Minoxidil Market to register extensive growth via personal care products

6:36 AM, 15th January 2021
- Rise in hair loss problems owing to excessive hair color application and harmful hair styling products is encouraging product adoption, supporting growth of the global Minoxidil market.

Worldwide Minoxidil market is forecast is to cross the $1 billion mark by 2024. Highly competitive personal care products market has prompted industry players to make robust investments in advertisements to attract more customers. In the cosmetics & personal care market, hair care products account for a substantial share. Consumer willingness to spend on branded and certified hair care products may fuel the demand for minoxidil over the coming years.  

Speaking in terms of product type, 5 percent product concentrate leads minoxidil industry owing to increasing demand for medicines with high dosage and minimal side effects. Such high concentration is effective in stimulating growth of ASCs (adipose-derived stem cells) in the scalp and reducing hair thinning. Also, rise in hair loss problems owing to excessive hair color application and harmful hair styling products is encouraging product adoption. Moreover, product advancement to eliminate irritation and burning sensation will further escalate product demand over the coming years.

Speaking in terms of the product spectrum, 5 percent minoxidil products stood out as one of the biggest revenue generators of minoxidil market. Reliable sources claim that, 5 percent minoxidil market procured a business share of $715 million in 2017 and is likely to grow at a prodigious pace over the stipulated time.

2 percent products concentrate is likely to witness heavy demand owing to improved quality and higher effectiveness. The product directly stimulates hair growth through dermal papilla and the epithelial cells. The concentration reduces baldness at the front, as well as receding hairline. It also imparts minimal side effects and is suitable for sensitive skin. Additionally, increasing utilization of topical supplementation to boost hair density may influence product demand.

The pervasiveness of hair loss amongst different age groups is prompting the need for high quality personal care products. Unprecedented competition in the personal care market, paired with robust investments for commercialization is augmenting personal care products industry expansion.

The market is further segmented into hair care and skin care products that add to the business development on the long run. For records, WHO in 2018 released a report which stated that nearly one in every six people in China suffers from hair loss worries. Supporting this, the China based JD.com portal recorded huge sales of shampoos for hair loss prevention.

North America region is expected to dominate global minoxidil industry owing to heavy adoption of hair-loss therapy products. As per the American Hair Loss Association, around 80 percent of men experience hair loss above the age of 50. Also, more than 21 million women suffer from hair loss and receding hair-line problems, out of which 40 percent opt for active treatments. Rising consumer inclination towards safe and healthy hair loss treatment products along with availability of oral medication will drive regional industry growth over the analysis period.

Asia Pacific minoxidil market is poised to witness substantial growth owing to expanding geriatric base, who are more prone to hair-loss problems. According to the ESCAP, in North & Central Asia, the population ratio aged 60 and above will increase over 24 percent by 2050, which was around 16 percent in 2016. Increasing aging population experiencing bald headedness across the region may foster minoxidil market size.

Key players operating in minoxidil market include McNeil PPC, Dr. R P Fletcher Chemical Factory and Par Pharmaceuticals. Other major market participants include Nanz Mad Science, Renata limited and Kumar Organic products.

Browse key industry insights spread across 187 pages with 199 market data tables & 14 figures & charts from the report, “Minoxidil Market size by product (5 percent, 2 percent), industry analysis report, regional outlook, growth potential, price trends, competitive market share & forecast, 2018 – 2024” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/750

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Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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