Global Hair Extensions Market 2024–2033

Reports Description

As per the current market research conducted by Custom Market Insight Market Research Team, the global hair extensions market is expected to record a CAGR of 6.3 % from 2023 to 2030. In 2023, the market size is projected to reach a valuation of US$ 3.40 billion. By 2030, the valuation is anticipated to reach US$ 5.89 billion.

The Hair Extensions Market refers to the industry that produces and sells hair extensions – artificial hair that is added to one’s natural hair to increase length, volume, and/or add highlights. Hair extensions can be made from synthetic or human hair and are available in various styles, colors, and textures to suit different needs and preferences.

The market for hair extensions has been growing rapidly in recent years, driven by factors such as changing fashion trends, the increasing popularity of hair styling and hair care products, and the rising disposable incomes of consumers. Hair extensions are used not only for fashion and beauty purposes but also for medical purposes, such as to cover bald spots or to add volume to thinning hair.

The hair extensions market includes both online and offline retailers, as well as salons and beauty parlors that offer hair extension services. The market is highly competitive, with a large number of players vying for market share. Key players in the hair extensions market offer a wide range of products, including clip-in extensions, tape-in extensions, sew-in extensions, and fusion extensions. They also offer various services, such as customization, styling, and maintenance, to meet the needs and preferences of consumers.

The hair extensions market is projected to continue to grow in the coming years, driven by factors such as the increasing use of hair extensions in the fashion and entertainment industries, the rising popularity of social media influencers and beauty bloggers who promote hair extensions, and the growing demand for non-surgical hair restoration solutions.

COVID-19 ANALYSIS:

The COVID-19 pandemic has had a detrimental effect on the cosmetics industry, including the hair extensions market. With strict lockdown measures and the widespread closure of retail stores in the first half of 2020, consumer buying patterns in the beauty and personal care sectors were drastically disrupted. However, this situation presented an opportunity for manufacturers to focus on online sales channels, thereby mitigating some of the impacts of the pandemic.

To adapt to the changing circumstances, cosmetic firms have been optimizing their supply chains and increasing online sales. As the pandemic subsides and retail stores gradually reopen, there is an expectation that the opening of offline stores will drive an increase in product sales in the near future.

The hair extensions industry is experiencing significant growth, thanks to the increasing demand for hair extensions in the fashion and entertainment industry. This trend has led to a rise in the use of hair extensions for cosmetic purposes, driven in part by the acknowledgment of many actresses, models, and celebrities of their use of hair extensions. As the stigma surrounding hair extensions diminishes, the industry is experiencing an unprecedented opportunity for growth. In addition, factors such as increased consumer spending on lifestyle goods and grooming products, as well as growing disposable incomes in developing nations like China, India, and Brazil, have contributed to the surge in demand for hair extensions in the retail industry.

Consumers are using hair extensions more frequently to enhance their appearance and personality, which has led to a significant increase in the industry’s growth. To capitalize on this trend, suppliers are making hair extensions accessible in every location to boost sales.

The Hair Extensions Market – Growth Strategies

The hair extensions market is highly competitive, and companies are implementing various growth strategies to expand their market share. Here are some of the growth strategies that hair extension companies are adopting:

1. Product Innovation: Hair extension companies are investing in research and development to create innovative products that cater to the evolving demands of consumers. This includes developing new hair extension materials, colors, textures, and installation methods.
2. Brand Building: Companies are investing in building their brand image and increasing their visibility through various marketing and advertising channels. This includes collaborations with celebrities, social media influencers, and fashion brands to promote their products.
3. Expansion of Distribution Channels: Hair extension companies are expanding their distribution channels to make their products more accessible to customers. This includes opening new retail stores, partnering with salons and beauty supply stores, and expanding their online presence.
4. Acquisitions and Partnerships: Companies are acquiring or partnering with other businesses to expand their product portfolio or enter new markets. This helps them leverage the existing distribution channels and customer base of the acquired or partnered company.
5. Geographical Expansion: Companies are expanding their presence in new geographies to tap into the growing demand for hair extensions. This includes entering emerging markets with high growth potential and expanding into regions where the market is relatively underdeveloped.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Significant Growth Aspects of the Hair Extensions Market:

The hair extensions market has witnessed significant growth over the past few years.

Here are some of the factors that have contributed to the growth of the hair extensions market:

• Increasing demand in the fashion and entertainment industry: The growing use of hair extensions in the fashion and entertainment industry is one of the major factors driving the demand for hair extensions. Celebrities, models, and actresses have played a significant role in popularizing hair extensions, leading to an increase in demand among consumers.
• Changing fashion trends: Changing fashion trends have a significant impact on the hair extensions market. Consumers are increasingly looking for ways to change their hairstyle and appearance without damaging their natural hair. Hair extensions offer a non-invasive and quick solution for consumers to achieve their desired look.
• Technological advancements: Technological advancements in the manufacturing of hair extensions have led to the development of high-quality, natural-looking hair extensions that blend seamlessly with natural hair. These advancements have made hair extensions more accessible to a wider range of consumers.
• Increasing disposable income: Rising disposable income levels have enabled consumers to spend more on lifestyle and beauty products, including hair extensions. This trend is particularly prominent in emerging economies such as China, India, and Brazil.
• The growing availability of hair extensions: The growing availability of hair extensions in retail stores and online has made it easier for consumers to access hair extensions. This, in turn, has led to an increase in demand for hair extensions.

Overall, these factors have created a favorable environment for the hair extensions market to grow and expand, and the market is expected to continue to grow in the coming years.

