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The global hair extension market size was USD 2.35 billion in 2020 and is projected to grow from USD 2.38 billion in 2021 to USD 3.43 billion in 2028 at a CAGR of 5.3% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with hair extension witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a huge decline of -38.43% in 2020 as compared to the average year-on-year growth during 2017-2019.
Fashionistas are highly conscious about their style & appearance while attending public gatherings. Hence, to make hairstyles as per the occasional requirements, people use advanced artificial hair integration products. Besides this, changing fashion trends and increasing consumer adoption of newer hairstyles are the favorable factors fueling the product’s demand and supply.
Nowadays, doctors & fashion professionals recommend using hair products as they are highly beneficial in hiding split ends, maintaining hair density, and coloring the wig without compromising the root health. For instance, Mayo Clinic, a U.S.-based healthcare organization, regularly recommends using artificial wigs or extension devices to their patients to help them hide their hair loss issues.
Lockdown Restrictions amid COVID-19 Pandemic to Pose Challenges to the Market Growth
Due to lockdown restrictions in various countries worldwide, companies are facing difficulties in physically meeting their channel partners & closing their business deals. This will significantly impact the companies’ product revenues. Additionally, factors such as the closure of barber salons and the shortage of raw hair supplies due to the lockdown restrictions may largely hamper the product consumption rate among the population worldwide.
However, to avoid getting infected by the coronavirus, people prefer to spend their time indoors. This will shift the consumer behavior towards personal grooming, hygiene and beauty-related activities at indoor places, thereby fueling the demand for such devices among residential consumers. For instance, from 1st January 2020 to 18th May 2020, One97 Communications-owned online retailer Paytm Mall reported a 50% jump in styling products such as hair straighteners, extensions, beard shavers, and others in the Indian market.
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Rising Adoption of Premium Grooming Items to Bode Well for the Market
Nowadays, consumers are increasingly using stylish and premium quality grooming products to suit their appearance as per the occasional needs. This will provide newer opportunities for companies to develop such innovative products. Additionally, the growing popularity of multi-colored hair wigs and extensions among artists and celebrities is likely to offer newer artificial hair integrations market growth opportunities. The increasing provision of customized-installation based hairdressing services is also expected to provide more opportunities.
Rising Prevalence of Hair Diseases to Fuel Product Demand
People essentially use extensions to hide their hair damage issues. Therefore, the rising prevalence of hair loss, alopecia, casts, and others is expected to fuel the demand for such products. According to the surveyed data presented by the National Alopecia Areata Foundation, as of 2020, 6.8 million U.S. populations are suffering from alopecia areata, a hair loss disease. Moreover, the increasing consumer exposure to chemical-based shampoos mainly causes alopecia issues, thereby driving the demand for such products.
Surging Aging Population to Aid Market Growth
Nowadays, the elderly population use extension products to hide their hair fall issue. Therefore, the rising number of aged population is expected to drive the product demand worldwide. According to the statistical data presented by the United Nations Department of Economics and Social Affairs, in 2019, 703 million global people aged 65 years & above accounted for 9% of the total global population compared to 6% in 1990. Additionally, the increasing awareness regarding the availability of such products among the aged population is likely to drive market growth.
Incidence of Headache & Discomfort Due to Products’ Usage to Hamper Demand
The rising incidence of headache & hair breakage due to the usage of such products is expected to restrain the hair extensions industry growth. Besides this, people spend a lot of their time fixing their wigs and extensions onto their head roots. Such a factor is likely to limit the product’s demand. Moreover, the increasing consumer awareness regarding hair styling tools such as straighteners, curlers, bands, and others is anticipated to hamper the market revenues.
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Human Extension Segment to Hold a Significant Market Share
On the basis of type, the market is fragmented into synthetic hair extension, human hair extension, and animal hair extensions. The human hair wig segment is estimated to be the dominant market shareholder because of its ability to naturally blend with the user's hair and its flexibility in creating multiple hairstyles.
Synthetic and animal-based products are highly resistant to heavy humid and rainy weather conditions. These segments are expected to grow considerably due to their high resistance, especially to humid and rainy weather. Additionally, such extensions exhibit similar attributes to natural hairs regarding feel, touch, and style. This will further drive the growth of these segments.
