Hair Serum Market - Growth, Trends, and Forecasts (2022 - 2027)

The hair serum market is projected to register a CAGR of 7.1% during the forecast period, 2022-2027.

The rising application of hair serum in hair loss treatment and hair damage repairing is driving the market as consumers are becoming conscious about hair health and prefer advanced hair care products such as serums. Further, modern consumers are increasingly preferring organic products featuring herbal or natural ingredients like argan oil, onion, tea tree, Aloe Vera, and green tea, among others. As a result, the market is witnessing high penetration of herbal hair serum brands across key geographical markets that facilitate retail sales expansion in the worldwide market. For instance, in September 2022, Herbal Farm, a Singapore-based neutraceutical brand announced the business expansion into the personal care segment with the launch of a new hair care range featuring serum, shampoo, and conditioners.

Furthermore, hair serums are widely used in hair styling to rejuvenate hair texture after hair coloring. With the rising popularity of hair coloring among millennial consumers, the demand for hair styling serum has been increasing across emerging economies along with developed countries. In hair styling, the serum is primarily used to enhance the hair curls and straightness while hair straightening or smoothing treatment. In addition, hair styling serums tend to reduce frizziness, improve detangling and impart shiny texture which is often lost due to bleaching and hair coloring.

During the COVID-19 pandemic, the demand for hair care products like hair serum across the developed countries and Tier I and Tier II cities of other countries have increased as the majority of patients reported heavy hair loss after Covid-recovery. For instance, Dr. Reddy's, one of the leading hair care clinics in India recommended the use of topical hair serums like Mintop Pro Hair Serum in daily hair care routines to promote post-covid hair growth.

Key Market Trends

Rising Preference for Advanced Hair Care Solutions

The demand for hair care and hair styling products like hair serum has increased significantly in the recent past with numerous cases of hair loss and hair damage being recorded across many countries in the world. Hair loss has become one of the most common hair problems among the population from Tier I and Tier II cities as they are constantly exposed to pollution and harmful UV rays leading to a damaged scalp, hair loss, and brittle and dry hair texture. This, in turn, requires advanced hair care solutions to survive in the changing environmental conditions. Most professional hair treatments involve the application of hair serums to treat dull and damaged hair. Therefore, the increasing number of professional salons to cater to rising consumer preference for bespoke hair care services is identified as the key factor driving the growth in the worldwide hair serum market.

Further, hair serum is also used as a styling element that imparts smoothness and shiny texture along with hair nourishments. Hence, consumers in the market are preferring products that help in decreasing hair loss problems and nourishing the hair for better texture.

North America is the Largest Market

The hair serum market is experiencing a significant demand across North America as consumers in the region are aware and conscious of hair growth and health when compared to consumers from other parts of the world. Further, consumers are more open to hair coloring and hair styling, driving the demand for hair styling serum products to rejuvenate the hair texture post-hair coloring. For instance, the recent data disclosed by PBA (Professional Beauty Association) shows that hair styling products acquired around 26% share in the total sales of U.S. salons for 2021. Hair serum tends to reduce frizziness and imparts a shiny texture to the hair. Also, rising consumer interest in organic hair care products is influencing the sales of herbal hair serums formulated with natural extracts such as rosemary, ginger, avocado, and neem leaves, among others. key brands are introducing a range of new products in response to changing consumer perceptions. For instance, in September 2022, UNITE, the U.S.-based hair care product brand launched a new hair serum called BOOSTA PLUS+, featuring scutellaria baicalensis root extract, wheat germ extract, and soybean germ extract as key ingredients.

Competitive Landscape

The global hair serum market is highly competitive owing to the presence of multiple regional and multinational companies offering a wide range of hair serum products and trying to maintain their leadership position in the market studied. Major players in the market include The Proctor & Gamble company. Unilever PLC, LOReal, Giovanni Cosmetics, and Henkel AG & Co. KGaA holding a significant share of the market studied and implementing business strategies including product innovations, acquisitions, strengthening their hold over online and offline marketing, to expand their visibility and portfolio of offerings, thus, augmenting the growth of the market. For instance, in December 2021, Procter & Gamble acquired the hair care products brand Ouai, featuring different types of hair serum products in its portfolio.

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