New hairstyle trends, increase in disposable income, population growth and the growing rate of pollution across the globe has been instrumental in this significant growth of the global hair serum market. According to the report by Allied Market Research the global hair serum industry was estimated at $850.7 million in 2018 and is expected to hit $1.61 billion by 2026, registering a CAGR of 8.4% from 2019 to 2026.
The Growth And Its Reasons
Easy availability of products at affordable prices is one the key reasons driving the growth of the segment. Based on nature, the conventional segment accounted for 91% of the global hair serum market share in 2018, and is expected to retain its dominance by the end of 2026. At the same time, the organic segment would grow at the fastest CAGR of 10.9% throughout the forecast period. Increase in demand for organic cosmetic products among the target customers is the key reason for the boost in the growth of the segment.
Mode Of Growth
Based on distribution channel, the offline segment held the highest share, driven by the variety of options in hair styling products promoting both branded and private-labelled segments, generating more than four-fifths of the global hair serum market in 2018, and is projected to maintain its top status during the study period. The online segment, on the other hand, would register the fastest CAGR of 10.5% from 2019 to 2026. Increase in rate of Internet penetration across the key regions is expected to witness significant growth through online sales.
The Growing Regions
Europe comprises the highest number of bald populations in the global market. As a result, most of the Europeans rely on hair care products including hair serums to control their hair fall and maintain good quality hair for longer period of time. Europe contributed to nearly one-third of the global hair serum market revenue in 2018, and is anticipated to maintain this share by 2026.
However, North America garnered the second highest market share in 2018. Simultaneously, the region across Asia-Pacific would showcase the fastest CAGR of 9.9% throughout the estimated period. Inclination of customers toward quality hair grooming has fuel the market growth in the region.
Expected Serum Market Front Runners
John Paul Mitchell, L’Oréal, Inc., Redken, Kao USA Inc. (John Freida), Herstyler, Giovanni Cosmetics, Inc., Henkel Corporation, Revlon Consumer Products Corporation, Unilever Inc., Industrias Asociadas S.L.