The hair growth cycle consists of three main phases: the Anagen phase (growth phase), the Catagen phase (transitional phase), and the Telogen phase (resting phase). During the Anagen phase, hair follicles are actively producing new hair cells. The Catagen phase marks the end of active growth, and the hair follicle begins to shrink. The Telogen phase is when the hair follicle is in a resting state before shedding and beginning a new cycle.