Hair Growth Serum Market Report 2024

The hair growth serum market size has grown strongly in recent years. It will grow from $1.58 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth during the historic period can be attributed to a rise in the incidence of hair loss and damage, increased awareness of hair health, economic development and higher disposable income, growth in the development of organic and herbal products, and an increase in the development of hair care products.

The hair growth serum market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth during the forecast period can be attributed to the increasing popularity of hair coloring and styling, the expansion of professional hair care services, rising demand for hair rejuvenation, a greater focus on hair health and appearance, and a growing preference for natural and organic ingredients in hair care products. Major trends for this period include innovative hair serum formulations, advancements in organic and natural hair serums, innovations in hair styling products, improvements in hair care devices, and advancements in hair care products.

The growing incidence of hair loss is anticipated to drive the expansion of the hair growth serum market in the future. Hair loss involves the partial or complete loss of hair from the scalp or other areas of the body, and it can be attributed to factors such as nutritional deficiencies, hormonal changes, genetics, and increased stress. Hair growth serums are designed to counteract hair loss and thinning by nourishing the scalp, stimulating hair follicles, and encouraging stronger, healthier hair growth. For example, in March 2022, the Hair Society, a US-based professional organization, reported that hair loss affects approximately 21 million women and 35 million men globally. Additionally, in 2024, the National Health Service (NHS), a UK government agency, stated that about 8 million women and 6.5 million men in the UK suffer from hair loss, with over 650,000 hair transplants performed annually. Therefore, the rising incidence of hair loss is fueling the growth of the hair growth serum market.

Leading companies in the hair growth serum market are focusing on developing rejuvenating serums to address hair loss, promote hair growth, and improve overall hair health. Rejuvenating hair serums are specialized products designed to revitalize and enhance hair condition. For instance, in February 2022, WETHRIVV, a US-based wellness and fitness company, introduced the REVIVV Hair Growth Serum, a topical serum aimed at supporting hair growth and enhancing hair appearance. This drug-free, non-toxic formula, developed by physicians and scientists, is designed to improve hair fullness, thickness, and health. Recommended by dermatologists and stylists, it is available in various bundles for both men and women and can be applied using a convenient roller device for effective delivery and absorption.

In June 2024, Megalabs, a Uruguay-based pharmaceutical company, acquired a majority stake in DS Laboratories for $100 million. This acquisition will enable DS Laboratories to expand its global e-commerce capabilities while providing Megalabs access to DS Laboratories' medical advisory board and dermatology expertise. DS Laboratories, a US-based cosmetics company, specializes in developing hair growth products, including hair growth serums.

Major companies operating in the hair growth serum market are L'Oréal S.A., Kao Corporation, Wella AG, Revlon Inc, Aveda Corporation, Hims & Hers Health Inc., Lanza, Strength of Nature LLC, Vegamour Inc., iRestore, Artnaturals Co., Nutraceutical Wellness Inc., Kerotin Inc., Eufora International, Keranique, DS Healthcare Group Inc., BosleyMD, DrFormulas LLC, Nulastin Inc., Ustra LLC, Finally Hair, Luseta Beauty Inc., Pura d'Or, Briogeo Hair, TreeActiv.

North America was the largest region in the hair growth serum market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hair growth serum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hair growth serum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hair growth serum is a topical product designed to promote and stimulate hair growth, addressing issues such as thinning hair, hair loss, and overall hair vitality. These serums are applied directly to the scalp and hair follicles to nourish, strengthen, and potentially enhance hair density and thickness.

The primary types of hair growth serums are those without silicone and those with silicone. Serums without silicone are formulated without synthetic compounds such as dimethicone, which coat hair strands to provide a smooth, shiny appearance. Applications for these serums include online stores, specialty shops, supermarkets, and others, with end users encompassing both men and women.

The hair growth serum market research report is one of a series of new reports that provides hair growth serum market statistics, including the hair growth serum industry global market size, regional shares, competitors with hair growth serum market share, detailed hair growth serum market segments, market trends, and opportunities, and any further data you may need to thrive in the hair growth serum industry. These hair growth serum market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hair growth serum market consists of sales of minoxidil-based serums, caffeine-infused serums, keratin and protein-based serums, scalp massagers, laser combs and helmets, scalp brushes, and hair steamers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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