The global hair extension market is set to gain impetus from the increasing utilization of premium and stylish grooming products by people as per various occasions to suit their appearances. Mandom Corporation, a Japanese cosmetics manufacturer, for instance, declared that in 2017, the company earned around 7.89 billion Japanese yen within the female grooming segment. The number is set to surge in the upcoming years. This information is given by Fortune Business Insights™ in a report, titled, “Hair Extension Market, 2021-2028.” As per the report, the market size was USD 2.35 billion in 2020. It 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 forecast period.
A list of renowned hair extension manufacturers operating in the global market:
- Great Lengths Universal Hair Extensions Srl (Roma, Lazio, Italy)
- Balmain Hair Group B.V. (Netherlands)
- Hair Visions International (Florida, USA)
- Esqido (Toronto, Canada)
- CAP. Original USA (Florida, USA)
- Cinderella Hair (London, UK)
- Racooninternational (United Kingdom)
- Evergreen Products Group Limited (Hong Kong)
- Easihair Pro USA (United States)
- Hairlocs (California, USA)
Synthetic Segment Held 43.92% Share in 2020: Fortune Business Insights™
By type, the market is trifurcated into animal, human, and synthetic. Out of these, the synthetic segment generated 43.92% in terms of the hair extension market share in 2020. This growth is attributable to its ability to resist rainy and humid weather.
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Increasing Cases of Alopecia Areata to Augment Growth
Most of the people nowadays are using hair extensions to hide their hair damage issues. The surging prevalence of casts, alopecia, and hair loss is expected to drive the hair extension market growth in the near future. The National Alopecia Areata Foundation, for instance, mentioned that as of 2020, approximately 6.8 million people in the U.S. are suffering from alopecia areata. At the same time, the increasing usage of chemical-based shampoos would aid growth. However, these products can often cause hair breakage and headache. It may hamper their demand.
Rising Number of Beauty Salons in the U.S. & Canada to Help North America Grow
Geographically, North America stood at USD 0.83 billion in terms of revenue in 2020. This growth is attributable to the presence of numerous beauty salons in Canada and the U.S. According to the Small Business Development Center Organization, as of May 2020, in the U.S., there are 77,000 beauty salons and 4,500 barbershops. Asia Pacific, on the other hand, is set to remain at the forefront on account of the rising working women population in the region. This would further accelerate them to spend more on grooming products, including hair extensions.
Key Players Focus on Acquisition Strategy to Strengthen Their Positions in Market
The global market contains a large number of companies that are presently striving to strengthen their positions globally. Hence, they are engaging in the merger and acquisition strategy with local salons and novel hair product manufacturers.
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