China’s Hair Care Market Poised for 22.3% Annual Growth Through 2030
SHANGHAI, June 10 – Hair restoration and treatment stocks reached yearly highs as China’s “appearance economy” fuels explosive demand for cosmetic dermatology services. The sector is projected to grow into a 138.1 billion yuan ($19B) market by 2030, with medical hair maintenance services accounting for 45.3% of revenue.
Key Growth Drivers
| Factor | Impact |
|---|---|
| Rising disposable income | 60% of urban consumers willing to pay premium for hair treatments |
| Technological advances | MN-FUE transplantation achieving 90%+ graft survival rates |
| Social media influence | Douyin hair restoration videos averaging 500M+ monthly views |
Notable Sector Players
- Zhendong Pharma (300158): Market leader in minoxidil topical solutions (FDA/NMPA approved)
- Huilong Co (002556): Produces state-approved hair growth tablets and topical solutions
- Aoyang Health (002172): Subsidiary Vienne Medical offers hair transplantation services
- Tiankang (301263): Developing baricitinib for alopecia treatment
Market Dynamics
The industry is evolving through three transformative trends:
- Service integration: 78% of hair clinics now offer combined transplant/maintenance packages
- Male dominance: 65% of clients are men aged 25-40 combating androgenetic alopecia
- Premiumization: Average spend per procedure rising 15% annually to ¥28,000
Regulatory Landscape
Recent developments include:
- NMPA approval for 5 new hair growth drugs in 2024
- Stricter licensing requirements for transplant surgeons
- Insurance pilot programs covering medical (non-cosmetic) hair treatments
“We’re seeing the professionalization of what was once a fragmented market,” noted CICC healthcare analyst Zhang Wei. “Chain clinics now account for 38% of industry revenue, up from just 12% in 2020.”
While the sector offers compelling growth, investors should note valuation multiples averaging 35x forward earnings – significantly above broader healthcare indices. The upcoming IPO of industry leader Boyalife Hair Clinic may provide a fresh benchmark for the sector.
Related topics:
