Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Hair Extension Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Source, Distribution Channel, and Geography,” the hair extension market is expected to grow from $3.96 billion in 2022 to $5.78 billion by 2030; it is estimated to grow at a CAGR of 4.8% from 2022 to 2030. The report highlights key factors driving the hair extension market growth and prominent players along with their developments in the market.
Locks & Bonds, Klix Hair Inc, Easihair Pro., Balmain Hair Group BV, Great Lengths SpA, Evergreen Products Group Ltd, Socap USA Inc., Cinderellahair Inc., Barclay Wolf Ltd, and Hairlocs Inc. are among the major players operating in the global hair extension market. The global hair extension market players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities.
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The hair extension market in North America is segmented into the US, Canada, and Mexico. North America accounted for a remarkable share of the hair extension market in 2022. The hair extension companies operating in the region continuously enhance their overall business processes to meet the rising customer demands in the best possible way. Many domestic and international companies have a strong foothold in North America. SO.CAP.USA; Great Lengths Universal Hair Extensions S.p.A.; Cinderella Hair Extensions; easihair pro; Klix Hair Extensions; Locks & Bonds; Anhui Jinruixiang Hair Products Co., Ltd.; and Evergreen Product Group are among the key players operating in the North America hair extension market.
The demand for hair extension in North America has upsurged due to growing celebrity fashion trends and elevated grooming and beauty activities. Caucasian consumers usually use hair products for cosmetic reasons or to create a specific fashion image. Caucasian consumers are mainly from North America and Europe and generally hold higher incomes than customers in other regions. They also pay more attention to the quality of their hair products, which surges the demand for human hair goods. Besides, increasing hair loss is another major factor that boosts the hair extension market. According to the American Academy of Dermatology Association, the common cause of hair loss is hereditary-patterned baldness, which first manifests as hair thinning and frequently develops to total hair loss on some areas of the scalp; it is also known as androgenetic alopecia. This condition affects ~80 million Americans—50 million men and 30 million women.
Rising Adoption of Self-Grooming Products Drives Hair Extension Market Growth
Improvement in quality of life, positive effects of personal care on self-esteem and social interaction, gradual consumer shift toward luxury and premium self-grooming products, and rise in incidence of hair fall are a few factors propelling the growth of the hair extension market. Europe and North America are significant markets for the styling industry, accounting for more than 60% of the cosmetics market combined. Hair care products are gaining huge traction among consumers amid the increasing prevalence of hair thinning, dryness, volume loss, and other hair-related concerns. African consumers and people of African descent are significant consumers of hair extensions. Hence, the increasing adoption of self-grooming products among the global populace drives the global hair extension market.
Hair Extension Market: Segmental Overview
The global hair extension market is segmented on the basis of product type, source, distribution channel, and geography.
Based on product type, the hair extension market is segmented into tape-in, fusion and pre-bonded, clip-in, and others. The fusion and pre-bonded segment is expected to register the highest CAGR during the forecast period. Fusion and pre-bonded hair extensions are fused to the natural hair using various adhesives such as glue. Applying these extensions takes around 3–4 hours. A machine resembling a hot glue gun is used to primarily attach the hair extension to individual strands of natural hair. However, due to various chemicals in the glue, fusion and pre-bonded hair extension can cause breakage, hair loss, and scalp irritation. SO.CAP.USA uses 100% European-type Remy human hair pre-bonded with 100% keratin tips to ensure a strong, healthy, and long-lasting bond.
The global hair extension market is segmented on the basis of product type, source, distribution channel, and geography. The hair extension market, based on product type, is segmented into tape-in, fusion and pre-bonded, clip-in, and others. Based on source, the hair extension market is bifurcated into human hair and synthetic hair. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global hair extension market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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Impact of COVID-19 Pandemic on Hair Extension Market
The COVID-19 pandemic adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The hair extension industry suffered severe disruptions in supply chains and shutdowns of many processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The COVID-19 pandemic hindered the supply chains, manufacturing activities, delivery schedules, and goods sales. Due to the imposition of lockdown measures to curb the spread of SARS-CoV-2, consumers stayed inside their homes and were unable to visit salons. which declined the sales of hair extensions. However, after some relaxation during the lockdown, hair extension sales upsurged.
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