Hair Extension Market is Expected to Grow with a CAGR of 4.1 % During The Forecast Period of 2017-2022, says Esticast Research and Consulting
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As per the report “Hair Extension Market By Type ( Human Hair Extensions, Synthetic Hair Extensions ), By Application ( Female, Male ) Industry Trends, Estimation & Forecast, 2016 – 2024″
In 2016, the woman hair extension segment generated the highest revenue share of the global hair extension market. Among major regions, North America was the highest revenue generating market in 2016.
“Demand for hair extensions has increased at a fast rate especially in regions such as Africa, USA and Europe. Celebrity culture and fashion trend has fueled the popularity of the same. India has emerged to be a major supplier of human hair that are extensively being used in manufacturing hair extensions. The top exporters of human hair extensions are China, Indonesia, Hong Kong, U.S.A. and Italy.”
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Generally, females use hair extensions in order to add volume, with various other reasons for wearing them such as, for looking more glamorous, bringing a change to their style quickly and the fact that extensions are easily available. Hair extensions are now worn as an accessory and have become a part of a woman’s personality or more like another form of an artistic express of themselves. In females, girls adore hair extensions for instant makeovers with added texture, length, fantasy hair color, highlights and style. In case of teens, they usually prefer temporary clip-ons, hair pieces and permanent hair extensions. The segment held more than 80% of the global hair extension market.
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Human hair extensions expected to exhibit the highest growth rate during the forecast period
A fast growth of the market for human hair extensions is contributing to the expansion of the global hair extension market. Growing popularity of human hair extensions has led to an increase in the wholesale price of human hair which got tripled in last ten years. It is expected that in next five years human hair extensions would become increasingly popular given their natural looking properties and this market would grow at significant growth rate of around 5.7%.
Synthetic hair are less costly as compared to human hair. Because of their low cost synthetic hair extensions have rapidly penetrated in the low to middle income group customers. It is expected that this category of extensions would dominate the middle and low-income consumer groups.
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Celebrity trends and the presence of African descent has fueled the demand for hair extensions in North America
The North America hair extension market is growing at an astonishingly rapid rate since last few years. Europe is expected to follow the North America hair extension market holding more than 30% of the global market.
Key Findings of Global Hair Extension Market
- Global hair extension market is expected to grow with a CAGR of 4.1 % during the forecast period of 2017-2022
- Women hair extensions hold a considerably large share of the global market owing to increasing concerns regarding looks.
- Human hair extensions expected to exhibit the highest growth rate during the forecast period.
- Europe is expected to follow the North America hair extension market holding more than 30% of the global market.
Product launch and product enhancement have emerged out as the key strategies adopted by the major market players all over the globe. Some major market players are Great Lengths, Balmain, Hair Dreams, Easihair, Socap, Bona Bella, Cinderella Hair, Hairlocs and others.