Hair Extensions Market Expected to Reach $6.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hair Extensions Market," The hair extensions market size was valued at $2.9 billion in 2021, and is estimated to reach $6.3 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

The market for hair extensions is mostly driven by the rising hair loss among individuals. Hair loss is a serious health problem right now. The effects of frantic lifestyles and inadequate nutrient intake on the human body are negative. Men are more likely to experience alopecia, a receding hairline, and pattern baldness, whereas women are more likely to experience hair thinning. In both men and women, androgenetic alopecia is a common kind of hair loss. During the industrial revolution, the wealthier male population and officers of particular ranks, such as lawyers and judges, were frequently seen wearing hair extensions. 

The hair extensions market shows high growth potential in Asia-Pacific and LAMEA. Significant contributors to the growth of the Asia-Pacific market due to an increasing average annual expenditure on cosmetics and personal care products over the years, which augments the growth of the market in the region. Hair products were mostly utilised in the region for practical purposes, but current fashion trends have encouraged young people and millennials to try out such products. 

On the other hand, the rising awareness for hair loss treatment negatively influences the hair extensions market demand globally. Scientists are working on creative and innovative techniques to regrow or restore lost hair. People today are using more and more different drugs and anti-hair loss therapies. The demand for hair transplants in non-scalp locations and on the scalp is anticipated to rise as people's concerns about appearance grow. The two most popular drugs used to treat hair loss are minoxidil and finasteride. Thus, rising awareness regarding hair loss treatments is a key factor restraining the hair extensions market growth.

The hair extensions market analysis is segmented on the basis of type, fitting type, distribution channel, end use, and region. By type, the hair extensions market is classified into synthetic hair extensions, human hair extensions, and animal hair extensions. By fitting type, the market is classified into clip in, micro link, tape in, and glue in. By distribution channel, the market is segmented into retail stores, supermarkets, and e-commerce. By end use, the market is categorized into professional and personal. Region wise, it is analyzed across North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Belgium, Russia, Netherlands, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Indonesia, Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, Chile, Turkey, South Africa, and rest of LAMEA).       

On the basis of type, the hair extensions market is segmented into synthetic hair extensions, human hair extensions, and animal hair extensions. The human hair extensions segment accounted for a major hair extensions market share in market in 2021 and is expected to grow at a significant CAGR during the forecast period. Real human hair extensions are hair products made of 100% human hair, gathered from 1 donor to groups of donors. The demand for human hair extensions is rising as they offer the most natural looking appearance and have a long-lasting lifespan.   

By fitting type, the hair extensions market is segmented into clip in, micro link, tape in, and glue in. The clip in segment accounted for a major share in the hair extensions market in 2021 and is expected to grow at a significant CAGR during the forecast period. Consumers demanding a quick and easy change of hairstyle is a key factor increasing the demand for clip-in hair extensions.   

By distribution channel, the market is segmented into retail stores, supermarkets, and e-commerce. The retail stores segment accounted for a major share in the hair extensions market in 2021 and is expected to grow at a significant CAGR during the forecast period. These retailers also offer a wide selection of products under one roof and enable categorized product display. People with low and moderate incomes favor these stores. These components help the market to grow.    

By end use, the market is categorized into professional and personal. The professional segment accounted for a major share in the hair extensions market in 2021 and is expected to grow at a significant CAGR during the forecast period. The growing popularity of hair extensions is dismantling the stigma associated with their use. Such factors are increasing the demand for hair extensions in this segment.   

In 2021, North America accounted for 47.9% share in the global hair extensions market and is expected to maintain its dominance during the forecast period. However, LAMEA and Asia-Pacific are expected to possess the highest CAGRs, owing to the rising hair extensions market trends and Focus on Research and Development (R&D) initiatives by market players.     

The major players analyzed for the global hair extensions industry is Mayvenn, So Cap USA, Shake-N-Go, Inc, Hairdreams Haarhandels GmbH, Beauty Industry Group Inc, Jon Renaum, Evergreen Products Group Limited, Hairlux, Hairlocs, Balmain Hair Couture, SalonLabs Exports India Pvt Limited, The Gorgeous Hair, Great Lengths S.p.A Societa Benefit, Locks & Bonds, and Perfect Locks LLC.   

KEY FINDINGS OF THE STUDY   

• By Type, the human hair extensions segment was the highest revenue contributor to the market in 2021.

• By Fitting Type, the clip in segment was the highest revenue contributor to the market in 2021.

• By distribution channel, the retail stores segment was the highest revenue contributor to the market in 2021.  

• By end use, the professional segment was the highest revenue contributor to the market in 2021.

• Region-wise, North America was the highest revenue contributor in 2021.