The latest market report published by Credence Research, Inc. “Global Hair Serum Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global hair serum market is anticipated to grow at a substantial CAGR of 7.5% in the upcoming years. The global Hair Serum industry was estimated to be worth USD 1.2 billion in 2022 and is expected to be USD 1.99 billion by 2030.
Hair Serum Market is a highly competitive and ever-growing industry that has seen significant growth in recent years. However, it has not been without its fair share of challenges. One of the major challenges facing the Hair Serum Market is increased competition from new entrants into the market. As more companies enter this space, competition for customers intensifies, making it difficult for established players to maintain their position in the market. In addition, changing consumer preferences and demands have forced manufacturers to constantly innovate and improve their offerings to stay relevant in today’s fast-paced marketplace. Another challenge facing the Hair Serum Market is increasing concerns over product safety and efficacy. Consumers are becoming increasingly aware of harmful chemicals used in hair serums and are demanding safer alternatives that do not compromise on quality or effectiveness.
Segment Performance:
In 2022, the conventional nature segment dominated the market revenue share and is expected to grow the fastest over the forecast period. Chemical compounds used in hair serums enhance their effectiveness, and silicone is a popular ingredient known for forming a protective coating on the hair.
The hair treatment serum product type category held a major market share in 2022. Increased concerns about hair loss and the desire for high-quality hair have contributed to the growth of this segment. Hair treatment serums made with natural substances are in high demand.
The offline distribution channel segment was the largest in 2022, driven by the presence of supermarkets, hypermarkets, and other retail stores. These channels have a wide reach and are preferred by hair serum manufacturers.
Regional Dominance:
North America dominated the global hair serum market in 2022, attributed to high consumer awareness about personal grooming, increasing working women, and higher disposable income. The presence of major regional players offering a wide range of hair serum products also drives market growth.
Key Countries:
In North America, the United States captured the largest revenue share in the hair serum market. The country has a large consumer base with a strong focus on personal grooming. The well-established distribution network, including online and retail channels, makes hair serums widely available to customers.
China is a rapidly growing market for hair care products, including hair serums. The country’s large population, rising disposable income, and changing consumer preferences contribute to the market’s growth. The booming e-commerce sector has made hair serums easily accessible to consumers.
Impact of the Economy:
Economic factors such as GDP growth, disposable income levels, and consumer spending patterns significantly influence the demand for hair serums. During periods of economic growth and stability, consumers have higher disposable incomes, leading to increased spending on personal care products. However, economic downturns or recessions may temporarily impact the demand for discretionary items like hair serums.
Competitive Landscape:
The hair serum market is highly competitive, with prominent players focusing on product innovation, quality, pricing, distribution methods, and brand reputation. Marketing initiatives, partnerships, and collaborations are crucial for acquiring market share. For example, OUAI launched its new hair serum treatment products in the United States in May 2022, featuring natural ingredients for scalp health and thicker hair.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Hair Serum Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Hair Serum Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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