In 2023, the hair extension market is expected to reach a value of US$2,721.8 million, up from US$2,573.9 million in 2022. Market growth is forecasted to achieve a 6.3% CAGR between 2023 and 2033, with the hair extension market projected to be valued at US$5,000.2 million by the end of the forecast period.
For some people, hair loss issues are just something that happens naturally. Issues like thinning hair, bald spots and other causes of losing hair are making people look for answers. Hair extensions are becoming one of the most liked ways to solve this problem. Hair extensions are better than drugs and surgery for hair growth. They have less side effects, cost less money compared to surgery.
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Hair extensions are also becoming famous as a style trend. The growing range of hair extensions is very important for increasing the use of products. Different types of hair extensions like wavy, curly, and smooth ones help make the product more varied. These include silky hair too. Different colored hair extensions are also good for the market.
People in the market want real products. So, Remy hair extensions are becoming very popular. To help make things real, makers are getting hair from Vietnam and India. In North America, it’s clear that many people buy hair from places in Asia. Hair extensions are starting to look more and more real.
“The fashion industry has a key role in the hair extension market. Companies seek celebrity endorsements to influence the younger crowd. Various fashion trends in hair are also achievable through hair extensions. Companies in the hair extension market have the opportunity to expand their reach of the products through collaborations with fashion influencers,” Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Hair Extension Market Trends:
- Increasing Popularity: The hair extension market is witnessing a surge in popularity globally, driven by a growing desire for versatile hairstyles and aesthetic enhancements among individuals of all ages and backgrounds.
- Technological Innovations: Advancements in technology have revolutionized the hair extension industry, leading to the development of more natural-looking and durable products. Innovations such as tape-in extensions, clip-ins, and micro-link extensions offer customers a wider range of options to choose from.
- Celebrity Endorsements: The endorsement of hair extensions by celebrities and influencers across social media platforms has significantly contributed to market growth. Celebrities often showcase different hair extension styles, inspiring their followers to experiment with their looks and driving demand for these products.
- Diversity and Inclusivity: The hair extension market has become increasingly inclusive, catering to a diverse range of hair textures, colors, and lengths. Brands are expanding their product lines to accommodate a broader spectrum of customers, including those with curly, kinky, or textured hair.
- Sustainability and Ethical Practices: Consumers are becoming more conscious of sustainability and ethical practices within the beauty industry, prompting hair extension manufacturers to adopt eco-friendly materials and ethical sourcing methods. Sustainable packaging, recyclable materials, and cruelty-free production processes are becoming more prevalent in the market.
Key Takeaways from the Hair Extension Market:
- The hair extension market valuation is US$ 2,721.8 million in 2023.
- Consumers prefer the air of authenticity lent by natural hair. The natural hair segment holds 5% of the market share by material type.
- Clip-in hair extensions are popular due to the ease provided. Clip-in hair extensions contribute 8% share of the market by product type.
- The United States is the leading country in the hair extension market. The United States accounts for 7% of the market share.
- Canada is another North American country with fertile ground for the market. In 2023, Canada holds a share of 5% of the market.
- The United Kingdom is fertile ground for the hair extension market. In 2023, the country accounts for 8% of the market share.
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Competition Analysis of the Hair Extension Market
Collaborations and partnerships with beauty experts and influencers are common strategies adopted by suppliers of hair extensions. There is scope for both big brands and small-scale players in the market
Key Companies in the Hair Extension Market:
- BELLAMI Hair
- Godrej
- Great Lengths
- Klix Hair Extension
- Evergreen Products Group Limited
- Balmain Paris Hair Couture
- Beauty industry group
- Qingdao Organic Hair Ltd.
- Hair Dreams
- Hidden Crown
- Hair Addictionz
- Femme Hair Extension
- Hairlocs
- Easihair
- Socap
- Cinderella Hair
Recent Developments in the Hair Extension Market
- In September 2023, a line of hair extensions was launched by Sasha Colby. She is the star of the popular series RuPaul’s Drag Race.
- In July 2023, Girlie Locks, the American brand, was launched. The brand focuses on hair extensions with a wide array of coloring.
- In May 2022, Beauty Industry Group (BIG) acquired the haircare brand Bellami Hair and entered the hair extension market.
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Key Segments in the Hair Extension Market
By Material Type:
- Clip-in
- Micro Link
- Tape-in
- Glue-in
- Others
By Product Type:
- Artificial
- Natural
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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