Hair Extension Market Size Anticipated To Reach USD 10.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00%
Market Research Future has recognized the following companies as the?key players in the global hair extension market:?GREAT LENGTHS UNIVERSAL HAIR EXTENSIONS SRL (Italy), BALMAIN HAIR GROUP B.V. (Netherlands), Easihair pro USA (US), SO.CAP. ORIGINAL USA (US), Donna Bella Hair (US), Cinderella Hair Extensions (US), Racoon International (UK), Viva Femina, Inc. (US), Femme Hair Extensions (US) and Evergreen Products Group Limited (China).
Market Highlights
Hair extension Market Size was valued at USD 6.8 billion in 2022. The hair extension market industry is projected to grow from USD 7.2 Billion in 2023 to USD 10.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030).?
Hair extensions have been accepted in the hair beauty market since the last 3 decades. However, in recent years the global market demand for hair extensions has increased greatly as consumers are growing conscious about their looks or appearance.
Furthermore, increasing use of hair extensions as a substitute of hair coloring owing to growing awareness among the consumers about the damage caused to hair due to coloring chemicals is growing the global market demands. Moreover, the growth in the overall professional beauty industry in the various regions along with easy availability of hair extension products in offline stores and e-commerce platforms is contributing the growth of the overall market
Segmental Analysis
?The global hair extension market has been segmented based on product type, end-user, distribution channel, and region.
Based on product type?the global market has been segmented into synthetic hair extension, human hair extensions and animal hair extension.?The?human hair extensions segment accounted for the largest market share of 54% in 2021.?Hair extensions made from human hair are the major types of hair extensions used in the market. The segment occupied a considerable share in 2021 owing to several advantages such as longer life span, and will remain soft, silky and healthy with correct care, use & storage.
?Natural hair extensions can last up to 24 months or three years depending on the care. In addition, authentic human-hair additions blend well and can be quite impossible to differentiate from ones natural hair.
Moreover, with the growing image consciousness among the millennial generation along with the increased demand for natural appearance, extensions made with natural hair being considered over the synthetic ones although they are much more expensive. In addition, as consumers willing to spend on premium hair extensions, the demand for human hair extensions will rise over the coming years.
Based on the end-user, the global hair extension market has been segmented into female and male. The female segment accounted for a larger market share of 79% in 2021.?Women are the major end-users of hair extensions. Majority of the products available in the market are designed for women.
In addition to that, the growing number of working women along with increasing availability of different styles and colors in hair extensions are further propelling the growth of the segment. One of the main reasons for the popularity of the industry is the growing social media penetration and rising disposable income among women. In addition to that, growing hair loss problems among women will further aid the development of the market.
Based on distribution channel, the global hair extension market has been segmented into?store-based and non-store-based. The store-based segment accounted for a larger market share of 75% in 2021.?The store-based segment has been divided into supermarkets & hypermarkets, specialty stores, and others.?Among them, the sales volumes generated from the specialty stores occupied 64.03% of the market in 2021.?
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Specialty stores segment comprises of the sales from specialty retail channels that provide hair extensions and intermediaries such as hair salons and hair stylists. Majority of the hair extensions procedures are only performed by highly skilled professional. In addition, the application of hair extensions also requires use of several equipments and advanced technological devices which are only available in salons or specialty centers.
Regional Analysis
On the basis of region, the?hair extension?market?has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis,?Asia Pacific dominates the hair extension market with a market share of 35.7% with a CAGR of 6.6% during the forecast period 2022-2030.?Among the Asia-Pacific countries, China is the largest contributor to the hair extensions market in the Asia Pacific region.
Globalization has affected China in terms of economic growth and political affairs because it has opened up markets for Chinese people. Open markets have brought in an influx of foreign products and foreign advertisements advocating different treatments and looks.
The Chinese clientele has responded positively to this influx of foreign good thus foreign beauty products have flourished. North America accounted market share of 28.7% of the global??hair extension?market in terms of value in 2021 growing at a CAGR of 6.0% during the forecast period.?
The market is expected to witness significant growth, following the surge in expenditure pertaining to hair styling. In addition, emerging trends in fashion, and social media’s influence toward aesthetically appealing looks, is also expected to boost the market growth in the region. Europe?dominates the hair extension market with a market share of 22.4% with a CAGR of 5.6% during the forecast period 2022-2030.?
The EU5 will majorly push the growth of the region’s market landscape. Nevertheless, Nordic countries and other developing countries are also expected to aid the market growth as product availability broadens and as purchasing power increase among consumers. Germany is the largest hair extension market in Europe and occupied 24.75% of the European market in 2021. Culture influence in terms of fashion, and frequent international fashion shows has propelled the demand for hair extensions in the country.
In addition to that, the rising availability of hair extension products on ecommerce channels will boost the growth of German hair extensions products. Furthermore, growing promotional activities and endorsements by celebrities for advertising hair extension products will have a positive impact on the growth of the German hair extensions market.
Moreover, with a further increase in the disposable income of the population along with the changing fashion trends expected over the coming years, the demand for hair extension will rise in Germany during the forecast period. Rest of the World holds a market share of 13.2% of the global hair extension market in 2021, growing at a CAGR of 4.8% during the forecast period.?
Rest of the World region comprises of the South America, Middle East & Africa region. Among them, Africa accounted for the largest market size of USD 864.9 Million in 2021 and is expected to reach a market size of USD 1252.2 Million by 2030. The African market is also anticipated to grow at a CAGR of 4.8% from the period of 2022 to 2030.
Key Findings of the Study: