At 4.1% CAGR, the global hair extensions market is anticipated to accumulate US$ 4,929.13 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the global hair extensions market was valued at US$ 3,561.76 million in 2020 and is anticipated to be worth US$ 4,929.13 million by 2028, expanding at 4.1% CAGR from 2021 to 2028. Increasing adoption of self-grooming products, rising disposable income, and improving living standards of middle class population are the vital factors credited for this expansion.

Rise in disposable income and the need to enhance physical appearance among consumers are propelling the demand for self-grooming products such as hair extensions and wigs. The improvement in quality of life, the positive effects of personal care on self-esteem and social interaction, and the gradual consumer shift toward luxury and premium self-grooming products are a few factors that are likely to propel the market growth during the forecast period. Moreover, the surge in per capita disposable incomes has augmented discretionary spending, which has boded well for hair extension manufacturers. Rising incidence of hair fall among the global populace and increasing popularity of beauty products and personal grooming are other factors likely to influence the market growth.

The global middle-class population, which is the next potential consumer segment for the personal care and cosmetic industry, has increased significantly. With the increase in per capita disposable income among the middle-class population, their shopping behavior and living standards are changing rapidly which will raise the demand for hair extensions and facilitate market augmentation. On the other hand, the unethical practices in the hair industry will likely hinder market augmentation over the forecast timeframe.

In terms of type, the global hair extensions market is split into tape-in, fusion & pre-bonded, clip-in, and others. Among these, the clip-in segment captured 47.64% of the market share in 2020. The segment was assessed at US$ 1,696.73 million in 2020 and is slated to gather US$ 2,291.97 million by 2028, expanding at 3.8% CAGR during the forecast period.

Based on source, the market is bifurcated into human and synthetic hair. Of these, the synthetic hair segment accounted for 58.04% of the market share in 2020. The segment was estimated at US$ 2,067.36 million in 2020 and is predicted to amass US$ 2,830.36 million by 2028, growing at 4.0% CAGR over 2021–2028.

As per end user spectrum, the global hair extensions market is divided into men and women. Among these, the women segment amounted for 87.78% of the market share in 2020. The segment was evaluated at US$ 3,126.68 million in 2020 and is projected to reach US$ 4,320.77 million by 2028, registering 4.1% CAGR over the forecast timeframe.

From the regional frame of reference, North America held a significant share in the global hair extensions market in 2020. The region was appraised at US$ 1,264 million in 2020 and is projected to accrue US$ 1,679.35 million by 2028, expanding at 3.6% CAGR over 2021–2028. Meanwhile, APAC is predicted to register 5% CAGR, the highest growth rate globally. The region is also likely to gather US$ 1,032.65 million by 2027.

Leading companies influencing global hair extensions market dynamics are Great Lengths S.p.A; Balmain Paris Hair Couture; Easihair Pro SA; Klix Hair Inc.; Locks & Bonds; Anhui JinRuiXiang Hair Product Co., Ltd; Evergreen Products Group Limited; SO.CAP.USA; Cinderella Hair Extensions; and Barclaywolf Hair Extensions.