Global hair extensions market was valued at USD 3.35 billion in 2023, expected to reach USD 5.26 billion in 2031, with a CAGR of 5.8% for the forecast period between 2024 and 2031. Hair extensions have seen an incredible rise in popularity in global beauty business in recent years. People of all ages and backgrounds are adopting these hair-enhancing items, turning a niche into a popular market.
Multiple important variables have contributed to global adoption of hair extensions.First and foremost, a major motivator is the need for flexible and constantly evolving hairstyles. People like experimenting with different lengths, textures, and colors without committing to long-term change with the help of hair extensions. Many use it as a means of self-expression to change their appearance whenever they intend to.
Ninety percent of women hide extensions from friends and family, although one-third wear them regularly. Geographically, Asia-Pacific dominates the hair extensions market with rising disposable income levels, westernization trends, and a growing consciousness of beauty. Furthermore, manufacturers worldwide are developing comfortable products in the hair extension industry to cater to the demands and concerns of people desiring to use the products.
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In February 2024, the UK’s top hair enhancement company, Beauty Works, introduced Express-Weft, a distinct extension technique that combines the volume of a weft extension with a simple application. This allows consumers to add volume in less than 20 minutes and flawlessly blend tape-in extensions.
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Celebrity Influence Drives the Hair Extensions Industry
The rise in popularity of hair extensions can be largely attributed to celebrities as they set fashion trends that appeal to audiences by often changing their haircuts for red-carpet events, music videos, and movie plots. The availability of premium extensions that can replicate the hair of consumers’ favorite celebrities has made the celebrity look more affordable and convenient. Celebrities frequently use their constantly changing haircuts to make an impression, whether for movie roles, music videos, or red-carpet events. Additionally, establishing fashion trends, the focus on hair choices has been crucial in making hair extensions that are more widely available as tools for easily changing one’s appearance.
Many people use their favorite celebrities’ haircuts to express themselves rather than just copying them. It enables them to take on the confidence, charm, and attraction of the celebrities they admire. The driving factor behind the hair extensions market is centered on this transformation-based empowerment. In July 2023, Ruslan, a celebrity hair stylist, launched an ethically sourced luxury hair extension line. LEV uses ethically sourced hair and sustainable production methods to create hair extensions. Their package includes a 9-piece clip-in set available in 8 colors, together with personalized packaging for convenient travel.
Growing Hair Loss Concerns Among Individuals to Fuel the Market
Rising concerns of individuals for hair loss are catalyzing the growth of hair extensions market globally. With growing stress levels, aging concerns, hormonal changes, and medical conditions among people, an increasing population is seeking solutions for addressing thinning hair and bald spots. People looking to restore their appearance and hide their hair loss issues find hair extensions as a convenient and quick remedy, expanding the market’s consumer base.
Furthermore, substantial advancements in the hair extension market have made the products more accessible, natural looking, and comfortable. The innovation is further propelling the usage of hair extensions among ones seeking effective solutions for hair loss concerns. In December 2023, as a pioneer in the hair extension market, Cashmere Hair launched Fill-In Hair Extensions, the most recent invention. With its ability to provide a temporary volume boost or a quick fix for thinning hair, the Individual Seamless Fill-In Tracks enhance sections of hair where people need a little extra volume.
Asia-Pacific Holds the Dominant Share
The people in Asia-Pacific are experiencing hair loss or damage as a result of worsening air pollution. Due to increased consumer demand for these goods as a result, Asia-Pacific now controls the majority of global market. Approximately 4 billion people or 92% of the population in Asia-Pacific are exposed to air pollution. When exposed to greater pollution concentrations, the keratin proteins, cuticle, and cortex of hair fibers are more prone to damage. It results in breakage, a brittle or straw-like texture, weakening hair strands, and general dryness, among people residing in the region.
Future Market Scenario (2024 – 2031F)
1 – Continued technological innovations in the use of improved materials, better application methods, and customization options are likely to enhance the quality, durability, and comfort of hair extensions.
2 – Eco-friendly products using ethically sourced materials will spur the market catering to the increasing demands of environmentally conscious consumers.
3 – Growing use of e-commerce platforms, virtual try-on tools, and AR applications in the field of hair extensions will make the shopping experience of people more enriching and convenient, boosting online sales as well as expansion of the market.
Report Scope
“Hair Extensions Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global hair extensions market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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