The hair extension market is valued at US$ 2,721.8 million in 2023. In 2022, the valuation was US$ 2,573.9 million. The market is projected to increase at a CAGR of 6.3% from 2023 to 2033. By the end of the forecast period, the value of the hair extension market is expected to reach US$ 5,000.2 million. Rapid changes in lifestyle coupled with increasing product availability will likely boost the market over the forecast period.
Rapid changes in lifestyles, a preference for longer, denser hair, and an increase in product availability are contributing to the rising demand for hair extensions. The existence of side effects in hair transplant procedures and with hair restoration drugs further propel the market for hair extensions. The hair extension market is also fueled by an increase in consumer expenditure on appearance and personality-enhancing products. The increasing popularity of grooming products and elevated spending on the same will account for market growth during the assessment period.
Rising disposable incomes in emerging economies like Brazil, India, and Argentina among others will likely boost the sales of hair extensions during the forecast period. Additionally, marketing and promotional strategies focusing or based on consumer buying trends are expected to impact the global hair extensions market.
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“Increase in product availability along with side effects associated with hair transplant procedures will raise the sales of hair extensions in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Release of new hair extension products with multiple functions is expected to supplement market growth over the forecast period.
- Increasing spending on grooming will account for market expansion.
- North America exhibits substantial growth potential in the market.
- Rising e-commerce propels the Asia Pacific market towards growth.
- Europe hair extension market will witness significant growth due to shifting consumer behavior.
- Rising disposable incomes in countries like India, China, Brazil, and Argentina will positively influence the market over the forecast period.
Competitive Landscape
BELLAMI Hair, Godrej, Great Lengths, Klix Hair Extension, Evergreen Products Group Limited, Great Lengths, Balmain Paris Hair Couture, Beauty industry group Qingdao Organic Hair Ltd., Hair Dreams, Hidden Crown, Hair Addictionz, Femme Hair Extension, Hairlocs, Easihair, Socap, and Cinderella Hair among others are some of the key organizations operating in the hair extensions market that are profiled in the full version of the report.
Key players in the hair extension market are employing tactics like mergers and acquisitions to achieve market expansion. They are investing in research and development to improve their product portfolios and gain a competitive advantage.
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More Insights into the Hair Extensions Market Report
In its latest report, FMI offers an unbiased analysis of the global returnable transport packaging market, providing historical data from 2017 to 2021 and forecast statistics for the period 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on fitting type, sales type, sales channel, and region.
Hair Extensions Market Regional Analysis
According to the latest report by FMI, North America is expected to lead the global hair extension market. This is possible due to the presence of a massive number of hair extension manufacturers and organizations. Rising disposable incomes and accelerated urbanization in Latin America will boost market prospects in this region for the forecast period.
Rising e-commerce will likely propel the hair extension market in the Asia Pacific region. An increase in disposable incomes in emerging economies like India and China will contribute to market growth. Additionally, regions like the Middle East and Africa will register a boost in the market due to increasing consumer spending on grooming products.
Rapid shifts in consumer behavior will have a positive impact on the Europe hair extension market.
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