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Global Minoxidil market will witness over 4% CAGR from 2018 to 2024

Author : Ravi Chawat | Published Date : 2021-01-22 

The worldwide minoxidil market is expected to grow from its current value of USD 880 million to over USD 1200 million by 2024; according to a new research report by Global Market Insights, Inc. Rising consumer concern pertaining to receding hairlines, frequent hair loss due to changing lifestyle will drive minoxidil market growth. Busier lifestyles with increased stressed levels along with lack of protein intake will stimulate the product penetration. As per the report published by NAAF, in U.S. around 6.5 million population have alopecia areata and globally, over 147 million population or will develop alopecia areata in the coming years.

Favorable laws with respect to patents and labelling of topical hair treatment products will support the minoxidil market growth over the forecast period. Additionally, excessive consumption of medications such as anti-depressants or blood thinners has resulted in higher hair fall, thereby creating new growth opportunities for the industry growth.

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In 2018, the World Health Organization reported that the one in every six people in China is suffering from hair loss issues for the last few years. Moreover, statistics from the China based portal JD.com reported the major selling shampoos are comprised of hair loss prevention capabilities.

The use of natural oil in minoxidil products is among the key trending factor in the minoxidil market. Manufacturers are keen on producing green labelled products to have wide coverage for product positioning. However, the customers using conservative minoxidil expect similar results from the natural ingredients variant at the similar cost, which may challenge the product optimization and minoxidil price trend.

The disadvantages associated with minoxidil include scalp irritation in the case of men and facial hair growth in the case of women. Common side effects, including itching & burning/redness of the eye, difficulty to breathe, tachycardia, stiffness in the chest, and unexplained weight gain may hinder its usage and can restrain the minoxidil market growth.

5% minoxidil products generated more than USD 715 million revenue in 2017. Increasing demand for the higher effective scalp damage preventing products among men to maintain the remaining hair, re-growth of lost hair and nourishment of scalp coverage. The product provides superior performance against patchy hair loss and increasing non-vellus hair count. Rising hair loss issues among the male population are enhancing demand for the result-oriented or effective products in the minoxidil market.

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2% minoxidil will witness over 4% CAGR from 2018 to 2024. The 2% variant is used for hair growth in women witnessing thinning hair. Availability of mild topic hair treatment solution for women will induce demand for hair treatment products in several countries.  The solution reduces baldness at the front of the scalp and receding hairline among men and women.

North America minoxidil market was worth over USD 450 million in 2017. Early product adoption along with higher personal care spending in the U.S. are among the key reasons for expanding minoxidil industry. As per the United States Food and Drug Administration (FDA), around 500,000 people suffer from alopecia areata. Developing hair treatment market owing to early hair loss among men and women has significantly contributed to the business growth. New product development along with a willingness to spend exceedingly on hair treatment will create notable gains.

Asia Pacific minoxidil market is projected to observe more than 5% CAGR from up to 2024. Industry growth is credited by the rising disposable income per capita and improving living standards across the region. The highest population along with continuous attention to physical appearance is further expanding the market size.

The global minoxidil market share is highly consolidated in nature. The presence of key players, including A McNeil PPC Inc., Par Pharmaceuticals, and Dr. R. Pfleger Chemical Factory GmbH. Other prominent manufacturers are Renata Limited, Nanz MED Science, Pharma Private Limited, and Kumar Organic products. The companies develop their own supply chain network to capture a larger industry share. Competitiveness in the upstream portion of the value chain is primarily affected by factors such as the availability of skilled labor & raw material, brand, and investing upon tangible goods including equipment & machinery.

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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