The hair extension market is valued at USD 2,721.8 million in 2023. In 2022, the valuation was USD 2,573.9 million. The market is projected to increase at a CAGR of 6.3% from 2023 to 2033. By the end of the forecast period, the value of the hair extension market is expected to reach USD 5,000.2 million.
Consumption Analysis in the Hair Extension Market
| Attributes | Details |
|---|---|
| Hair Extension Market Value, 2023 | USD 2,721.8 million |
| Projected Hair Extension Market Value, 2033 | USD 5,000.2 million |
| Value-based CAGR, 2023 to 2033 | 6.3% |
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The value of the hair extension market in 2018 was USD 2,154.1 million. The market progressed at a reasonable CAGR of 4.6% during the historical period from 2018 to 2022.
The value of appearance, including hair appearance, continued to grow during the historical period. However, the pandemic halted the growth of the market. Consumers were forced to sit at home, and haircare hubs like salons and barbershops were shut down.
Problems were also faced with the supply of raw materials. With the reopening of haircare places and shops, the haircare market started its recovery phase. The hair extension market was valued at USD 2,573.9 million in 2022
| Hair Extension Market Valuation, 2018 | USD 2,154.1 million |
|---|---|
| Historical CAGR, 2018 to 2022 | 4.6% |
| Historical Market Valuation, 2022 | USD 2,573.9 million |
In 2023, the value of the hair extension market is USD 2,721.8 million. The market is expected to grow at a CAGR of 6.3% during the forecast period from 2023 to 2033.
The growth in the forecast period is set to outpace the growth in the historical period. The need to keep up appearances is still keenly felt among the population. Increasing incidences of hair loss and balding are leading people to take the aid of hair extensions.
The improvement in the spending power of consumers is beneficial to the hair extension industry. Consumers are willing to pay the price for improving hair appearance. The scope of hair extensions is not limited to consumers with hair loss problems.
Consumers are buying different styles of hair extensions, such as wavy hair, thick hair, etc., to enhance appearances. By the end of the forecast period, the hair extension market is predicted to reach USD 5,000.2 million.
| Top Product Type | Natural |
|---|---|
| Market Share in 2023 | 59.5% |
Natural hair is the dominant product type in the hair extension market. In 2023, natural hair accounts for a share of 59.5% of the market by product type.
Consumers are seeking authenticity when it comes to hair extensions. Thus, natural hair is the leading material type in the market over artificial hair.
| Top Material Type | Clip-in |
|---|---|
| Market Share in 2023 | 45.8% |
Clip-in hair extensions are popular among consumers. In 2023, clip-in hair extensions hold 45.8% of the hair extension market share by material type.
Clip-in hair extensions are easy to fit as a simple metal clip is attached to the head. Compared to other product types like glue-in and tape-in hair extensions, clip-in hair extensions can be easily used by consumers. Clip-in hair extensions are generally made of natural hair. Thus, clip-in hair extensions have a stronghold on the market.
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The Asia Pacific and Latin America regions are predicted to show strong growth in the market. However, North America and Europe continue to dominate the market.
The increasing purchasing power in North American and European countries is making consumers responsive to the appeal of hair extensions. The prevalence of fashion trends and influencers is also aiding the growth of the market in the Western world. North American and European consumers are increasingly conscious of appearances to keep up with fashion trends. Remy hair is also a strong point of consumer attention in the two regions.
The United States continues to be a major country in the hair extension market. In 2023, the country accounts for 27.7% of the market share.
The rising number of beauty salons, barbershops, and other places is driving the sale of hair extensions in the United States. Big brands such as Great Lengths, Radswan, and Indique Hair also aid the growth of the market in the United States.
Canada is another North American country where the market flourishes. The Canadian market holds 7.5% of the market share.
Hair import from Asian countries, especially India and Vietnam, is increasing in North America. Hair acquired in Vietnam and India is used as raw material in Canada for producing hair extensions. Thus, the hair extension market is predicted to grow rapidly over the forecast period.
Europeans seek improvement in appearance. The United Kingdom is the leader in the European hair extension market. In 2023, the United Kingdom accounts for a 6.8% market share.
Rising fashion trends, as exemplified by celebrities and models, are leading to people paying more attention to appearances. Hair appearance is also being focused upon; thus, hair extensions are increasing in popularity throughout the United Kingdom.
The hair extension market in Germany holds a market share of 5%. With a fashion-conscious population, there is a rise in demand for various hair extension products, including clip-in extensions, tape-in extensions, and fusion extensions.
In Germany, consumers often look for high-quality, natural-looking hair extensions. They are willing to invest in premium products that offer durability and a seamless blend with their natural hair.
China has a robust hair extension market, driven by its large population and changing beauty standards. Chinese consumers often look for a wide range of hair extension options, including synthetic and human hair extensions. Trends may vary from natural-looking extensions to more colorful and creative styles.
Players in the hair extension market are indulging in collaborations. Companies are increasing their market reach by partnering with beauty salons and fashion experts.
The market for hair extensions is highly competitive. Established brands tussle with small-scale enterprises for the consumers’ attention. Start-up culture is evident in the hair extension industry. Several start-ups have started selling hair extensions and have earned a reputable name in the market.
Recent Developments in the Hair Extension Market
The size of the hair extension market is USD 2,721.8 million in 2023.
Biological problems like alopecia and the rising consumer focus on hair appearance are propelling the demand.
The United States is the leader in the hair extension market, with a market share of 27.7%.
The hair extension market is predicted to reach USD 5,000.2 million by 2033.
The hair extension market is predicted to progress at a CAGR of 6.3% through 2033.
| Market Size (2024) | USD 2,035.40 million |
|---|---|
| Anticipated Market Value (2034) | USD 3,589.70 million |
| Value-based CAGR (2024 to 2034) | 5.80% |
| Estimated Market Size (2023E) | USD 1.9 Billion |
|---|---|
| Projected Market Valuation (2033F) | USD 3.9 Billion |
| Value-based CAGR (2023 to 2033) | 7.2% |
| Market Size (2023E) | USD 23.06 Billion |
|---|---|
| Market Projected Size (2033F) | USD 35.47 Billion |
| Value CAGR (2023 to 2033) | 4.4% |
| Expected Market Value (2022) | USD 1,171.36 Million |
|---|---|
| Anticipated Forecast Value (2032) | USD 2,772.96 Million |
| Projected CAGR (2022 to 2032) | 9% |
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