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You might not be a fan of greasy hair (although the look is kinda in vogue now), but it’s hard to ignore the growing number of people oiling their manes.
Hair oils, known for boosting hair and scalp health, are having a moment:
- On TikTok, #hairoiling has garnered almost 2B views
- Hair oil sales growth has surpassed the overall hair category by 1.5x this year
- Sales of scalp care products grew 24% YoY (Q1 2023 to Q1 2024)
Source: Google Trends, six-month rolling average
The signal: Folks are taking care of their hair the same way they do their skin, with a focus on foundational health.
Amazon searches for hair oil products are trending up, too. The most notable is “batana oil for hair growth,” whose search volume grew 200%+ in the last month to reach 1.1m, per Jungle Scout.
And this $9 hair strengthening oil racks up $1.8m+ in monthly revenue.
Oil it to grow it. Source: Jungle Scout
So What Does This All Mean?
It’s a great opportunity to bring innovative hair products to market that play up the health angle.
The global hair care market reached ~$100B last year. The scalp care segment alone is set to reach $21B by 2030.
👉 One high-growth area is personalization.
A survey shows that 79% of people can’t find products tailored to their hair type and needs, and over half don’t even know their hair type. Companies are already embracing AI to meet these needs, from Myavana’s new hair system to Perfect Corp.’s hair analytics tool.
👉 Look into newer ingredients and supplements.
Folks are always looking for cleaner, more weird-sounding ingredients in their hair care routine. If there’s a supplement to take, even better. Content products that review, explain, or even debunk all this stuff could be in high demand.
👉 Something more physical
Why stop at facials? Let’s get the scalpcials going. Scalp massage is trending, and 114k global searches go to «scalp massager» every month. You can either sell the tools or start a service specializing in scalp care.
How to Build (or Scale) A Hair Product in 2024
There’s no shortage of ideas, but our real gift to you is from an expert operator who built a $25m business focusing on hair loss.
Meet the founder of Boldify, Mike Viskovich.
Source: LinkedIn
Trends featured Boldify back in 2020, when it only had one hair thickening product (and $5m in annual recurring revenue).
Today, the business is growing strong on all fronts:
- It launched dozens of new products
- It reached $25m+ in ARR, and is on a clear path to nine figures
- Content about its hairline powder racked up millions of views on TikTok
Here are Mike’s recommendations for anyone who wants to get in on the hair space in 2024:
1. Get Really Good at Amazon
A whopping 95% of Boldify users check out on Amazon, their biggest sales channel.
Mike was early to the platform and “tried every single marketing trick and hack there is.”
He attributed Boldify’s initial success to getting really good at leveraging the Amazon ecosystem, from customer service to fulfillment, which also helped him keep the team lean.
Your product’s best channel could be Amazon, or Shopify, or something else — the idea is to pick one and get really fluent with it.
2. Lean on TikTok for Brand Awareness
The last year or so, Boldify enjoyed an influx of customers because their hairline powder product took off on TikTok.
Users found an alternative way to use the powder – instead of concealing hair loss (which tailors to a slightly older crowd), younger blondes are now using it to cover up their roots.
Boldify of course leaned on the organic momentum, and amplified it by investing in influencer partnerships.
“If I were to launch a new product today, I would try to get it into the hands of as many people on TikTok as possible,” Mike said. “You don’t even need a lot of money — just do a free product and then exchange for a post.
With direct-to-consumer ads getting so expensive, product seeding on TikTok is the best acquisition bet for new brands.
“TikTok is where it’s at. If you’re a beauty brand, as far as I’m aware, there’s no better place to get that kind of virality, cheap CPMs, and awareness right now,” Mike said.
3. Make A Social Sharing-Friendly Product
A key feature of the hairline power was that it’s instantly demonstrable.
You can see the “before and after” effect right away in a short video, which makes it easy for TikTok users to engage and share.
Source: Giphy
And it caught on like wildfire: TikTok gave a huge boost to Boldify’s branded search. Now consumers go on Amazon with the specific intent to find Boldify, instead of general search queries.
4. There’s Always Room to Innovate
Mike started Boldify because the existing market incumbent was too expensive, so he found a price advantage right away.
Since the cost of starting a hair thickener product wasn’t too high, he bootstrapped the business from day one.
With small pivots and adapting to changing trends, Boldify managed to stay relevant, profitable, and growing all these years.
It’s easy to think that you’ve missed the boat on a trend, or are too late to a market, but there’s always room for adding your own spin to things because the world is changing fast.
“It really comes down to being creative and doing something different,” Mike said. “You’ve got to be product-first and trend-first.”
So there you have it. There’s no better time than now to get in on the hair and scalp health movement.
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