Hair Extension Market to be dominated by North America and expected to reach 5.89 Bn by 2030- Says Stellar Market Research

PUNE, India, July 25, 2024 /PRNewswire/ -- The Hair Extension Market was valued at USD 3.40 Bn in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period, reaching USD 5.89 Bn by 2030 according to Stellar Market Research. Hair extensions provide an affordable and low-maintenance solution for individuals seeking to change their appearance without a substantial financial commitment. As hairstyles continue to evolve or change across the globe with time, people seek measures to achieve new looks and experiment with different hair colors, lengths, or styles. Since wigs or extensions offer a convenient way to try such changes, their consumption rate is likely to grow.

Hair Extension Market Scope: Key Highlights

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• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030.
• Detailed information on factors that will assist Cleanroom Technology market growth during the forecast period.
• An estimation of the Hair Extension Market size and the impact of country's GDP on Cleanroom Technology market.
• Forecasts on upcoming trends and changes in consumer behaviour.
• The growth of the Hair Extension Market
• Analysis of the competitive landscape and detailed information on companies.
• Comprehensive details of factors that will impede the growth of Hair Extension companies.

Competitive Landscape

The global hair extension market is competitive with several players including Great Lengths (Italy), Balmain Hair Couture (France), Hairdreams (Austria), Bellami Hair (USA), Luxy Hair (Canada), Easihair Pro (USA), Socap USA (USA), Cinderella Hair (UK), Donna Bella Hair (USA) among others.

• Cashmere Hair presents Fill-In Hair Extensions, a cutting-edge solution for enhancing hair volume and coverage discreetly. The seperate clip-in tracks, made from 100% Remy European human hair, effortlessly mix with natural hair, providing a lavish appearance. Tailored for effortless application and removal, Fill-In Hair Extensions offer a fast and cost-effective solution for addressing particular areas, like thinning hair or scattered sections around the hairline.

The Human Hair Extension Segment to dominate during the forecast period

Human hair extensions crafted from 100% genuine hair seamlessly blend with natural hair creating an authentic appearance that resonates with consumers. Human hair extensions can be heat-styled, dyed, and treated just like natural hair, adding to their popularity. For instance, the superior quality of Remy hair extensions is widely recognized, as they keep the hair's natural cuticle direction intact, reducing tangling and extending their lifespan. Based on SMR analysis, about 60% of customers prefer human hair extensions over synthetic options due to their preference for a more authentic appearance and texture. Human hair extensions last 6 to 12 months with proper care, while synthetic extensions only last 1 to 3 months. This longer lifespan makes human hair extensions a better value for money, leading to repeat purchases from customers. Additionally, manufacturing advances have increased the options and availability of human hair extensions, such as clip-ins, tape-ins, and fusion extensions, to cater to a diverse range of user preferences and application techniques. The sustained success of the Human Hair Extension Segment within the hair extension market is being driven by the growing emphasis on aesthetics and self-care, and is expected to continue in the future.

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Hair Extension Market Regional Overview

Asia Pacific to be the fastest-growing during the forecast period

The hair extension market in the Asia Pacific region is rapidly growing, driven by the rising disposable income of the middle-class population in countries like China, India, and Japan. This increase in income leads to higher spending on beauty and personal care products. SMR analysis shows that annual spending on beauty products in China has grown by 12% from 2018 to 2022. Additionally, the strong manufacturing sector in countries such as China and India lower production costs, making hair extensions more affordable and accessible. China is the site to more than 70% of the global hair extension manufacturers, ensuring a steady supply of products. In India there is a significant market for trendy hair products as more than 50% of the population is under 25 years old. The growth of salons and beauty parlours offering hair extension services also contributes to the growth of the market. The cultural acceptance of hair extensions, combined with economic and social factors, positions the Asia Pacific region as the fastest-growing for hair extensions market in the forecast period.

Key Findings:

The hair extensions industry has flourished in response to the growing demand for hair solutions. Individuals experiencing hair loss conditions such as alopecia or thinning hair are primary consumers. This market offers a diverse range of products to cater to different styles, textures, and lengths, ensuring inclusivity for men, women, and children. Social media platforms and celebrity influence have significantly boosted the market's growth, normalizing the use of extensions as beauty and style accessories. Retail and online channels provide convenient access to a wide array of products and accessories, including specialized tools for easy application and maintenance.

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SOURCE Stellar Market Research