The worldwide hair extensions market size reached USD 2.35 billion in 2020. The market valuation is projected to increase from USD 2.38 billion in 2021 to USD 3.43 billion in 2028 at a CAGR of 5.3% over 2021-2028. The increased use of premium and sophisticated grooming products by people for various occasions to fit their appearances is expected to boost the worldwide hair extension market growth. This information is presented by Fortune Business Insights™ in its report titled “Hair Extensions Market, 2021-2028”.
Lockdowns and Raw Materials Unavailability Affected Market Demand
The worldwide COVID-19 pandemic impacted a variety of businesses due to lockdowns and other restrictions. As a result, major companies across all sectors, including fashion and beauty landscape, had difficulties closing business deals and meeting with channel partners. In addition, the lack of raw materials and the closure of spas and salons would have a negative impact on product utilization. Our research studies will assist you in determining the best plan for taking your company to the next level.
Fortune Business Insights™ lists out all the hair extension market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Great Lengths Universal Hair Extensions Srl (Italy)
- Balmain Hair Group B.V. (Netherlands)
- Hair Visions International (U.S.)
- Esqido (Canada)
- CAP. Original USA (U.S.)
- Cinderella Hair (U.K.)
- Racoon International (U.K.)
- Evergreen Products Group Limited (Hong Kong)
- Easihair Pro USA (U.S.)
- Hairlocs (U.S.)
Drivers & Restraints:
Rising Occurrence of Alopecia Areata to Augment Market Growth
The use of hair extensions is increasing for concealing hair loss. Hair extension market growth will be influenced by the increasing occurrence of baldness across the world. The National Alopecia Areata Foundation reports that roughly 6.8 million people had alopecia areata in 2020 in the U.S. These products, however, frequently cause hair breakage and headaches, which could hamper market growth slightly.
North America to Dominate Led by Rising Number of Hair Salons
North America hair extensions market share reached USD 0.83 billion in 2020. The regional growth is influenced by the presence of major beauty salons in the U.S. and Canada.. According to the Small Business Development Center Organization, there were roughly 77,000 beauty salons and 4,500 barbershops in the U.S. as of May 2020.
Asia Pacific will record robust growth led by the growing working women population, leading to increased spending on grooming products including hair extensions.
By Type, Human Hair Extension Segment to Prosper over 2021-2028
Based on type, the market share is trifurcated into human hair extension, synthetic hair extension, and animal hair extension. Among these, the human hair extension segment is expected to dominate the hair extension market share owing to its ability to natural blend with the customer’s hair. Meanwhile, the synthetic hair extension segment will experience robust demand as it is resistant to rainy conditions and humidity.
By End-User, Male Segment to Generate Monumental Demand through 2029
Based on the end-user, the market share is bifurcated into male and female. The female segment is anticipated to lead the global market owing to increasing availability of products aimed at female users. However, the male segment is anticipated to generate monumental traction during the forecast period led by growing occurrence of male pattern baldness among men.
Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Key Industry Development:
March 2019 – Westrow Group partnered with Great Lengths, which is owned by GREAT LENGTHS UNIVERSAL HAIR EXTENSIONS S.p.A., a hairdressing salon group based in Yorkshire. The deal helped Westrow expand its business in England, U.K.
Browse Detailed Summary of Research Report:https://www.fortunebusinessinsights.com/hair-extension-market-105688