Global Hair Growth Supplements Market Analysis

The Global Hair Growth Supplements Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Global Hair Growth Supplements Market Analysis Executive Summary

Hair growth supplements are dietary products formulated to promote hair health and stimulate growth. These supplements typically contain a blend of vitamins, minerals, amino acids, and botanical extracts that are believed to support hair follicles and improve overall hair quality. Common ingredients include biotin, vitamin D, zinc, collagen, and various herbal extracts like saw palmetto and ginseng. The goal of these supplements is to address nutritional deficiencies that may contribute to hair thinning or loss, particularly in conditions such as androgenetic alopecia.

Globally, the scenario for hair growth supplements is characterized by increasing consumer interest and usage. Research indicates that hair loss affects a significant portion of the population, with approximately 50 million men and 30 million women in the United States experiencing some form of hair loss. This has led to a surge in demand for supplements that claim to enhance hair growth and health. A study found that many individuals turn to these products as part of their daily regimen, often influenced by social media and celebrity endorsements. However, while many consumers report positive outcomes, there remains a need for more rigorous scientific evidence to substantiate the claims made by manufacturers regarding the efficacy of these supplements.         

Global Hair Growth Supplements Market Dynamics

Market Growth Drivers

The global demand for hair growth supplements continues to be bolstered by the growing public concern over hair health, and the prevailing conditions of hair loss. Studies show that at least one half of all men and a third of all women in America experience some degree of hair thinning, which causes many people to seek for a solution. This has in turn elicited much concern and as such, people are using various supplements such as biotin, collagen and various herbal extracts that are believed to enhance hair growth. Also, the use of social media and beauty influencers has highly increased the awareness of these products and forced consumers to look for better products to improve their hair health. The tendency towards comprehensive health and disease prevention also contributes to the use of hair growth supplements in that people seek to enhance their appearance through dietary intervention. 

Opportunity

There is an opportunity to diversify product portfolios by adding newer hair growth supplement types like vitamin gummies. This will attract new customers and give them a wide variety of choice when selecting hair growth supplements. 

Market Restraints

Several challenges hinder the widespread adoption of hair growth supplements. One major issue is the inconsistency in scientific evidence regarding the effectiveness of many products available in the market. While some studies suggest that certain ingredients can promote hair health, others show mixed results, leading to consumer scepticism about their efficacy. Additionally, safety concerns about potential side effects or interactions with other medications may deter individuals from using these supplements. The relatively high cost of quality hair growth supplements can also limit access for some consumers, particularly those with lower incomes. Furthermore, regulatory inconsistencies regarding labelling and marketing claims can create confusion among consumers about which products are genuinely effective, ultimately impacting their willingness to adopt these supplements as part of their hair care regimen 

Competitive Landscape for Hair Growth Supplements Market in Global

Key Players

• Amway Corporation
• Cipla Limited 
• Curallux,LLC
• Eli Lilly, and Company
• ExoCoBio, Inc
• GNC Holdings, Inc
• HUM Nutrition
• Keranique
• Nature’s Bounty
• Nutraceutical Wellness, Inc

Recent Developments

In June 2023, the U.S Food and Drug Administration approved Pfizer Inc’s LITFULO, a once daily oral treatment for consumers 12 years and older.

In April 2023, Divi launched All-New Hair Vitamins in order to boost hair care routine and promote a healthy scalp.

In January 2023, Nutrafol announced the launch of hair supplements to the beauty supplier Sephora. 

In June 2022, the U.S Food and Drug Administration approved OLUMINANT, a once daily pill as a treatment for adults with severe alopecia areata a type of hair loss disorder. 

Healthcare Policies and Regulatory Landscape for Hair Growth Supplements Market in Global

Hair Growth Supplements are considered dietary supplements in most regions, so they must meet the safety requirements, labelling standards and product certifications set out by the various regulatory bodies. Unless specifically approved companies who manufacture hair growth supplements cannot claim to treat or cure any diseases according to the U.S FDA. Although laws around dietary supplements may be similar across continents, they are not  identical and this makes launching products simultaneously in different countries difficult.  Additionally all health claims made about hair growth supplements must be substantiated by scientific proof in order for companies to get approval to launch their products.