Hair Serum Market - Global Outlook & Forecast 2023-2028

The global hair serum market size was valued at USD 1.34 billion in 2022 and is expected to reach USD 2.20 billion by 2028, growing at a CAGR of 8.62%. Hair serum is a liquid-based solution usually formulated using silicones that offer a protective layer over hair fiber and make hair smooth, shiny, and healthy. It is a better way to protect split ends and damaged hair. The hair serum market is witnessing several trends in recent years. During the COVID-19 pandemic, people massively turned towards hair care from skincare. The increased concern and awareness about hair health's importance have increased the high demand for hair serum solutions across the globe.

The new product launches in the hair serum market deliver new growth opportunities. Several new types of hair serum products have been launched in recent years. Some organic and conventional ingredients products came up with advancements in hair treatment and styling, i.e., aesthetics. In new product development, some herbal products are also launched with a new formulation, reducing the risk of side effects and delivering better outcomes in hair growth.

MARKET TRENDS & DRIVERS

The Increasing Preference for Herbal Hair Serum
Globally, most people are experiencing hair loss leading to a rise in the application of chemical-based hair oils, shampoos, supplements, and even serums. Serum products work on the surface to deliver shine to the hair, control tangles, smoothen it and strengthen all hair types. With the increasing awareness of lifestyle diseases and associated risks related to chemical-based hair care products, there has been an increasing preference for natural/green/herbal haircare products. The growing preference for herbal hair care solutions delivers growth opportunities for hair serum market players pioneers in developing natural ingredient-based hair serums.

Social Medica Increasing the Sale of Hair Serum
The growing adoption of social media platforms attracts more young adults toward hair serum use. Industry players promote their hair serum solutions through various internet platforms that accelerate the sale of hair serum products. The increasing use of social media platforms positively impacts consumers and sellers due to the stronger attraction and connection through internet applications. The beauty and cosmetic industry has not only had an early adoption of social media platforms for marketing, but also social influencers used it. Beauty brand manufacturing companies were among the first to believe in social media strengths, making it a central part of their marketing.

E-commerce Increasing the Access To Hair Serum Market
E-commerce increased the significant access to hair serum products availability. After the COVID-19 pandemic, a massive proportion of the population shifted towards the online shopping experience, becoming a central shopping platform. Furthermore, the companies pioneer in hair serum development also sell their products through e-commerce giants and increase market penetration. L'Oréal, one of the leading brands, constantly focuses on e-commerce channels for its overall haircare product categories.

Increasing Targeting Population with Hair Issues
Hair serum products are not only used as beauty and hair styling products, but they also have several clinical benefits that accelerate the application of hair serum products in hair care treatments. The increasing population with hair issues such as baldness/hair loss, hair dryness, and damaged scalp drives the high demand for hair serum products. Currently, the available hair serum products claim to offer several benefits, such as hair regrowth, reduction in hair fall, scalp care, and others that accelerate the significant sale of hair serum products worldwide.

Increasing Expenditure on Hair Care
The rising disposable income in overall economic classes worldwide for personal and haircare propels the high demand for hair serum products. Millions are concerned about hair care, accelerating product demand in the hair serum market. By gender, women spend more on haircare solutions due to their high preference for hair appearance. On another side, men population has shown progressive growth in recent years with increasing expenditure on personal grooming.

SEGMENTATION INSIGHTS

INSIGHTS BY INGREDIENTS
The global hair serum market by ingredients is segmented into conventional and organic ingredients-based hair serum products. In 2022, the conventional ingredients segment accounted for the largest share of the global hair serum market. In hair serum development, several chemical ingredients are commonly preferred to increase the effectiveness and results of the product in the control amount. These chemicals are scientifically proven to improve and care for hair. Silicone is one of the most used and highly preferred conventional ingredients that provide a protective layer on the hair and protect it from the external environment.

Despite the conventional segment having the highest industry share, the organic segment is projected to witness a higher growth rate of over 9% in the global hair serum market during the forecast period. In recent years, the massive shift towards green products in every term of haircare has delivered lucrative growth opportunities for organic ingredients-based hair serum products. Globally, the rising awareness and demand for organic haircare solutions among all demographics are accelerating the demand for organic ingredient-based hair serum products.

