Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Hair Extensions Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The hair extensions market has experienced significant growth due to the ever-evolving fashion and beauty trends. As fashion and beauty trends continue to evolve, hair extensions are expected to remain a crucial accessory for both personal and professional styling during the forecast period from 2023 to 2031.
Growing Popularity of Synthetic Hair Extensions
The market has witnessed a growing preference for synthetic hair extensions in 2022, boosting the overall market revenue. Synthetic hair extensions offer numerous advantages, including affordability, low maintenance, and a wide range of style and color options. They are particularly popular among consumers seeking temporary hair transformations for special occasions or everyday wear. The cost-effectiveness of synthetic hair extensions makes them an attractive choice for a broader consumer base, leading to increased sales and revenue in 2022. The period from 2023 to 2031 is anticipated to see continued growth in the synthetic hair extensions segment, driven by their affordability and versatility.
Advancements in Hair Extension Technology
Advancements in hair extension technology have significantly contributed to market growth in 2022. Innovative methods and materials have improved the quality, durability, and comfort of hair extensions. For instance, the development of tape-in and clip-in hair extensions offers easy and secure applications, reducing the need for professional assistance. Additionally, the introduction of heat-resistant and more natural-looking synthetic fibers has broadened the options available to consumers. These technological advancements have made hair extensions more accessible and convenient for users, encouraging higher adoption rates. As technology continues to play a pivotal role in product development and user experience, the market is expected to thrive during the forecast period from 2023 to 2031.
Quality Concerns and Counterfeit Products
In 2022, quality concerns and the prevalence of counterfeit hair extensions emerged as significant restraints in the market. Counterfeit products, often of inferior quality, have flooded the market, deceived consumers, and compromising their experience. Poorly manufactured hair extensions can lead to issues such as hair damage, discomfort, and an unnatural appearance. These concerns have the potential to erode consumer trust and deter repeat purchases. While industry organizations and authorities are working to address these challenges through certification and regulation, the issue remains a considerable restraint. The period from 2023 to 2031 is expected to witness ongoing efforts to mitigate this concern, with a focus on enhancing product authenticity and quality.
Market Segmentation by Type: Natural Hair Extensions Dominate the Market
The hair extensions market is segmented into two primary categories: Synthetic Hair Extensions and Natural Hair Extensions. In 2022, Natural Hair Extensions claimed the top position in both the highest revenue and highest compound annual growth rate (CAGR). Natural hair extensions gained prominence due to the growing consumer preference for authentic and natural-looking hair, which is expected to persist as a dominant trend during the forecast period (2023-2031).
Market Segmentation by Fitting Type (500 words): Tape-Ins Dominates the Market
The market can be further categorized by fitting type, including Clip-Ins, Tape-Ins, Halo, Glue-Ins, and Sew-Ins. In 2022, Tape-Ins led the market in terms of both highest revenue and highest CAGR. Tape-ins gained popularity due to their ease of use and minimal maintenance requirements, making them an attractive choice for consumers. During the forecast period from 2023 to 2031, the demand for Tape-Ins is expected to continue growing, supported by their user-friendly features and versatility.
Market Competition to Intensify during the Forecast Period
The hair extensions market is highly competitive, with key players such asGreat Lengths, Hairdreams, Klix Hair Extensions, Balmain Hair Group, SalonLabs Exports India Private Limited, Extensions Plus, Inc., Beauty Works, JON RENAU, Hairlocs, Evergreen Products Group Limited, and So Cap USA..
These companies are dedicated to the production and supply of high-quality hair extensions while also emphasizing innovation, sustainability, and customer satisfaction. To maintain their competitive edge, these companies are expected to invest heavily in research and development to create innovative hair extension products and enhance the user experience. The period from 2023 to 2031 is predicted to witness increased competition, as manufacturers strive to address the evolving demands of consumers and expand their market presence.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Market Segmentation
Type
- Synthetic Hair Extensions
- Natural Hair Extensions
Fitting Type
- Clip-Ins
- Tape-Ins
- Halo
- Glue-ins
- Sew-ins
Price
- Low
- Medium
- High
End-user
- Individual
- Professional
Distribution Channel
- Online
- Offline
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Hair Extensions market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Hair Extensions market?
- Which is the largest regional market for Hair Extensions market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Hair Extensions market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Hair Extensions market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/vkzv9r
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