Hair Extensions Market Growth Estimated to Hit $6.3 Billion by 2031, Expand at 8.2% CAGR

According to a new report published by Allied Market Research, titled, "Hair Extensions Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Fitting Type, by Distribution Channel, by End Use : Global Opportunity Analysis and Industry Forecast, 2021-2031". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global hair extensions market size was valued at $2.9 billion in 2021, and is projected to reach $6.3 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

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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 is poised for substantial growth in the foreseeable future, driven by several factors. Increasing adoption of hair extensions in the fashion and entertainment sectors, coupled with a rise in hair loss cases among individuals, is fueling market expansion. Notably, numerous actresses, models, and celebrities have publicly endorsed the use of hair extensions, significantly influencing their widespread adoption for cosmetic purposes. Moreover, the prevalence of hair loss, a pressing health concern, underscores the demand for hair extension solutions. Lifestyle stressors and inadequate nutrition contribute to adverse effects on hair health, with men facing issues like alopecia and pattern baldness, while women commonly encounter hair thinning. These dynamics collectively contribute to the global hair extensions market's growth trajectory.

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.

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.

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By region, 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). The North America hair extensions market 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 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.

Analyst Review:

According to the insights of the CXOs, the global hair extensions market is expected to witness robust growth during the forecast period. This is attributed to increasing use of hair extensions in the fashion & entertainment industry and rising hair loss among individuals. Moreover, Recently, a lot of actresses, models, and celebrities have acknowledged using hair extensions. This is a significant development in the market since celebrities' open usage of hair extensions has led to a rise in the use of hair extensions for cosmetic purposes. Furthermore, 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. These elements have an impact on the expansion of the global market for hair extensions.

CXOs further added about an increasing use of high-end grooming products is further boosting the market growth. Consumers today use more and more fashionable, high-end grooming products to match their appearance to temporary demands. As a result, businesses will have more opportunity to create such cutting-edge items. Furthermore, the rising demand for multi-colored hair extensions among celebrities and artists is projected to present market expansion prospects for fresh artificial hair integrations. The primary factor impeding the expansion of vendors in the hair extension market is the intensifying rivalry brought on by the rising demand. The earnings of the large giants are being dwarfed by the proliferation of numerous tiny businesses. Additionally, due to the potential business opportunities, entrepreneurs are still entering the hair extensions area in the nation.

Key Benefits For Stakeholders:

➢ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hair extensions market analysis from 2021 to 2031 to identify the prevailing hair extensions market opportunities.
➢ The market research is offered along with information related to key drivers, restraints, and opportunities.
➢ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
➢ In-depth analysis of the hair extensions market segmentation assists to determine the prevailing market opportunities.
➢ Major countries in each region are mapped according to their revenue contribution to the global market.
➢ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
➢ The report includes the analysis of the regional as well as global hair extensions market trends, key players, market segments, application areas, and market growth strategies.

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