The global hair extensions market is growing rapidly, mainly due to the rising consciousness about appearance among consumers. Besides, factors such as the increasing demand for hair extensions due to the growing awareness about the side effects of hair coloring, easy availability of such hair extensions, and the growing distribution channels, including store-based and e-commerce platforms, drive the regional market growth.
Moreover, the increase in the global economy accelerates market growth. Resultantly, the hair extensions market is escalating on the worldwide platform. According to Market Research Future (MRFR), the global hair extensions market is projected to garner a value of approximately USD 1.2 BN by 2024, registering 4.5% CAGR during the review period (2019 – 2024).
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Increasing awareness among people about the total wellness has created immense opportunity for the hair extensions manufacturers. Manufacturers develop innovative products that can provide advanced solutions for hair salon professionals. Additional factors such as the geriatric populace and rapid urbanization, worldwide substantiate market growth.
Seminal efforts and substantial amounts invested by the market players to develop innovative manufacturing technologies provide impetus to market growth. Furthermore, cultural & social aspects such as influences of media, fashion and film industry, alongside the peer pressure for appearance and beauty, drive the market demand. Also, recent technological advances are expected to influence market growth by bringing about cost-competitive manufacturing processes.
Global Hair Extensions Market – Segmentations
MRFR has segmented the analysis into four dynamics;
By Type : Human Hair Extension, Synthetic Hair Extension, Animal Hair Extension, and others.
By End-User : Female and Male.
By Distribution Channel: Store-Based and Non-Store-Based.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Hair Extensions Market – Geographical Analysis
North America dominates the global hair extensions market. The largest revenue share majorly attributes to the rapidly growing professional beauty industry, leading to the increased purchase of hair extensions in the region. Moreover, the launch of an innovative variety of hair extensions that are convenient to use is boosting the hair extensions market growth.
Certainly, the well-developed economy in the region allows access to the quality of life for the people. Resultantly, the North American demographic has an aesthetical approach towards physical appearance. The presence of a large aesthetician population is a key driving force for the market growth in the region. The North America hair extensions market is projected to retain its leading position in the global market throughout the forecast period.
Europe stands second in the global hair extensions market, driven by the presence of a large aesthetician populace. The resurging economy in the region plays a causal role in the development of the market, increasing consumer purchasing power. Dramatic growth in Germany & France markets drives the regional market growth at large scale. Moreover, augmenting demand for the aesthetic products led by the rising per capita spending on wellness drives the market growth. Leading with the increasing investment, the European hair extensions market is estimated to create a larger revenue pocket during the review period.
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The Asia Pacific region has come up as a lucrative market for hair extensions. The improving economy in India and China supports the growth of the regional market, increasing consumer purchasing power. In India, the burgeoning media & entertainment industry acts as a major driving force for the market growth in the country and region. Heading with the increasing usage of hair extensions in the demographic of the region, The APAC hair extensions market is expected to register the highest CAGR during the forecast period.
Global Hair Extensions Market – Competitive Landscape
The global hair extensions market appears to be fiercely competitive and fragmented, with many well-established players having a global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.