Market Size of Hair Serum Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 7.10 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hair Serum Market Analysis
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.
Hair Serum Industry Segmentation
Hair serum is a hair care product that adds a protective layer to the scalp and helps in the nourishment of hair, generally used post hair coloring and bleaching. The global hair serum market is segmented by product type, distribution channel, and geography. By product type, the market is segmented into hair styling serum and hair treatment serum. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, pharmacies/drug stores, online stores, and other distribution channels. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, Middle East, and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).
By Product Type | |
Hair Treatment Serum | |
Hair Styling Serum |
By Distribution Channel | |
Supermarkets/Hypermarkets | |
Pharmacies/Drug stores | |
Online Stores | |
Other Distribution Channels |
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Hair Serum Market Size Summary
The hair serum market is experiencing robust growth, driven by increasing consumer awareness about hair health and the effectiveness of advanced hair care products. The demand for hair serums is particularly fueled by their application in treating hair loss and repairing damage, as well as their role in hair styling to enhance texture and reduce frizz. The trend towards organic and natural ingredients, such as argan oil and green tea, is gaining traction, with herbal hair serum brands expanding their presence in key markets. This shift is supported by the growing popularity of hair coloring, especially among millennials, which boosts the need for products that rejuvenate and protect hair post-treatment. The COVID-19 pandemic further amplified the demand for hair serums, as many individuals reported hair loss during recovery, prompting recommendations from hair care professionals.
The global hair serum market is highly competitive, with major players like Procter & Gamble, Unilever, and L'Oréal leading the charge through product innovations and strategic acquisitions. These companies are expanding their portfolios and enhancing their market presence both online and offline. The market is characterized by a diverse range of products, including those targeting hair growth and damage repair, with new launches frequently introducing innovative ingredients. The North American region, in particular, shows a strong demand for hair serums, driven by consumer openness to hair coloring and a preference for organic products. As the market continues to evolve, brands are responding to changing consumer perceptions by introducing new formulations and expanding their offerings to maintain a competitive edge.
Hair Serum Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Hair Treatment Serum
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2.1.2 Hair Styling Serum
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2.2 By Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Pharmacies/Drug stores
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2.2.3 Online Stores
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2.2.4 Other Distribution Channels
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Hair Serum Market Size FAQs
What is the current Hair Serum Market size?
The Hair Serum Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Hair Serum Market?
The Proctor and Gamble Company, Unilever PLC, L'Oréal Group, Giovanni Cosmetics and Henkel AG & Co. KGaA are the major companies operating in the Hair Serum Market.