The hair extension market is valued at US$ 2,721.8 Million in 2023. The market is expected to record a CAGR of 6.3% through 2033. The market is expected to reach a valuation of US$ 5,000.2 Million by 2033.
For some consumers, hair loss problems are a biological inevitability. Problems like receding hairlines, alopecia, and other reasons for hair loss are forcing consumers to seek solutions. Hair extensions are emerging as one of the most popular solutions. Compared to hair restoration drugs and hair transplant surgery, hair extensions are seen as a better alternative with fewer side effects and less cost than surgery.
Hair extensions are also becoming popular as a fashion trend. The increasing variety of hair extensions plays a crucial role in expanding product use. Wavy, curly, smooth, silky, and more types of hair extensions help increase the diversity of the product. Hair extensions coming in different colors are positively impacting the market, too.
Consumers in the market are seeking authenticity. Therefore, Remy hair extensions are proving to be a hit. To further aid authenticity, producers are sourcing hair from Vietnam and India. The phenomenon of importing hair from Asia countries is particularly evident in the North American market. Hair extensions are increasingly appearing natural-looking.
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“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).
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
- 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
- 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