Hair Supplements Market: Introduction
A recent study published by Transparency Market Research on the hair supplements market includes North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa industry analysis and opportunity assessment for 2021–2031. With the highest market share of 33%, revenue generated from the North America hair supplements market is expected to value US$ 316.7 Mn in 2021, which is estimated to grow at a CAGR of 9.5%, to reach US$ 783.9 Mn by 2031.
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Changing Lifestyle Favoring Uptake of Hair Supplements
Urbanization and modernization in emerging economies have bolstered the food & beverage industry. There is a visible change in the eating and drinking habits of consumers, which has led to several disorders in the body such as various skin problem, hair fall, etc.
Improvements in the economic conditions of various countries have led to increased disposable income and higher standards of living, which have contributed to the rising trend of indulging premium products and consumption of healthy hair supplements.
This is expected to have a positive influence on the hair supplement market, as the consumption of hair supplements is continuously rising. The growing popularity of hair supplements in the personal care industry is influencing today’s consumers and subsequently, benefitting the hair supplement market.
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Hair Supplements Gain Popularity as Cheaper, Easy Hair Growth Solution
Consumers are becoming hygiene conscious and hair form a vital part of their personality. Consumers across the world have started using hair supplements that provide proper nourishment to hair, thus, promoting hair growth.
Hair supplements are generally recommended by doctors, nutritionist, and dermatologists, as supplements have the potential to boost hair growth, protect scalp, and provide strength to the hair roots. As hair supplements contain vitamins, minerals, and other healthy contents, these are preferred over scalp treatment. Moreover, hair supplements are cheaper and easily available in the market with limited side effects.
Rapidly Expanding Online Retail Business Accelerates Sales of Hair Supplements
Over the past few years, there has been a huge change in the way people buy various supplements. The shift from buying from ‘brick and mortar’ to buying ‘online’ has been huge and consumers of developing countries have seemed to accept this change. Easy availability of products and great deals & offers provided by eCommerce websites attract potential customers and existing customers to buy online. Some of these nutritional eCommerce websites and marketplaces also offer a return policy, in case a customer is not satisfied with the product.
Companies are collaborating with top nutritional experts to help potential and existing customers to understand their specific supplement needs and help them obtain right products in line with their goals. These factors have positively affected consumers in building the trust on buying online rather than from retail.
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Increasing Premiumization of Supplement Products to Create Growth Opportunities
Nowadays, consumers are highly aware about nutritional supplement products and ingredients used in products, which are enabling manufactures to use high quality and premium ingredients. Besides, consumers are ready to spend more on premium products, produced with healthy, natural, organic, or herbal ingredients.
Many manufacturers of hair supplement are shifting toward the use of herbal and natural ingredients by reducing the chemical content in products to gain consumers. In addition, increasing spending power and middle-class population in developing markets are key factors driving the demand for premium hair supplement products in the market.
USANA Health Sciences, Inc., a U.S.-based nutritional supplement manufacturer, focuses on increasing its customer base by offering premium quality of supplements
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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