Hair Growth Supplements Market - Forecasts from 2024 to 2029

The hair growth supplements market is anticipated to grow at a compound annual growth rate (CAGR) of 9.17% over the forecast period to reach US$2.698 billion by 2029, increasing from estimated value of US$1.740 billion in 2024.

The rising incidence of hair loss disorders is driving a substantial surge in the market. It is anticipated that this trend will increase demand for creative hair care solutions. With hair loss disorders affecting large people across the globe pertaining to different ages as well as gender, their increasing prevalence has raised concerns and is predicted to increase market growth prospects. Hair problems have emerged as a common and persistent issue due to varied factors such as excessive stress, hormone imbalances, especially among women, poor nutrition, genetics, and environmental pollutants.

Excessive hair loss on a daily basis may also arise due to psychological or pathological reasons as well including drug effects, thyroid disturbances, and iron deficiency among others. Furthermore, as per the estimates from the National Library of Medicine, in the United States, there are nearly 30 million women and 50 million men who suffer from androgenetic alopecia, thereby leading to hair loss. This disorder may begin as early as adolescence, and the probability of developing it increases with age. On the other hand, women are more likely to experience hair loss after menopause. Due to its wide demographic reach, the market is very profitable, diverse, and able to meet a wide range of customer needs.

Moreover, the global market for hair growth supplements and treatments is expanding due to the aging population and the high rate of nutritional deficiencies worldwide. A report released by the Population Reference Bureau projects that the number of Americans 65 and older will rise by 47%, from 58 million in 2022 to 82 million in 2050. Dietary and nutritional supplements are being used by more and more people to counteract the effects of aging and enhance their general health. In numerous nations, an increasing quantity of hair supplements are being developed and introduced to meet the rising demand from final consumers.

Rising cases of alopecia is anticipated to propel market growth.

Hair loss concerns among men predominantly affect a demographic aged 30 years and older. According to the American Hair Loss Association, androgenetic alopecia, or common male pattern baldness (MPB), is a hereditary condition, the prime reason for over 95% of hair loss in men. It is estimated that one in every four men starts losing their hair before they reach 21 years of age, therefore reflecting the greater potential for hair supplement application in the coming years.

Alopecia is becoming more common, which has prompted customers to look for cutting-edge, natural, and scientific solutions to treat alopecia and related problems. This has led to businesses creating and promoting a wide range of hair growth supplements that guarantee effective results in less time and security against complex reactions. Additionally, the creation of creative treatments for alopecia has been made possible by developments in research and technology. Businesses are focusing on significant R&D investments to produce cutting-edge and unique product offerings. For instance, in March 2023, Viviscal introduced a wide range of topical hair care products that are specifically tailored to address the hair-related issues faced by women. The product line includes viviscal thickening serum, viviscal strengthening conditioner, and viviscal thickening shampoo among other products.

Furthermore, the growing demand for goods and services catered to the particular requirements and preferences of every client is a result of increased awareness of healthcare issues. The rising trend toward personalization is expected to boost the growth of hair care industry with greater demand for supplement products till the forecast period. which is also spurring innovation in the development of specialized treatments & supplements. In addition, people are becoming more proactive in improving their general health and hair health, which is a key driver of market expansion. The understanding that hair health is not a universal problem is another factor fueling the demand for customized solutions. Numerous factors, such as genetics, hormonal imbalances, stress, diet, and environment, can cause hair loss and thinning. Since these variables can differ greatly from person to person, people must have access to therapies that target their unique root causes.

The market is projected to grow in the North American region.

The United States is expected to boost owing to growing research and development in the field to bring innovative hair supplement products by key players in the region. Additionally, the country has a robust infrastructure, and there is a well-established supply chain such as retail pharmacy chains, transportation, and distribution for the supply and logistics of hair supplements, which is expected to propel the market growth in the projected period.

Additionally, the rising condition of hair loss among Americans is considered one of the major reasons propelling the market growth. For instance, according to the American Academy of Dermatology Association, approximately 80 million people are suffering from hair loss out of which 50 million are male and 30 million are females.

Various products launched by key market players in the United States have an influence on the hair growth supplements market by fuelling innovation, increasing customer interest, and extending product offerings. Strategic partnership and collaboration among companies and retail stores are further expected to fuel the market growth in the projected period.

Moreover, Viviscal Limited. (Church & Dwight) headquartered in Illinois, Chicago, which specializes in the production of household products, personal care products, hair care products, skincare products, and gummy dietaries, is showing positive revenue growth, indicating the growing demand for these products in the projected period. The company's net sales in 2020 were US$4,896 million, which increased to US$5,190 in 2021, and in 2022 the revenue grew to US$5,376. Hence, the rising demand for hair care products in the US is expected to boost the market in the projected period.

Key Market Developments:

• In January 2023, Nutrafol, the leader in the hair health category, partnered with Sephora U.S. Nutrafol is a brand that is a full assortment, of award-winning hair growth supplements that are physician-formulated. The products were launched for the US consumer in February 2023.

Key Players:

• Nutrafol, the company creates drug-free hair growth products that are natural and support hair growth from within. The company is built on a science-backed approach to hair health and whole-body wellness.
• Viviscal Limited. (Church & Dwight), the company strives to bring products that support existing hair fall and help people build their confidence.
• Amway is one of the most renowned business-to-consumer companies, with millions of users and more than 15,000 employees.

Segmentation:

By Type

• Single Ingredient
• Multi Ingredient

By Form

• Powder
• Gummies & Soft Gels
• Tablets
• Capsules
• Liquid

By Distribution Channel

• Hypermarkets/Supermarkets
• Specialty Stores
• Online Pharmacies
• Drug & Pharma Stores

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others