Hair Serum Market Size, Share, and Industry Analysis, By Type (Hair Treatment Serums and Hair Styling Serums), By End User (Men and Women), By Distribution Channel (Offline Stores and Online Stores/E-commerce), and Regional Forecast, 2024 – 2032

Hair Serum is a liquid-based hair treatment and styling product designed for various hair concerns, including hair fall, dandruff, dullness, and frizz. Furthermore, the growing availability of multifunctional or all-in-one hair serums offering multiple benefits, including hydration, hair growth, heat protection, shine enhancement, and frizz, propels the market growth.

The increasing usage of hair serums among individuals owing to rising hair loss treatment and hair damage repair fuels the market growth. Consumers across the globe are seeking serums offering hair protection against damage caused by heat styling, pollution, and harsh weather conditions. Furthermore, the increasing availability of hair serums with advanced formulations treating various hair problems, including hair thinning, scalp nourishment, and damage repair, boosts product demand.

The global hair serum market witnessed a significant decline in 2020 due to the COVID-19 pandemic. Governments across countries imposed lockdowns in 2020, which resulted in disruptions in the supply chain, including transportation restrictions, factory closures, and delays in raw materials delivery.

Rising consumer awareness of health and wellness is a macro trend toward natural haircare products, boosting the demand for organic and natural hair serums. Eco-conscious consumers typically look for chemical-free hair serums made using natural ingredients, thus propelling market growth. Several key industry participants are launching new products to cater to the increasing demand for chemical-free hair serums. For instance, in June 2023, Ensemble Naturals, a Delhi, India-based beauty brand, launched its new after-wash hair serum. According to the company, the new serum is made using various natural ingredients, including argan oil, coconut oil, aloe vera, and cedarwood oil.

The rising availability of various alternatives, including hair oil, hair sprays, hair masks, and leave-in conditioners, hinders the market growth. Moreover, the high cost of specialized and premium hair serums limits the product demand among budget-conscious consumers.

Segmentation

Key Insights

The report covers the following key insights:

• Parent/Related Market Overview


• Supply Chain Analysis


• Industry SWOT Analysis


• Porter's Five Forces Analysis


• Recent Technological Advancements

Analysis by Type

Based on type, the global hair serum market is segmented into hair treatment serums and hair styling serums. The hair treatment serums segment is anticipated to dominate the market, favored by the rising hair loss and damage among individuals worldwide, which fuels demand for hair treatment serums. According to the American Academy of Dermatology Association, a U.S.-based non-profit medical specialty association, androgenetic alopecia, a hereditary thinning or baldness, affects over 80 million individuals in the U.S.

Analysis by End-User

Based on end user, the global market is bifurcated into men and women. The women segment held a major market share in 2023 owing to the rising women's emphasis on beauty & physical appearance and the growing number of working women looking for multifunctional haircare products.

The men segment is expected to grow significantly during the forecast period due to increasing awareness and consciousness among men toward their looks, which drive the segment's growth. Several major market participants are launching new products specifically for men. For instance, in March 2023, CODE, a brand of McNROe, a Kolkata, India-based personal care company, launched its new CODE Hair Serum, made using a blend of five natural oils. According to the company, the new serum is specifically designed for Indian men, offering nourishing and strengthening properties to hair. 

Analysis by Distribution Channel

Based on distribution channel, the global hair serum market is divided into offline stores and online stores/e-commerce. The offline stores segment held a major market share in 2023 due to the extensive availability of a wide array of products from various brands, providing consumers with multiple choices.

The online stores/e-commerce segment is expected to grow significantly in the coming years owing to the growing popularity of online shopping and the availability of attractive discounts. Several prominent market players are launching online stores with innovative features to expand their presence. For instance, in January 2023, Kerastase, a brand of L'Oreal, a France-based personal care company, launched its first official online store across India to expand its presence. According to the company, the new website also features a six-step, online 'Online Hair Diagnosis' tool for finding the right hair products as per user's need and a 'Salon Locator' enabling consumers to find its closest salon in India.

Regional Analysis

The global market is geographically segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is anticipated to lead the global hair serum market during the forecast period due to increasing androgenetic alopecia, a hereditary thinning or baldness across the region. Moreover, the rising availability of natural products further contributed to the increasing adoption of hair serums. Various industry participants across the region are launching new products. For instance, in October 2021, Nutrafol, a New York, U.S.-based haircare brand, launched its new hair serum, Growth Activator. According to the company, the new serum is made using plant-derived exosomes from Ashwagandha seeds.

Asia Pacific is expected to grow significantly in the coming years owing to rapid urbanization, rising product awareness, increasing disposable incomes, and growing pollution levels. Moreover, Social media platforms play a significant role in shaping beauty trends and influencing consumer preferences across China, Korea, and Japan. Furthermore, various key market players are introducing new products across the region to diversify their portfolios. For instance, in May 2023, CHOSEN, a Chennai, India-based haircare & skincare company, launched its new hair detangler serum, Child's Play. According to the company, the new serum is formulated to be compatible with the most stringent EU standards for silicone used in hair care products.

Prominent players operating in the market are focusing on integrating innovative technologies to enhance personalized and customized experiences, thus boosting product demand. For instance, Proctor & Gamble, a U.S.-based consumer goods company, partnered with Lazada, one of Southeast Asia's prominent e-commerce platforms, to launch its new haircare microsite, #HairDNA, exclusively for lazada. According to the company, the new microsite will recommend personalized haircare solutions for consumers.

Key Players Covered

The report will include the profiles of key players, such as Procter & Gamble, Unilever, L'Oreal, Marico, Giovanni,  Kao Corporation, René Furterer, Henkel AG & Co. KGaA, Revlon, and Streax.     

Key Industry Developments

• February 2024: Kerastase, a brand of L'Oreal, a France-based personal care company, launched its new premium hair collection, including Première Sèrum Filler Fondamental, a repairing anti-frizz serum. According to the company, the new serum is made using citric acid and glycine to reduce hair rigidity and restore hydration.


• August 2023: ExoCel Bio, a Pennsylvania, U.S.-based skincare and haircare company, launched its new hair serum, Exovex serum, Refine. According to the company, the new serum has 75 billion concentrations of exosomes for hair growth.