Being part of the broader dermatology segment, haircare is growing more than twice as fast as the sector it belongs to, with demand being driven by the increasing awareness of hair-loss treatment, newer formulations, and younger patients seeking medical intervention.
The haircare market grew 24.3 per cent year-on-year to ₹1,287 crore in the moving annual total (MAT) ended September 2026, as against 10.7 per cent growth in the overall dermatology market, according to the PharmaTrac data, reviewed by Business Standard.
MAT represents cumulative sales over the preceding 12 months.
Growth picked up in September, with haircare sales surging 37.1 per cent year-on-year to ₹132.6 crore against 14.7 per cent growth in the dermatology market.
According to Sapale, growth led by volumes contributed 20.5 percentage points to September’s increase, while new products contributed 9.5 percentage points and price growth 7.2 percentage points.
Haircare unit sales also grew 18.7 per cent on an MAT basis, underscoring the role of rising demand rather than prices alone.
Minoxidil-based treatments account for a substantial portion of the market. Standalone minoxidil recorded MAT sales of ₹456.5 crore, growing 13.6 per cent, while minoxidil-finasteride combinations grew 32 per cent to ₹315.1 crore. Together, the two categories account for nearly 60 per cent of haircare sales. Hair restorers grew 28.9 per cent to ₹201.3 crore.
Sandeep Khandelwal, chief executive officer (Asia, Africa, Australia, CISUR & Global Generics India), Dr Reddy’s Laboratories, said the growth reflected a structural expansion of the category rather than just higher spending by existing patients.
“Hair loss is increasingly being recognised as a medical condition that can be diagnosed and managed, prompting more people to consult dermatologists earlier instead of relying only on cosmetic solutions,” he said.
Khandelwal also pointed to a greater interest among younger adults, supported by improved access to information, growing health awareness, and greater willingness to discuss hair-loss concerns.
The expanding market is creating opportunities for pharmaceutical companies. In the 12 months ended September 2026, Dr Reddy’s Mintop recorded sales of ₹184.7 crore, growing 18.8 per cent year-on-year, while its newer offer, Mintop Pro, went up 82.5 per cent to ₹20.8 crore. Intas Pharmaceuticals’ Morr-F expanded 31.3 per cent to ₹137.5 crore, while Cipla’s Tugain rang up ₹35 crore, up 2.6 per cent, according to PharmaTrac.
Khandelwal said the faster growth of newer offers reflected a shift to more comprehensive and value-added solutions.
Dr Smriti Naswa Singh, consultant dermatologist, Fortis Hospital, Mulund, Mumbai, said growing awareness had encouraged patients to seek medical advice rather than accept hair loss as inevitable.
“Earlier they would ignore it, thinking that managing hair loss was not possible, but now they approach us for treatment,” she said.
Dr Ruben Bhasin Passi, senior consultant, dermatology, CK Birla Hospital, Gurugram, said that an increase in consultation did not necessarily mean hair loss itself was becoming more common. Improved awareness and greater access to dermatological care could also be contributing.
Singh said minoxidil-finasteride combinations were prescribed selectively rather than to every patient, depending on the response to standalone treatment.
“Social media does influence demand. While influencers raise awareness about chemicals and actives that can be used by recommending over-the-counter products, that in turn creates unnecessary expectations,” Singh said.
Dermatologists have a word of caution against self-medication and unrealistic expectations because hair-loss treatments can take several months to show results.