Hair Growth Supplements Market Size, Share & Trends Analysis Report By Type (Single Ingredient, Multi-Ingredient), By Form (Powder, Tablets), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Hair Growth Supplements Market Trends

The global hair growth supplements market size was valued at USD 651.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2023 to 2030. The growth of the market can be attributed to the shift from pharmaceuticals to nutraceuticals owing to higher safety index, and an increase in awareness about nutritional benefits of supplements. Excessive hair loss from numerous conditions coupled with increasing awareness of maintaining healthy hair have also fueled the adoption of hair growth supplements. The COVID-19 pandemic had a positive impact on the global hair growth supplements market as hair fall was observed in COVID-19 patients and is also the major side effect of the treatment.

According to the International Association of Trichologists, COVID-19 caused two major types of conditions, alopecia areata, and diffuse hair loss. Thus, it has created a robust demand for hair supplements during the pandemic. The demand for such supplements is anticipated to further grow owing to higher awareness among consumers, and a shift in the trend toward preventive healthcare, thereby driving the market at a significant pace.

Moreover, the pandemic shifted the consumer toward e-commerce. The increasing number of people opting for online platforms is significantly impacting the industry momentum. For instance, Amazon witnessed a significant rise in online purchases of nutritional and personal care supplements, particularly in the U.S., due to the COVID-19 outbreak. All these factors are expected to drive the market over the forecast period. 

Changing lifestyles have resulted in nutritional deficiency, which is projected to increase the demand and consumption of supplements. Moreover, an increase in the working and middle-class population is likely to support market demand in the coming years. Furthermore, the rising demand for organic and natural products owing to several benefits associated with them is projected to fuel demand for natural growth products. Hair growth products blended with herbal ingredients such as essential oils, minerals, vitamins, and omega-3 are gaining traction nowadays. Also, the robust demand from consumers and recent product launches are projected to cater to market demand. For instance, in May 2022, OUAI launched new vegan hair-strengthening supplements and scalp serum to support healthy hair.

Type Insights

The single-ingredient segment accounted for the largest market share of 74.7% in 2022 and is expected to witness significant growth during the forecast period. Factors such as the increasing geriatric population, growing consumer interest in nutritional products, easy product availability, and several product launches are projected to support segment uptake. In October 2022, Lakshmi Krishna Naturals launched a range of health and wellness products including biotin hair gummies. These newly launched gummies can promote regrowth and prevent thinning. Some of the common single-ingredient products are collagen-based, biotin-based, vitamin E, keratin-based, and zinc among others.

However, the multi-ingredient segment is projected to register a faster CAGR of 17.21% during the 2023-2030 period. Factors such as higher demand for comprehensive care products, rising demand for natural and holistic solutions, and synergistic effects from multi-ingredient formulations are driving segment uptake. The combination of two or more ingredients in a single formulation can help in avoiding thinning and promoting growth. The higher demand for multi-ingredient solutions pushed manufacturers to introduce novel formulations. For instance, in March 2022, GIMME Beauty launched drops and gummies to offer a unique blend of minerals and vitamins to support hair health and vitality.

Form Insights

The form segment of the market was dominated by the capsules in 2022 with a market share of 50.3%. The segment is projected to register the fastest growth throughout the projected period. A high number of products available in capsule form owing to their lower cost, high convenience, high shelf life, and greater patient compliance are projected to drive segment growth. Capsules appear to be more feasible in the case of smaller formulations. Furthermore, they require minimal excipients (such as binders), which increases their appeal to the end user. Manufacturing advancements have provided capsule manufacturers with a wide range of options to offer brand owners, including various shell colors, designs, shapes, and imprints.

The gummies and softgel segment is expected to grow at a steady CAGR of 14.2% over the forecast period. The rising demand from the young and middle-aged population, rising preferences over tablets and capsules, and surging interest of manufacturers to develop gummies and softgel based hair growth supplements are fueling segment uptake. For instance, in September 2022 Swisse, an Australian manufacturer introduced biotin gummies, melatonin gummies, and plant protein powder in India for healthy skin and hair. Such product launches are expected to drive segment growth by 2030.

Distribution Channel Insights

Drug and pharma stores captured the largest market share of 35.3%in 2022. The growth of the segment is attributed to a high number of drug stores offering supplement products. For instance, stores like CVS Health, Walgreens, and Walmart among others offer various supplement products. In addition, the presence of advanced healthcare infrastructure, and rising patient awareness regarding potential side effects from supplements if not consumed under observation of pharmacist/ doctor are expected to drive segment growth forward.

An increase in the number of self-directed consumers is one of the important factors driving the online pharmacies segment. In addition, various discounts offered by online pharmacies in the form of coupons, and cashback is another factor fueling segment uptake. Moreover, owing to the growing need for personalized products and the relative ease of purchasing supplements through online channels compared to traditional modes have facilitated the demand for online pharmacies.

Regional Insights

Asia Pacific dominated the hair growth supplements market with a share of 46.41% in 2022. The rapid growth is accounted to high awareness among people, rising disposable income, and easy access to products owing to highly developed retail pharmacy chains. The rising health and wellness consciousness among the population is pushing them to adopt supplements in their day-to-day lives.

In addition, significant demand from the young and middle-aged population, the rising burden of hair-thinning disorders, and various initiatives undertaken by market players in the form of new launches, collaboration, and distribution have supported the regional market. For instance, in January 2023 Medicare, an India-based company expanded its well range with the launch of “Well Gummies”. The well range offers different variants including Well Hair, Skin, Nail Gummy, Detox Gummy, etc.

Europe is likely to emerge as one of the rapidly growing regions. The region’s growth is driven by increasing trends for preventive medicine and the shift in consumer preference for supplements. In addition, supportive government legislation for supplement products, and recent product approvals have supported the region’s market. Higher demand for organic and plant-based supplements, higher per capita income, and inclination toward clean eating have further driven the regional market.

Key Companies & Market Share Insights

The key players in the hair growth supplements industry are undertaking various strategic initiatives to maintain their market presence. In addition, various strategic initiatives help market players to bolster their business avenues. For instance, in January 2023 Capillus announced the launch of Nurish, the first line of hair supplements for women and men. The supplement is formulated with specialty ingredients to promote healthy hair growth. Some prominent players in the global hair growth supplements market include:

• Nutraceutical Wellness Inc. (Unilever)

•  Viviscal Limited. (Church & Dwight)

• Amway

• GNC Holdings, Inc. (Harbin Pharmaceutical Group)

• OUAI HAIRCARE (P&G)

• InVite Health

• codeage LLC

• Viva Naturals

• KLAIRE LABS

• Hair La Vie

Hair Growth Supplements Market Report Scope

Global Hair Growth Supplements Market Report Segmentation

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global hair growth supplements market report based on type, form, distribution channel, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Single Ingredient

  • Multi-ingredient

• Form Outlook (Revenue, USD Million, 2018 - 2030)

  • Powder

  • Gummies & Soft Gels

  • Tablets

  • Capsules

  • Liquid

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hypermarkets/Supermarkets

  • Specialty Stores

  • Online Pharmacies

  • Drug & Pharma Stores

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait