In the wake of the COVID-19 pandemic, an unexpected trend has emerged in the health and wellness industry—increased demand for hair supplements. With a surge in cases of hair thinning post-recovery from COVID-19, individuals are turning to supplements to combat excessive hair fall. This phenomenon has not only prompted the entry of new players into the market but has also raised concerns regarding the potential side effects of popular supplements like biotin.
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Understanding the Market Dynamics:
- Post-COVID-19 Hair Health Concerns: Long-term post-infection symptoms of COVID-19 have led many individuals to seek treatment for hair thinning, resulting in a significant uptick in demand for hair supplements.
- Market Response and Trends: Companies in the hair supplements market are capitalizing on this demand by increasing the availability of hair vitamins through eCommerce and social media platforms. Ayurveda brands in India are also entering the competition to cater to the preferences of millennials and Gen Y.
- Biotin Supplement Concerns: While biotin supplements are popular for stimulating hair growth, concerns regarding potential side effects such as digestive upset and skin rashes have emerged. Lack of FDA-recommended dietary allowances for biotin further complicates the landscape.
- Product Innovation: Manufacturers are innovating with capsules containing DHT blockers and omega-3, aimed at preventing follicle shrinking and controlling hair fall. Additionally, multivitamin hair gummies enriched with zinc and vitamins A, C, and E are gaining traction for promoting hair tissue growth and repair.
Market Analysis and Projections:
- The hair supplements market is projected to exceed US$ 2.86 billion by 2031, with a robust CAGR of 11.5%.
- North America currently holds the largest share of the global market, followed by East Asia and South Asia.
- Capsules dominate the market in terms of revenue, with a growing demand for gluten-free, soy-free, and non-GMO options.
Key Market Players and Strategies:
- Brand Strategies: Companies like Viva Naturals, Hair La Vie, and Nutrawise Health & Beauty Corporation are employing various marketing strategies, including social media campaigns and influencer collaborations, to increase product visibility.
- Product Diversification: Manufacturers are focusing on offering certified, high-quality hair supplements tailored to different consumer needs, such as gender-specific formulations and organic options.
- Strategic Partnerships: Partnerships with retail giants like Ulta and acquisitions by major corporations like Nestlé Health Sciences are shaping the competitive landscape and accelerating market expansion.
Transparency and Traceability
Consumer demand for transparency and traceability in the vegetable oils supply chain has surged. Companies are leveraging technological advancements to offer transparent supply chains, providing consumers with insights into sourcing and manufacturing processes. Establishing traceability enables companies to enhance product safety and quality, fostering consumer trust and loyalty.
Strategies Adopted by Key Players
Leading players in the vegetable oils market, including Cargill, Adani Wilmar Ltd., and Ruchi Soya Industries Ltd., are expanding their global footprint through strategic investments in manufacturing facilities and technology. Collaborations and partnerships are enabling companies to optimize production processes and enhance product quality, thereby capitalizing on emerging market opportunities.
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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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