The global hair extension market size is projected to grow from USD 2.38 billion in 2021 to USD 3.43 billion in 2028. As per a published report by Fortune Business Insights™, titled, “Hair Extension Market, 2023-2028,” the market stood at USD 2.35 billion in 2020. It is set to exhibit a CAGR of 5.3% in the forecast period during 2023-2028.
List of Key Players Profiled in the Hair Extension Market Report:
- CAP. Original USA (Florida, USA)
- Cinderella Hair (London, UK)
- Racooninternational (United Kingdom)
- Evergreen Products Group Limited (Hong Kong)
- Easihair Pro USA (United States)
- Hairlocs (California, USA)
- Great Lengths Universal Hair Extensions Srl (Roma, Lazio, Italy)
- Balmain Hair Group B.V. (Netherlands)
- Hair Visions International (Florida, USA)
- Esqido (Toronto, Canada)
Report Coverage-
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Increasing Cases of Alopecia Areata to Augment Growth
Most of the people nowadays are using hair extensions to hide their hair damage issues. The surging prevalence of casts, alopecia, and hair loss is expected to drive the hair extension market growth in the near future. The National Alopecia Areata Foundation, for instance, mentioned that as of 2020, approximately 6.8 million people in the U.S. are suffering from alopecia areata. At the same time, the increasing usage of chemical-based shampoos would aid growth. However, these products can often cause hair breakage and headache. It may hamper their demand.
Segments-
Synthetic Segment Held 43.92% Share in 2020: Fortune Business Insights™
By type, the market is trifurcated into animal, human, and synthetic. Out of these, the synthetic segment generated 43.92% in terms of the hair extension market share in 2020. This growth is attributable to its ability to resist rainy and humid weather.
Factors Affecting the Growth of the Hair Extension Market:
- Fashion Trends and Influences: Hair extensions often follow prevailing fashion trends. Celebrity endorsements, social media influencers, and popular culture can significantly impact the demand for specific types of hair extensions, driving market growth.
- Beauty and Cosmetics Industry: The growth of the beauty and cosmetics industry has a direct impact on the hair extension market. As people seek ways to enhance their appearance, the demand for hair extensions as a styling option increases.
- Media and Advertising: Effective marketing and advertising campaigns can boost awareness and interest in hair extensions. Through various media channels, manufacturers and sellers can reach a broader audience, leading to market expansion.
- Technological Advancements: Innovations in hair extension technology, such as improved attachment methods, more realistic textures, and longer-lasting products, can attract more customers and drive market growth.
- Consumer Income Levels: Disposable income levels influence consumers' willingness to spend on luxury and beauty products, including hair extensions. During periods of economic growth, consumers might be more inclined to invest in such products, positively impacting market growth.
- Cultural Diversity and Inclusion: Hair extensions cater to a diverse range of hair types and styles. As societies become more diverse and inclusive, the demand for hair extensions that cater to different hair textures and ethnic backgrounds can drive market expansion.
- Special Occasions and Events: Events like weddings, proms, and parties often lead to increased demand for hair extensions as people seek to achieve specific looks for these occasions.
- Changing Lifestyles: Busy lifestyles often prompt individuals to look for quick and easy ways to change their appearance. Hair extensions provide a convenient solution, leading to sustained market growth.
- Product Quality and Reputation: Positive customer experiences and high-quality products contribute to positive word-of-mouth, customer loyalty, and repeat business, all of which support the growth of the market.
- Distribution Channels: Effective distribution channels, including both physical stores and online platforms, play a crucial role in reaching a wide customer base and driving market growth.
Regional Insights-
Rising Number of Beauty Salons in the U.S. & Canada to Help North America Grow
Geographically, North America stood at USD 0.83 billion in terms of revenue in 2020. This growth is attributable to the presence of numerous beauty salons in Canada and the U.S. According to the Small Business Development Center Organization, as of May 2020, in the U.S., there are 77,000 beauty salons and 4,500 barbershops. Asia Pacific, on the other hand, is set to remain at the forefront on account of the rising working women population in the region. This would further accelerate them to spend more on grooming products, including hair extensions.
Competitive Landscape-
Key Players Focus on Acquisition Strategy to Strengthen Their Positions in Market
The global market contains a large number of companies that are presently striving to strengthen their positions globally. Hence, they are engaging in the merger and acquisition strategy with local salons and novel hair product manufacturers.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/hair-extension-market-105688
