The global human hair extension market size was valued at USD 3.71 billion in 2021 and touched USD 4.06 billion in 2022. The market is expected to reach USD 7.63 billion by 2029, exhibiting a CAGR of 9.44% during the forecast period. Rising demand for Vietnamese hair across North American markets and the evolving consumer buying preferences is expected to elevate market growth. Fortune Business Insights™ provides this information in its report titled “Human Hair Extension Market, 2022-2029.”
COVID-19 Pandemic
Declining Product Demand to Impede Industry Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to the declining demand for the product. The alarming spike in COVID-19 patients led to the imposition of stringent COVID-19 restrictions, thereby hindering manufacturing activities. This factor created supply chain disruptions. Further, travel restrictions led to reduced product sales. However, the resumption of lockdown has facilitated tourism and travel, thereby enhancing the demand for human hair extension. This factor may enhance market progress during the pandemic.
Fortune Business Insights™ lists out all the human hair extension market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- GREAT LENGTHS (Italy)
- Balmain Hair Couture (France)
- Hairdreams Haarhandels GmbH (Austria)
- easihair pro (U.S.)
- Euro So. Cap Srl (Italy)
- Beauty Industry Group Inc. (U.S.)
- Cinderella Hair Extension (U.S.)
- Hairlocs (U.S.)
- KLIX HAIR, INC. (U.S.)
- UltraTress (U.S.)
- Racoon International (U.K.)
- Hair Addictionz (U.S.)
- N. LONGLOCKS (U.S.)
- Viva Femina, Inc. (U.S.)
- Femme Extensions (U.S.)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players
Rising Female Audiences to Elevate the Female Segment’s Growth
Based on application, the market is bifurcated into female and male.
The female segment is expected to grow rapidly due to the rising demand for the product from the female population. Manufacturers target the female population due to their willingness to invest in beauty products.
Online Channel Segment to Dominate Owing to Rapid Digitization and Shopping Convenience
As per sales channel, the market is classified into offline channel and online channel.
The online channel segment is expected to grow exponentially due to increasing adoption of online services. Rising smartphone adoption and the convenience offered by online shopping are expected to enhance the adoption of the product.
Regionally, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Driving Factors
Increasing Prevalence of Hair Disorders to Enhance Market Progress
Human hair extensions are made from human hair due to their longer lifespan and can be styled with hair dryers. The rising prevalence of hair disorders is expected to enhance its demand. For example, as per the American Hair Loss Association (AHLA), male baldness is a major health issue that affects nearly 25% of men globally. The AHLA also mentions that nearly 66% of men experience hair loss by 35 years and hair thinning before 50 years. Furthermore, the rising aging population worldwide is expected to enhance the adoption of human hair extensions. Also, the adoption of Remy hair may enhance consumer demand as it is considered the highest quality extension globally. These factors may drive the human hair extension market growth.
However, strong demand for alternative products and procedures is expected to hinder the market’s progress.
Segments
Clip-in Hair Extension Segment to Dominate Owing to Strong Demand for Affordable Products
By type, the market is segmented into clip-in hair extension, fusion & pre-bonded hair extension, tape-in hair extension, and others.
The clip-in hair extension segment is expected to dominate the market due to consumers' rising demand for affordable products. It offers users hassle-free removal and installation, thereby boosting its preference.
Regional Insights
Rising Partnerships Between Firms to Augment Growth in North America
North America is expected to dominate the human hair extension market share due to rising partnerships between firms. For example, Perfect Locks LLC, a California-based hair extension company, offers distribution opportunities for salons/businesses. The market in North America stood at USD 1.72 billion in 2021 and is expected to grow rapidly in the coming years.
In Asia Pacific, the presence of sizable natural hair supplying manufacturers is expected to enhance the demand for human hair extension. This factor may propel the market progress in the coming years.
Competitive Landscape
Companies Set Up Shops in New Territories to Expand Consumer Base
Prominent companies operating in the market set up shops in different countries to expand their consumer base. For example, Mayvenn Inc. set up its shops in new territories to expand its consumer base in June 2021. The company is backed by several investors such as Jimmy Iovine, Andre Iguodala, Serena Williams, Trinity Ventures, Cross Culture Ventures, and Andreessen Horowitz. This strategy may allow Mayvenn Inc. to expand its consumer base globally. Furthermore, the companies invest heavily in acquisitions, mergers, research and development, novel product launches, and expansions to boost their market position.
Key Industry Development
- October 2021: A Canadian manufacturer named Luxy Hair announced an artificial intelligence color match tool for simplifying and personalizing the hair extension process.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/human-hair-extension-market-106648