HAIR GROWTH SUPPLEMENTS MARKET challenges and opportunities
Hair Growth Supplements Market, By Product Type (Single Ingredient Supplements and Multi Ingredient Supplements), By Formulation (Capsules, Gummies, Tablets, Powders, and Softgels), By Functionality (Hair Re-growth, Hair Thinning, Hair Fall, and Dandruff), By Distribution Channel (Offline and Online), By End User (Men, Women, and Children), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)
The global hair growth supplements market is expected to witness rapid growth driven by the rising prevalence of hair loss disorders worldwide. The increasing awareness about hair care and growth remedies is propelling consumers to spend more on hair growth supplements and vitamins. The growing consumer disposable income particularly in developing economies is also fueling the demand for premium hair growth products. Moreover, the aggressive marketing strategies adopted by key players through various promotional activities and endorsements are further pushing the sales of hair growth supplements in the market.
Among regions, Asia Pacific is anticipated to emerge as the fastest growing market for hair growth supplements. This can be attributed to the rising geriatric population, increasing health consciousness, and growing influence of western culture in the region. North America, being an early adopter of new technologies and innovative products, is also expected to offer lucrative opportunities for market players over the next few years. High price points of some premium hair growth supplements may impede the market growth to some extent. Stringent regulatory environment pertaining to product approval and claims verification also poses a challenge for new entrants. Nevertheless, continuous investment in R&D of herbal and natural ingredients along with focus on new product launches would help companies tap the potential opportunities in the market.