INSIGHTS BY GENDER
The women's segment accounted for most of the market share over the men's segment and is dominant in the global hair serum market during the forecast period. The women population spends highly on haircare due to the deep concern about their appearance and ongoing hair fashion trends. The increasing pollution, daily activities, stress, and other factors remain major barriers to women's healthy hair. In addition, trendy hair fashion, hair coloring, and other activities associated with hair became more popular but resulted in damaged and dry hair. So, keeping hair healthy for women drives the high demand for hair serum. Further, in recent years, men population has also shown a high interest in personal grooming and started spending more on haircare which is expected to drive the increased demand for hair serum solutions.

INSIGHTS BY APPLICATION
The treatment application held the largest global hair serum market share, accounting for over 68% in 2022. In recent years the growing trend of new hairstyles and coloring of hair becoming more popular. Millions of younger and adult populations follow these trends, resulting in damaged and dry hair. Globally, millions of people suffer from hair dryness or damaged hair condition. These conditions can easily manage under the daily hair routine without treating clinically. Also, the burden of hair treatment costs increased hair serum use. Such factors contribute to the growth of the treatment segment. In addition, hair styling is a growing trend worldwide, increasing demand for good hair appearance and health, accelerating the market growth for hair serum products for aesthetic purposes.

INSIGHTS BY DISTRIBUTION CHANNELS
The global hair serum market by distribution channels is segmented into offline and online sales channels. In 2022, the offline distribution segment dominated the global hair serum market share. The offline distribution channels such as supermarkets and hypermarkets, pharmacies and wellness stores, and other retail stores have a broad presence in the developed and developing market for longer. That is the primary factor they become a significant source of the sale. These channels are widely distributed and have major penetration for sales of hair serums by manufacturing companies. Further, the offline sales channels accounted for high revenue for hair serum over the online sales channels due to the high accessibility and preference. On another side, e-commerce platforms such as online selling channels and e-pharmacies are becoming more popular in recent years, expecting to drive market growth during the forecast period.

GEOGRAPHICAL ANALYSIS

APAC held the most extensive global hair serum market share in 2022. The region has a significant potential population that is aware of haircare and fashion trends, as well as a considerable population that suffers from hair issues such as hair loss, hair damage, and scalp issues. This potential population is accelerating the higher sale of hair serum products. In addition, the vendors focus on the APAC region due to the rapidly growing disposable income on personal and haircare, increasing penetration of e-commerce channels, and constantly changing fashion trends. These factors majorly contribute to the increase in the sale of hair serum products. The APAC hair serum market was valued at over USD 600 million in 2022 and is projected to grow significantly during the forecast period.

Followed by APAC, the Europe region shows lucrative growth opportunities for the hair serum market at the current time and is expected to be constant during the forecast period. Europe is one of the regions with a higher population of hair baldness. These factors significantly influence the concern about hair care and fuel the industry's growth. In North America, the hair serum industry is concentrated in the US compared to Canada; there is a massive gap between the market's growth in the US and Canada. In the US, the high expenditure and access to hair serum solutions are the potential factors accelerating market growth. On another side, in Canada, a potential population accelerates the demand for hair serum solutions.

COMPETITIVE LANDSCAPE

The competitive rivalry in the global hair serum market is significantly high and associated with several factors. The competition for industry players varies demographically, geographically, and economically. Several internal and external macro and micro factors impact the industry's growth. Key global hair serum market players include Henkel AG & Co. KGaA, Kao Corporation, L'oréal Group, and Unilever. Henkel Ag & Co. KGaA is active in the professional hair business. The company has Schwarzkopf professional, one of the leading suppliers of hair care solutions.

In the regions like Europe, potential consumers are significantly available. In addition, the increasing expenditure among people delivers a high space for market penetration for industry players. So, the competition among global players in the region is higher than among local and national market players. Further, vendors commonly focus on regions like APAC due to a broad volume of potential consumers. Players sell their hair serum products at affordable prices to achieve higher sales of hair serum products. APAC is a rapidly developing region with highly concentrated local, national, and global market players. Some global market players, such as Loreal, Henkel, Kao Corporation, and Unilever, focus on the APAC region.