The growing market for men’s hair loss products: What you need to know
For many men, hair loss can be a debilitating process that reaches into every aspect of their lives, especially if it starts early in adult life. It can quickly lead to a loss of confidence and feelings of helplessness, so addressing hair loss effectively is essential.
Thankfully, there are a growing number of potential answers. Men’s hair loss products are growing exponentially, and so is the size of the market. Men need to know these numbers to pursue the best solution for their individual needs, so let’s take a closer look at what’s happening and translate it into a plan of action.
By the numbers: The surprising growth of men’s hair loss products
The basic numbers tell the story here. The CAGR for men’s hair loss products is growing at a rate of just over 8%. As for market size, according to Fortune Business Insights, the global market for men’s grooming products is estimated at almost $65 billion, with hair loss products representing almost 1/5th of that market at just under $12 billion.
There is some wiggle room in those numbers, however. The basic figures are sound, but market research firms often differ in how they compile and analyze their gender-specific data, especially in parts of the market where the number tends to be more amorphous.
Expansion and growth are the key trends
One thing is sure, though—both categories are growing significantly. The CAGR for both men’s grooming products and hair loss products is just over that magic 8% number, and the trends indicate that neither market is going to drop below that figure.
The money numbers for men’s hair loss products are even more eye-opening. Two numbers pop here: The current market for hair loss treatment products is projected to grow from $2.2 billion to $3.27 billion by 2030, and hair loss restoration will grow from the current value of almost $6 billion to over $18 billion, with a CAGR of 16.6%.
Men should know the product categories driving this growth
For men facing hair loss issues, there are three basic treatment choices.
The first is topical treatments and drugs that are administered orally. These include options like Rogaine and Propecia, and they offer an excellent chance of success, according to PubMed Central.
Some men want to go further, though. For those willing to spare no expense to have a full head of hair, surgery is the most drastic hair restoration option. It involves moving viable hair follicles from one area of the skull to another, and at this point, the surgical routines are fairly well established.
It’s not cheap, but it is effective. According to WebMD, the price range for a hair transplant is from $4,000-15,000, depending on the number of grafts, the services offered by the clinic, and the skill level of the surgeon.
Market-wise, the numbers for this option are expected to grow from almost $8 billion last year to nearly $21 billion by 2031.
The third product category is a bit of a catch-all. It includes shampoos and conditioners, nutritional supplements, natural remedies, etc. Some of these options work well for men, but growth numbers are almost impossible to come by, given the nature of both the category and the products themselves.
Men should use these growth numbers to make good choices
Now that we know some of the basic numbers, let’s provide a possible path forward. Addressing hair loss used to be a crapshoot, but now you can size up the extent of your hair loss, the possible answers, and your budget, then start with one of these possible solutions.
When you do this, make sure you do a lot of homework. Do online inquiries, including company research, and ask plenty of specific questions. The answers you get will take you from that all-important first step to a solution path, giving an effective way forward to deal with your hair loss.
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