As per a report by Radiant Insights, Inc. the global hair extension market is estimated to grow at 12.65% CAGR. The report attributes this growth to the rising spending capacity of consumers in developing countries.
Global Hair Extension Market is estimated to grow substantially at a CAGR of 12.65% between 2017 and 2028. This is due to increase in spending power of consumers from developing economies.
Hair extensions or hair integrations are used to add to the volume and length of an individual’s hair. The synthetic hair is made from several blended synthetic fibres. The key drivers of market include revolution in celebrity culture, growing middle-class population, increasing urbanisation, and access to additional beauty amenities. Moreover, increase in demand for high-priced expensive hair extensions from developed economies is also driving the market growth.
However, the report also points out that the complicated manufacturing process of hair extensions hinder the market growth. What works in the favour of this trend is the emergence of technology for applying hair extensions and rising demand of beautification products. Influence of social media is also supporting the market players.
Hair extension market is categorised on the basis of type, application, and geography. On the basis of type, market is divided into human hair, and synthetic hair. Synthetic hair segment is expected to hold maximum share of the market due to easy availability and cost-effectiveness.
In the report, based on application, market is divided into functional, beautification, and leisure. Beautification segment leads the market due to increasing use in the fashion industry. Geographically, North America is expected to dominate the market due to growing attraction of hairstylists and hair beautification. Asia Pacific is also predicted to grow considerably owing to rapid urbanisation and increasing spending power of consumers. The major players in hair extension market include Hair Dreams, Great Lengths, Balmain, Hairlocs, Donna Bella, Klix Hair Extension, Easihair, Socap, UltraTress, etc.