Report Scope

Major Restraining Factors of the Market:

While the hair extensions market has seen significant growth in recent years, some factors may restrain its growth.

Here are some of the restraining factors:

High cost: High-quality hair extensions can be quite expensive, which can be a significant barrier for some consumers. Additionally, the cost of maintaining hair extensions can also be high, which may limit their appeal to some consumers.

Limited availability of high-quality hair: High-quality, natural-looking hair extensions can be difficult to find, as there are limited sources of high-quality hair. This can result in a limited supply of high-quality hair extensions, which can impact the availability of the product in the market.

Negative impact on natural hair: Improper installation or maintenance of hair extensions can damage natural hair, leading to breakage and other issues. This can deter some consumers from using hair extensions.

Lack of regulation: The hair extensions market is largely unregulated, which can lead to inconsistencies in product quality and safety. This lack of regulation can also make it difficult for consumers to know what they are getting when they purchase hair extensions.

Cultural and social taboos: In some cultures and social circles, hair extensions may be viewed as taboo or unacceptable. This can limit the appeal of hair extensions to certain consumers and limit the market’s potential.

Overall, these factors can impact the growth of the hair extensions market, but with proper education and regulation, they can be addressed and overcome.

Category-wise Insights:

By Type:

The hair extensions market is segmented by type into synthetic hair extensions, human hair extensions, and animal hair extensions. Among these segments, the human hair extensions segment held a major share of the market in 2021, and it is projected to grow at a significant CAGR during the forecast period.

The demand for human hair extensions is increasing due to their natural look and feel, which can be treated using the same methods as natural hair. Additionally, human hair extensions have a longer lifespan, making them a popular choice among consumers, which is driving the growth of the market.

By Fitting Type:

The hair extensions market is segmented by fitting type into clip-in, micro link, tape-in, and glue-in extensions. Among these segments, the clip-in segment held a major share of the market in 2021 and is expected to grow at a significant CAGR during the forecast period.

The demand for clip-in hair extensions is increasing due to their ease of application and temporary nature. Clip-in extensions use pressure-sensitive clips, which do not cause damage to natural hair. Consumers seeking a quick and effortless change of hairstyle are driving the demand for clip-in hair extensions.

By Distribution Channel:

The hair extensions market is segmented by distribution channel into retail stores, supermarkets, and e-commerce. In 2021, the retail store’s segment accounted for a major share of the market and is expected to grow at a significant CAGR during the forecast period. Retail stores provide attractive discounts on a wide range of products, making them popular among low- and middle-income social groups.

The cosmetics industry has seen a surge in popularity as a result of retail stores’ wide selection of products offered at reasonable rates. Retail stores also offer a comprehensive range of products under one roof, allowing for categorized product display. These factors are contributing to the growth of the market, particularly among individuals with low to moderate incomes.

By End Use:

The hair extensions market is segmented by end-use into professional and personal. In 2021, the professional segment dominated the market share and is expected to grow at a significant CAGR during the forecast period. The demand for hair extensions in the professional sector is on the rise. The use of hair extensions for cosmetic purposes has increased significantly due to the admission of many actors, models, and other celebrities wear hair extensions. This commercial development has opened up new avenues for growth in the hair extensions market.

Region-wise Analysis:

The hair extensions market can be analyzed on a regional basis, covering key regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe held significant shares in the global hair extensions market in 2021 and are expected to maintain their dominance during the forecast period.

The market growth in these regions is attributed to the presence of a large number of cosmetic manufacturers and a high demand for hair extensions for personal and professional purposes. Additionally, the increasing trend of celebrities openly using hair extensions and rising disposable income among consumers are driving the demand for hair extensions in these regions.

The Asia Pacific region is expected to witness substantial growth in the hair extensions market during the forecast period. The rising demand for hair extensions in countries such as China and India is a significant factor contributing to the growth of the market in this region. Increasing awareness about hair care and grooming products among consumers is also fueling the demand for hair extensions in this region. Moreover, the growing number of salons and beauty parlors in developing economies is likely to create a favorable environment for market growth.

Latin America and the Middle East & Africa are expected to witness moderate growth in the hair extensions market during the forecast period. The growing awareness about hair care and grooming products among consumers in these regions is driving the market growth. Additionally, the increasing number of beauty salons and rising demand for hair extensions for special events such as weddings and parties are contributing to the growth of the market in these regions.

Competitive Landscape:

Major players in the hair extensions market are implementing key market strategies, such as mergers, acquisitions, product launches, partnerships, and collaborations to strengthen their market reach and maintain their position in the highly competitive market.

June 2022 – college friends will start a website called The WAEVE . It will offer mostly high-quality content for black people. The WAEVE team said it would release a set of six different kinds of wigs four times a year and give 2% of its profits to charities. Customers who buy hair extensions will also get a beginning kit with scissors, tweezers for plucking the hairline, a silicone grip, and four wig caps in two different colours.

List of the prominent players in the global Hair Extensions Market:

• Jon Renau
• Hairlocs
• Hairdreams Haarhandels GmbH
• So Cap USA
• Shake-N-Go Inc
• Mayvenn
• Hairlux
• Balmain Hair Couture
• Beauty Industry Group Inc
• The Gorgeous Hair
• Evergreen Products Group Limited
• SalonLabs Exports India Pvt Limited
• Great Lengths S.p.A Societa Benefit
• Perfect Locks LLC
• Locks & Bonds
• Others

The global Hair Extensions Market is segmented as follows: