New York, April 26, 2023 (GLOBE NEWSWIRE) -- Hair Extension Market Overview
Market Research Future (MRFR) 's report highlights Hair Extension Market Information By Product Type, End User, Distribution Channel, And Region - Forecast till 2030, the market will achieve USD 10.2 billion by 2030 at a 6% CAGR.
Market Synopsis
End users are using hair extensions more frequently to improve their appearance. The growth of the hair extensions market is driven by increased consumer spending on products that improve one's appearance and personality. To increase the sales of hair extensions, suppliers are working to make them available everywhere. Fashionistas pay close attention to their appearance & sense of style when they attend public events. Consumers today use more fashionable, high-end grooming products to match their appearance to temporary needs. As a result, businesses will have more opportunities to create such cutting-edge products. The rising demand for multi-colored hair wigs and extensions among celebrities and artists will probably create growth opportunities for newer artificial hair integrations.
More opportunities are anticipated as customized installation-based hairdressing services become more widely available. Therefore, people use cutting-edge artificial hair integration items to create hairstyles that suit the occasion. In addition, consumers' acceptance of newer hairstyles and shifting fashion trends are two other positive factors driving demand and supply for the product. As hair products are extremely helpful in concealing split ends, keeping hair density, and dyeing the wig without jeopardizing the root health, doctors and fashion experts strongly advise using them. Additionally, the earnings of hair extensions benefit from the market participants' trend of product innovation. In the upcoming years, market growth for hair extensions is anticipated to be fueled by various factors, including decreasing hairlines, alopecia, and others.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 10.2 Billion |
| CAGR | 6% CAGR (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, End-User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Use of Artificial Hair as A Substitute of Hair Coloring |
| Growing Hair Loss Issues to Drive the Growth of Market |
Market Competitive Landscape –
The vital contenders in the hair extension market are:
- Great Lengths Universal Hair Extensions Srl (Italy)
- Balmain Hair Group B.V. (Netherlands)
- Cinderella Hair Extensions (U.S.)
- Racoon International (U.K.)
- Viva Femina Inc. (US)
- Femme Hair Extensions (U.S.)
- Easihair Pro USA (U.S.)
- Cap. Original US (U.S.)
- Donna Bella Hair (U.S.)
- Evergreen Products Group Limited (China)
Market U.S.P. Covered
Market Drivers
Due to their enormous popularity in the retail industry, hair extensions are in high demand. This demand is largely due to rising human spending on grooming products, rising lifestyle product spending, and growing disposable income in developing countries like China, India, Brazil, and others. Additionally, a lack of raw materials like human and synthetic hair resulted from supply disruptions caused by different constraints imposed by local governments to avert the virus's spread. Deliveries of raw materials and finished products were slowed down or stopped during this time, significantly impacting global product demand.
The use of hair extensions and wigs by young people and millennials to enhance their overall appearance is predicted to fuel the sector's expansion. Social media's growing impact in promoting hairpieces and extensions and celebrity endorsements are some of the other major drivers of the industry's expansion. During the forecast period, a change in consumer purchasing habits is anticipated to impact hair extension sales positively. Additionally, sales for hair extensions are rising due to consumers' desire for longer, denser hair.
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Market Restraints
The rising prevalence of headaches and breakage of hair from using these kinds of goods is predicted to restrain the projected expansion of the hair extension industry. Additionally, people spend much time gluing their wigs and extensions of hair to their head's roots. This kind of element might limit the demand for the product. Furthermore, it's anticipated that the budding popularity of hair styling instruments like curlers, bands, hair straighteners, and others will limit market revenues.
COVID 19 Analysis
Due to the global lockdown brought on by the COVID-19 pandemic, the personal care and beauty industry, including the wig and extension market, was significantly impacted. Companies have trouble physically meeting with their channel partners and concluding business deals due to lockdown restrictions in numerous nations worldwide. This will significantly impact the companies' product revenues. Additionally, factors like barbershop closures and a shortage of unprocessed hair supplies due to lockdown restrictions may significantly slow the rate at which products are consumed by the population worldwide. People prefer to stay indoors, though, to avoid contracting the coronavirus. This will cause a change in consumer behavior toward private grooming, cleanliness, and beauty-related activities indoors, increasing residential consumers' demand for such devices.
Market Segmentation
By end-user, the market includes females and males. By product type, the market includes synthetic hair extensions, human hair extensions, and animal hair extensions. By distribution channel, the market includes store-based and non-store-based.
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Regional Insights
North America holds the second-largest share of the hair extension industry market, where many beauty salons contribute to the region's high product consumption rate. The changing tastes of female consumers for premium goods will also aid in expanding the regional market. Additionally, the region's growing craze for Halloween merchandise leads to extensive hair accessories use in various costumes, further fueling the sector's expansion there. Additionally, the U.S. hair extension market had the largest share of the market, and the hair extension market in Canada was expanding at the fastest rate in the area.
From 2022 to 2030, the Europe hair extension market is anticipated to experience the fastest CAGR growth. Celebrities and fashionistas typically use high-end personal care products, such as trimmers, plugins, straighteners, and others, to prepare for regular fashion displays. As a result, the regular debuts of renowned fashion events would drive the product use rate in Europe. Additionally, the U.K. hair extension market had the largest market share, and the hair extension market in Germany was expanding at the fastest rate in the region.
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