Increasing Cases of Baldness among Male Population to Boost This Segment
Based on the end-user, the hair extension market is segmented into males and females. The latter is projected to be the leading segment because of the increasing availability of women’s styling items of different styles and colors. The male segment is expected to witness considerable growth during the forecast period of 2021-2028, owing to the rising prevalence of baldness among the male population. It would increase the demand for the product.
North America Hair Extension Market Size, 2020 (USD Billion)
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Due to the increased air pollution problems, the Asia Pacific’s populace faces hair loss or damage issues. This results in the larger consumer demand for such products, making the Asia Pacific region dominate the global market. According to the data presented by the Centre for Strategic and International Studies (CSIS), in 2019, 1.42 million Chinese populations suffered premature deaths due to the increased air population level of PM2.5 in China.
Additionally, the increasing number of working women population with their surging spending for personal grooming and beauty products would further propel the market growth. According to the data presented by the World Bank Group, in 2019, the women working population in Japan accounted for 53.56% of the entire country's workforce in 2019, compared to that of 52.77% in 2018.
Beauty salons are the major source of different kinds of hair care services. The North American market stood at USD 0.83 billion in 2020. The faster growth of the region is attributed to the presence of a large number of beauty salons in the U.S. and Canada, thereby supporting the product’s consumption rate in the region. According to the data presented by the Small Business Development Center Organization, as of May 2020, there are 77,000 beauty salons and 4,500 barbershops in the United States. Additionally, the shifting women consumers' trends towards premium quality products will further fuel the region’s market growth.
Fashionistas and celebrities mainly use premium personal care items such as trimmers, extensions, straighteners, and others to groom themselves for their regular fashion shows. Therefore, frequent launches of famous fashion show such as Paris Fashion Week, Milano Moda Main, AltaRomAltaModa, and others would drive the European product consumption rate.
Besides this, the rising consumer adoption of online shopping is further thriving the region’s market development. According to the data presented by the Italian Cosmetics Association, in 2019, online sales of styling products, including hair gels, extensions, sprays, and others in Italy, increased by 3.2% points from 2017.
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The product consumption rate in the South American market is primarily driven by the increasing number of urban populations and their spending on grooming products in countries such as Argentina and Brazil. According to the data presented by the World Bank Group, in 2019, 91.99% of Argentinian populations were living in urban areas compared to 91.50% in 2015. The increasing consumers’ fashion sense and luxury lifestyle in the UAE, Saudi Arabia, and South Africa would mainly drive the Middle East & African hair extension market growth.
Key Companies Focus on Hair Recycling to Support Industry Development
Nowadays, companies are focusing on implementing hair recycling programs to reduce the waste generated from barber salons and minimize the cost required for procuring raw materials. This essentially helps companies in meeting their annual sustainability initiative goals. For instance, in March 2021, Milk+Blush hair extension supplier launched a hair recycling program by partnering up with Matter of Trust eco-charity to take part in its ‘Clean Wave Campaign’ to spread awareness regarding the importance of recycling fabric and waste hairs.
An Infographic Representation of Hair Extension Market
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The global hair extension market research report provides a detailed analysis of the industry and focuses on key aspects, such as leading companies, end-users, and leading product types. Moreover, this report offers insights into the current market trends and highlights key industry developments. In addition to such factors, the report encompasses several other factors that have favored market growth over recent years.
Value (USD Billion)
North America (By Type, End-User, and by Country)
Europe (By Type, End-User, and by Country)
Asia Pacific (By Type, End-User, and by Country)
South America (By Type, End-User, and by Country)
The Middle East and Africa (By Type, End-User, and by Country)
Fortune Business Insights states that the global market size was USD 2.35 billion in 2020 and is projected to reach USD 3.43 billion by 2028.
The North American market value stood at USD 0.83 billion in 2020.
Registering a CAGR of 5.3%, the market will exhibit moderate growth in the forecast period (2021-2028).
The human segment is projected to lead this market during the forecast period.
The rising prevalence of hair diseases is the primary factor driving the growth of the market.
Great Lengths Universal Extensions S.r.L., Balmain Hair Group B.V., and Hair Versions International S.r.L. are significant players in the global market.
North America dominated the market in terms of share in 2020.
The increasing usage of premium-quality hair goods is expected to drive the adoption of this product.
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