2024 Black Hair Care Market Outlook:
The Future Trends of Hair Growth
In 2023, the hair care market introduced consumers to various products and trends, among which Hair Growth Oil stood out, emerging as a new category in the hair care market and drawing great attention. Black consumers have shown a best interest in the health and natural growth of their hair, leading to the emergence of diverse products and services. Therefore, let’s jump into future trends of Hair Growth products in the 2024 Black Hair Care market.
*This article was written based on analysis and contributions by IVY Beauty.
The Significance of Hair Growth
Not long ago, the assessment prevailed in the hair market that the needs of black consumers were rising while products catering to those needs were insufficient. Indeed, there were few products considered as impactful in daily life and as indicators of identity as hair care products for black consumers. The rapid change of black consumers’ hair care trends and their diverse needs and consumption habits are showing as an evident.
According to the “Black Hair Care 2023” report released by Mintel last November, 57% of black consumers prefer “grooming their hair at home rather than at a salon.” This implies a trend where individuals can freely style their hair at home, ensuring the desired styling and overall hair care. Recently, black consumers are emphasizing their beauty and showing a significant interest in Hair Growth. Moreover, with the introduction of functional products addressing hair issues related to genetics, hormonal imbalances, stress, and nutritional deficiencies without the need for medical visits, consumer habits are changing.
How Much Will the Hair Growth Market Grow in 2024?
According to “Hair Growth Supplement & Treatment Market” by Grand View Research, the U.S. hair growth and treatment market exceeded $1 billion in 2020, with a projected annual growth rate of 4.9% from 2024 to 2030. If we expand the scope to the global market, including the U.S., the market size in 2023 is estimated to be around $7.74 billion, with an annual growth rate exceeding 6%. While a significant portion of this growth is attributed to pharmaceutical purposes, the hair care market is positively expanding, as analyzed in the report.
The concern for hair health, stemming from individuals’ focus on personal health and self-care during the COVID-19 pandemic, has become a pivotal factor. There is an increasing demand for hair care products to address issues such as hair loss due to stress, genetic factors, and nutritional deficiencies. Consumers are actively seeking products suitable for their hair or scalp conditions.
Mintel conducted a survey recently, targeting over 1,000 black consumers, regarding the “trends in hair care product purchases in the last 12 months.” More than 54% of respondents stated that they had purchased hair oil in the last 12 months, a 7% increase compared to the 47% in 2020.
The Combination of Natural Ingredients and Technology in Hair Growth Oil & All in one Solutions for Hair Care
In anticipation of the predicted increase in demand for the Hair Growth market, products combining natural ingredients with innovative technology have increased the attention. Natural ingredients like Moroccan seed oil, aloe vera, argan oil, biotin, and niacinamide are widely used in Hair Growth products, providing effective results without burdening sensitive skin and hair.
Growth MD Oil received an overwhelming love, surpassing sales expectations within two months of its August launch, experiencing several sold-out instances due to high demand. As a newcomer to the Hair Growth Oil market, this rapid success highlights the product’s significant efficacy.
Growth MD Oil is a USDA Organic-certified 100% pure oil product, validated for safety, and clinically proven to deliver dramatic Hair Growth effects in just four weeks. In a blind test with 72 participants, over 90% experienced hair growth.
Growth MD is available not only as an oil but also in the form of serum and ampoule. Moisture retention is fundamental, promoting hair strengthening and thickness for voluminous hair styling. Growth MD Serum contains biotin, niacinamide, and caffeine, contributing to hair growth and maintaining a healthy scalp. On the other hand, Growth MD Ampoule, with its 10 times concentrated biotin, plays a dynamic role in preserving hair, preventing hair loss, and replenishing moisture. Depending on the extent of hair loss, using ampoules, serums, and oils together can expedite results.
In 2024, Hair Growth products will not only focus on promoting growth but also prevent hair damage, strengthen hair, and maintain scalp health. Consumers prefer products that offer a variety of care effects simultaneously rather than a single function.
In the 2024 Black Hair Care market, the trend of focusing on Hair Growth is firmly established. The utilization of natural ingredients and innovative technology for maintaining and enhancing healthy hair, coupled with the diversity and personalization of products and services, is resonating with consumers. Black consumers will have an even wider range of choices, enjoying diverse options. KISS Group is putting significant amounts of efforts in research and innovation to maintain a leading position in the black hair care market by launching various outstanding products.
