Minoxidil Market Analysis

Regarding the product, the minoxidil market share is bifurcated into 2% and 5% concentration variants. The 5% concentration segment size is expected to grow at over 5% CAGR from 2023 to 2032. There has been a noticeable surge in men and women suffering from hair loss, owing to a number of factors, including stress, disease treatments, and hereditary conditions, which have boosted the uptake of hair care products. The increasing usage of 5% minoxidil solution in a range of hair care formulations will, in turn, augment segment gains.

North America minoxidil market size is projected to be worth over USD 1.3 billion by 2032. People in the region have been increasingly dealing with baldness, scanty scalp, and premature hair loss. This has prompted companies operating in North America to introduce effective hair care products. The availability of the chemical in numerous forms, such as tablets, injections, capsules, and gels, and the growing consumer inclination toward these products will foster new growth opportunities for the regional industry. U.S. minoxidil industry size exceeded USD 600 Million in 2020 and is estimated to grow at over 4.35% CAGR through 2027 due to growing number of individuals with hair loss problems along with increasing demand for hair care products should spur the product demand.