North America Hair Loss Treatment Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

North America Hair Loss Treatment Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The North American Hair Loss Treatment Products market is expected to witness a CAGR of 4.35% during the forecast period.

• Increased hair loss due to changing lifestyles and exposure to the environment have primarily driven the hair loss treatment products market growth in North America. One of the key trends within hair care in the United States is the natural hair growth movement, which encourages women to spend more on hair treatment products such as shampoos, conditioners, hair oil, supplements, etc.
• The growing popularity of brands whose original purpose was maintaining natural hair growth and increasing inclination toward the origin-specific ingredients and free-from formulations commonly found in natural hair care products is expected to change the market dynamics in upcoming years.
• A legitimate subcategory of the hair-care market, skin care-inspired products for hair have emphasized the health of the hair and scalp over providing an aesthetic benefit. However, with the growing use of shine sprays and hair glosses, there are indications that the skinification of hair is evolving. Shiny hair is considered indicative of health and youthfulness, and it is considered one of the major trends in the hair care sector.
• Thus, emphasis from manufacturers toward product launches and increasing expenditure on the overall hair care industry is certainly boosting the hair loss treatment products demand as hair loss is a major concern among the younger population, and therefore, people spend a significant amount on hair care products annually.

The market has seen an increase in the number of millennials experiencing hair loss as a result of changing lifestyle patterns, as well as an increase in stress levels among working-class women, which is expected to drive demand for hair loss treatment products as well as other hair care products. Furthermore, growing consumer awareness about hair loss treatment products via social media, magazines, and TV advertisements encourages them to purchase various hair loss treatment products. During the study period, such factors are expected to drive market growth. Hair loss is a critical issue in the overall hair care industry among men and women who have androgenetic alopecia, or common male pattern baldness (MPB) and have been suffering from hair loss for a long time.

According to American Hair Loss Association, by the time American men turn 35 years old, two-thirds of them have noticeable hair loss, and by 50, 85% of men have significantly thinned hair. In contrast, women account for 40% of hair loss sufferers in the United States. Currently, approximately 3% of all pediatric office visits in the country are attributed to child hair loss. A consumer in the United States spent around USD 77.17 per person the last year on hair care products, including hair loss treatment products.

Changing fashion trends and a rise in awareness of the availability of new, more effective, and safer hair loss treatment products have led to a significant increase in the use of these products. At present, consumers use hair care products not only to protect their hair and scalp and cover gray hair but also to look presentable or to enhance aesthetic appeal. The demand for new and innovative hair loss treatment products and consumers’ willingness to pay more for these innovative products is increasing. This is encouraging manufacturers to launch advanced hair loss treatment products in the country.

The growing demand for natural and organic hair care products in the country has encouraged manufacturers to introduce plant-extracted colors, and this is expected to drive the market’s growth. For instance, in February 2021, Native, a US-based personal care brand, launched a naturally derived hair care product range. The product range includes cucumber and mint volumizing shampoo and conditioner; coconut and vanilla moisturizing shampoo and conditioner; and almond and shea butter strengthening shampoo, conditioner, and hair mask.

The leading companies boast an extensive product portfolio in the developed regions of North America. Companies are heavily investing in R&D and marketing to strengthen their market share. In addition, key players are focussing on online distribution channels for marketing and branding their products to expand their geographic reach and customer base. Companies are using digital and social media advertisements to spread awareness regarding new product launches in the market. For instance, in January 2023, Mielle Organics was acquired by Procter and Gamble, one of the leading personal care brands. With the acquisition, P&G will work with Mielle Organics to increase brand accessibility and support research and innovation in hair care for underserved communities.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support