Hair loss solutions gather momentum in South Korea
Younger men and women raise concerns of thinning hair
Hair loss, once a problem confined to middle-aged men, is increasingly a worry for younger Korean men and women. Consequently, the market for hair loss products and treatments is growing as people search for solutions. The market was estimated at KRW4 trillion last year, up from KRW400bn in 2004.
About ten million Koreans, 20% of the population, now experience hair loss. According to the government’s Health Insurance Review & Assessment Service, about 195,000 people were treated for hair loss in 2011, up from 184,000 in 2010. Men account for 90% of patients while people in their 20s and 30s now make up half patient numbers.
About KRW14.8bn was spent on treatments last year, up from KRW12.9bn in 2010. There are now about 90 oral medications to treat hair loss; KRW40bn was spent on these last year. Wig makers are doing well. According to Hi-Mo, Korea’s largest wig maker, the market reached KRW300bn in 2012, tripling from KRW100bn in 2004.
Sales of hair loss shampoos reached KRW130bn in 2012 about 28.5% of the entire shampoo market and sales are expected to increase.
