales. Online sales channels like e-commerce platforms and e-pharmacies are gaining popularity and expected to contribute to market growth.

The APAC region had the largest market share in 2022, driven by a population that is aware of haircare and fashion trends, as well as a significant number of individuals facing hair issues. Vendors target this region due to growing disposable income, increased penetration of e-commerce channels, and evolving fashion trends. Europe presents lucrative growth opportunities for the hair serum market, with a high prevalence of hair baldness driving industry growth. In North America, the US has a higher market concentration for hair serums compared to Canada, benefiting from high expenditure and easy access to solutions. In Canada, the demand for hair serum solutions is driven by a potential population.

Competitive Landscape
The global hair serum market is highly competitive, with key players including Henkel AG & Co. KGaA, Kao Corporation, L'Oréal Group, and Unilever. Europe offers opportunities for market penetration, while the Asia-Pacific region is a priority for vendors. Key companies profiled in this report include Henkel AG & Co. KGaA, Kao Corporation, L'oréal Group, Unilever, Amka Products, Avon, Anveya, Bajaj Consumer Care, Dabur, DIVI OFFICIALS, GIOVANNI COSMETICS, Honasa Consumer, HERSTYLER, Hims & Hers Health, Inc., John Paul Mitchell System, Jstor House of Cosmetics, Kaya, Lass Naturals, Marico, Olaplex, Pink Root, PURA D’OR, Revlon, Redken, Wella Company.