The Global Hair Serum Market size is expected to reach $2.1 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 55,671.8 thousand units (100 ml), experiencing a growth of 7.9% (2019-2022).
Manufacturers can now incorporate a wider range of active ingredients such as vitamins, antioxidants, peptides, and botanical extracts with proven benefits for hair health and appearance. Consequently, the conventional segment would generate approximately 89% share of the market by 2030. These innovative formulations address various hair concerns such as frizz control, damage repair, hydration, and color protection, thereby expanding the appeal and utility of hair serums to a broader consumer base.
Pollution, exposure to UV radiation, harsh weather conditions, and chemical treatments contribute to hair damage. As individuals seek to mitigate the effects of these stressors on their hair, the demand for protective and reparative hair care products like serums increases. Hence, the rising prevalence of hair-related Issues drives the market’s growth.
Additionally, Economic development in emerging markets has led to an increase in disposable income among middle-class and affluent consumers. As people’s purchasing power grows, they are willing to spend more on personal care and grooming products, including hair serums. Therefore, the growing global disposable income is propelling the market’s growth.
However, Hair serums, like other cosmetic products, are subject to stringent regulations imposed by government agencies and regulatory bodies. These regulations govern various aspects, such as ingredient safety, product labeling, advertising claims, manufacturing practices, and packaging standards. Hence, the regulatory compliance and safety concerns are hampering the market’s growth.
Manufacturers can now incorporate a wider range of active ingredients such as vitamins, antioxidants, peptides, and botanical extracts with proven benefits for hair health and appearance. Consequently, the conventional segment would generate approximately 89% share of the market by 2030. These innovative formulations address various hair concerns such as frizz control, damage repair, hydration, and color protection, thereby expanding the appeal and utility of hair serums to a broader consumer base.
Pollution, exposure to UV radiation, harsh weather conditions, and chemical treatments contribute to hair damage. As individuals seek to mitigate the effects of these stressors on their hair, the demand for protective and reparative hair care products like serums increases. Hence, the rising prevalence of hair-related Issues drives the market’s growth.
Additionally, Economic development in emerging markets has led to an increase in disposable income among middle-class and affluent consumers. As people’s purchasing power grows, they are willing to spend more on personal care and grooming products, including hair serums. Therefore, the growing global disposable income is propelling the market’s growth.
However, Hair serums, like other cosmetic products, are subject to stringent regulations imposed by government agencies and regulatory bodies. These regulations govern various aspects, such as ingredient safety, product labeling, advertising claims, manufacturing practices, and packaging standards. Hence, the regulatory compliance and safety concerns are hampering the market’s growth.
By Nature Analysis
Based on nature, the market is bifurcated into conventional and organic. In 2022, the conventional segment garnered a 90.78% revenue share in the market. Conventional hair serums have been on the market for a longer time compared to newer, specialized formulations. As a result, they have built a strong reputation and established brand recognition among consumers. Many consumers trust conventional hair serums due to their familiarity and perceived reliability, leading to higher demand for these products.
By Sales Channel Analysis
By sales channel, the market is divided into online and offline. The online segment procured a 35.35% revenue share in the market in 2022. Online shopping offers unparalleled convenience and accessibility to consumers, allowing them to browse, compare, and purchase hair serums from the comfort of their homes or on-the-go using their smartphones or computers. This convenience factor appeals to busy consumers. Also, the expansion of the e-commerce sector plays a vital role in the growth of the hair serum market. For example, as per the National Investment Promotion & facilitation Agency, the e-commerce sector in India is projected to grow at 18% annually through 2025 and is expected to touch $350 Bn in GMV by 2030.By Product Type Analysis
On the basis of product type, the market is segmented into hair treatment serum and hair styling serum. The hair treatment serum segment recorded a 64.43% revenue share in the hair serum market in 2022. Advanced formulations incorporating innovative ingredients and technologies characterize the hair treatment serum segment. These serums may contain keratin, argan oil, vitamins, peptides, and botanical extracts, known for their nourishing, repairing, and protective properties. Consumers are drawn to these high-quality ingredients and formulations, which promise visible results and long-term benefits for their hair.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated a 29.07% revenue share in the market. The Asia-Pacific region has diverse populations with varied hair types, textures, and concerns. Consumers in the region seek hair care products that cater to their specific hair needs, whether addressing dryness, damage or promoting hair growth. Hair serums offer customizable solutions that appeal to the diverse hair care needs of consumers in the Asia-Pacific region.Recent Strategies Deployed in the Market
- 2024-Feb: L'Oréal S.A has formed a partnership with Walmart, Inc., a renowned American multinational retail giant known for its extensive network of hypermarkets, discount department stores, and grocery outlets across the United States. This collaboration aims to introduce L'Oréal's Elvive Hyaluron + Plump collection exclusively at Walmart stores. The move presents a promising chance for both L'Oréal Paris Elvive and Walmart to attract new consumers, thereby offering an additional avenue for customer engagement and growth.
- 2023-Dec: Unilever PLC has entered into a agreement with K18, Inc., a pioneering hair care brand rooted in biotechnology. This agreement signifies Unilever's intention to acquire K18, aligning with its strategy to enhance its portfolio in high-growth sectors. The acquisition of K18 adds value to Unilever's expanding collection of premium, culturally significant consumer brands.
- 2023-Aug: L'Oréal S.A has completed the acquisition of Aesop, an esteemed Australian luxury cosmetic brand renowned for its skincare, haircare, and fragrance lines. With this acquisition, L'Oréal will integrate Aesop into its Luxe division, fortifying its presence in the luxury market segment.
- 2022-Feb: Henkel AG & Company, KGaA has entered into an agreement with Shiseido Company, Limited, a multinational cosmetic company based in Japan. Under this agreement, Henkel intends to acquire Shiseido's Asia-Pacific Hair Professional business, encompassing leading professional brands like Sublimic and Primience. This strategic acquisition aligns seamlessly with Henkel's existing portfolio and aims to bolster its presence in the Asia-Pacific market.
- 2022-Apr: L'Oréal S.A has announced a partnership with Myntra Designs Private Limited, India's leading e-commerce platform for fashion and lifestyle items. Under this partnership, L'Oréal will introduce its professional products division on Myntra, enhancing Myntra's status as the go-to destination for shopping beauty and personal care products. Additionally, this partnership will enable L'Oréal to expand its market reach in India.
List of Key Companies Profiled
- Henkel AG & Company, KGaA
- HerStyler
- Kao Corporation
- L'Oréal S.A.
- The Procter and Gamble Company
- Unilever PLC
- Natura & Co Holding S.A.
- Giovanni Cosmetics, Inc.
- John Paul Mitchell Systems
- Revlon, Inc. (MacAndrews & Forbes)
Market Report Segmentation
By Nature (Volume, Thousand Units (100 ml), USD Billion, 2019-2030)- Conventional
- Organic
- Offline
- Online
- Hair Treatment Serum
- Hair Styling Serum
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Hair Serum Market, By Nature
Chapter 6. Global Hair Serum Market, By Sales Channel
Chapter 7. Global Hair Serum Market, By Product Type
Chapter 8. Global Hair Serum Market, By Region
Chapter 9. Company Profiles
Companies Mentioned
- Henkel AG & Company, KGaA
- HerStyler
- Kao Corporation
- L'Oréal S.A.
- The Procter and Gamble Company
- Unilever PLC
- Natura & Co Holding S.A.
- Giovanni Cosmetics, Inc.
- John Paul Mitchell Systems
- Revlon, Inc. (MacAndrews & Forbes)
Methodology
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