Pune, India, Aug. 20, 2021 (GLOBE NEWSWIRE) -- The global hair extension market is set to gain impetus from the increasing utilization of premium and stylish grooming products by people as per various occasions to suit their appearances. Mandom Corporation, a Japanese cosmetics manufacturer, for instance, declared that in 2017, the company earned around 7.89 billion Japanese yen within the female grooming segment. The number is set to surge in the upcoming years. This information is given by Fortune Business Insights™ in a report, titled, “Hair Extension Market Size, Share & COVID-19 Impact Analysis, By Type (Synthetic, Human, and Animal), By End-User (Male and Female), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 2.35 billion in 2020. It is projected to grow from USD 2.38 billion in 2021 to USD 3.43 billion in 2028 at a CAGR of 5.3% in the forecast period.
COVID-19 Pandemic: Shutdown of Salons and Shortage of Raw Materials to Hinder Growth
The outbreak of COVID-19 pandemic worldwide has affected numerous industries owing to strict lockdown and shutdown of companies. Hence, they are facing difficulties in closing their business deals and meeting their channel partners. It is anticipated to impact the hair extension industry severely. Also, the shortage of raw materials and closure of spas and salons would also affect the usage of the product negatively. Our research reports will help you find the best strategy to take your business to a whole new level.
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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 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.
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.
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.
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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.
Fortune Business Insights profiles some of the prominent companies operating in the hair extension market. They are as follows:
- Great Lengths Universal Hair Extensions Srl (Roma, Lazio, Italy)
- Balmain Hair Group B.V. (Netherlands)
- Hair Visions International (Florida, USA)
- Esqido (Toronto, Canada)
- 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)
KEY INDUSTRY DEVELOPMENTS:
- October 2019: Beauty Industry Group (BIG) acquired Germany-based Hairtalk GmbH to strengthen its presence across North America and Europe. It would also enable Hairtalk to provide high-quality salon products to its salons and distributors to solidify its position.
- November 2019: Great Lengths joined hands with Westrow, an award-winning hairdressing salon group based in Yorkshire. This would allow the former to blend its education program with the latter’s training programs.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Global Hair Extension Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Synthetic Hair Extension
- Human Hair Extension
- Animal Hair Extension
- By End-User (Value)
- Male
- Female
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued...!
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