The hair extension market size is projected to grow at a CAGR of 5.3% over the course of the forecast period, from a market share of US$ 2.38 billion in 2021 to US$ 4.99 billion in 2032 as a result of changing lifestyles in developing nations and expanding product availability.
Owing to rising disposable income and urbanization in the region, Latin America is projected to see new growth prospects in the hair extensions market.
Many factors have caused the enormous demand for hair extension due to its popularity in the retailing business, including rising human expenditure on grooming items, rising spending on lifestyle products, and rising disposable income in developing countries such as China, India, Brazil, and others.
On other hand, hair extensions find significant use in the entertainment and fashion industry. Additionally, the large-scale prevalence of receding hairline, alopecia, and others factors are estimated to fuel growth of the market in the coming years.
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Global Hair Extensions Market: Reasons for covering this Title
Hair extensions market is expected to witness a significant growth during the forecast period due to the changing lifestyle in developing countries, increasing product availability, and other factors.
Customers are more interested toward purchasing hair extensions instead of purchasing hair regrowth medicines and hair transplantation treatment because of side effects associated with them. This factor is positively influencing growth of the hair extensions market in terms of value.
On other hand, growth of entertainment and fashion industry is expected to boost the growth of the hair extensions market in terms of value.
Moreover, increasing product quality by the hair extensions supplier is boosting growth of the market in terms of volume. Change in customer purchasing patterns expected to positively influence the growth of the hair extensions market during the forecast period.
Moreover, extensive marketing campaign and celebrity endorsements are significantly boosting growth of the hair extensions market in terms of value and volume as well.
Moreover, increasing economy and growing disposable income in developing countries such as India, Brazil, Argentina, and others and others are expected to fuel growth of the hair extensions market during the forecast period in terms of value.
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Global Hair Extensions Market: Key Players
Some of the key players operating in the global Hair Extensions market BELLAMI Hair, Beauty industry group Qingdao Organic hair Ltd., Godrej, Great Lengths, Evergreen Products Group Limited, Great Lengths, Balmain Paris Hair Couture, Hair Dreams, Hairlocs, Klix Hair Extension, Hidden Crown, Hair Addictionz, Femme Hair Extension, Easihair, Socap and Cinderella Hair among others.
Hair Extensions Market: Key Trends
Customers are using hair extensions instead of hair elongation medicines and tables because of high cost as well as side effects related with them.
Manufacturers are innovating products with different features so that these can be used by different customer base as per their needs.
The impact of promotional tools on consumer buying behavior is fueling growth of hair extensions market.
Hair Extensions Market: Key Developments
In 2019, Beauty Industry Group acquired Luxy Hair Co. and Hidden Crown to increase its business sales along with expand market presence across the globe.
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Opportunities for Hair Extensions Market Participants
North America is expected to be one of the leading market in the hair extensions market due to presence of large numbers of vendors in the region. Latin America is expected to register new growth opportunities in the hair extensions market due to increasing disposable income and urbanization in the region.
Hair extensions market in Asia Pacific region is expected to witness a significant growth during the forecast period due to rapid growth of the e-commerce in the region. Hair extensions market in Europe is expected to be positively influenced by change in the customer behavior. Middle East and Africa is expected to witness a significant growth in the hair extensions market due to increasing customers spending on grooming products.
