Market Introduction
The North America hair extensions market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. Rise in disposable income and the need to enhance physical appearance among consumers are propelling the demand for self-grooming products such as hair extensions and wigs. The improvement in quality of life, the positive effects of personal care on self-esteem and social interaction, and the gradual consumer shift toward luxury and premium self-grooming products are a few factors that are likely to propel the market growth during the forecast period. Moreover, the surge in per capita disposable incomes has augmented discretionary spending, which has boded well for hair extension manufacturers. Rising incidence of hair fall among the North America populace and increasing popularity of beauty products and personal grooming are other factors likely to influence the market growth. North America is a significant market for the styling industry, accounting for more than 60% of the cosmetics market combined. Amid the increasing prevalence of hair thinning, dryness, loss of volume, and various other hair-related concerns among the consumers, hair care products are emerging as the most affluent and cost-effective way.
In case of COVID-19, North America, especially the US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of hair extensions manufacturing activities. Downfall of other consumer goods manufacturing sectors has subsequently impacted the demand for hair extensions during the early months of 2020. Moreover, decline in the overall entertainment & fashion products manufacturing activities has led to discontinuation of hair extensions manufacturing projects, thereby reducing the demand for hair extensions. Similar trend was witnessed in other North American countries such as Mexico, Canada, Panama, and Costa Rica. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.
Market Overview and Dynamics
The hair extensions market in North America is expected to grow from US$ 1,311.99 million in 2021 to US$ 1,679.35 million by 2028; it is estimated to grow at a CAGR of 3.6 % from 2021 to 2028. The entertainment and fashion industry are anticipated to grow at a significant CAGR on account of the increasing preference for hair extensions among models and celebrities. The industry is anticipated to grow owing to the surge in incidence of hair fall among women and men. Also, in terms of revenue, hair extension has found the highest adoption in the entertainment and fashion industry owing to the growth in traction alopecia. Also, the demand for hair extensions in countries such as the US is mainly determined by celebrity trends, which means the industry is substantial on the trend-focused urban areas on the West and East coasts. Sunny’s Hair & Wigs, a retail store, has expanded to Phoenix and Atlanta since it started in Minneapolis. It has a huge client base in the entertainment industry. Furthermore, the fashion and entertainment industry has become vital for hair extension products both in terms of revenue and adoption. Production and fashion houses entail to stock numerous hair extensions for models and actors since they are performing distinguished roles and characters. The upsurge in hair ailments among consumers is assisting the industry to grow at a uniform pace. The number of individuals suffering from hair fall is increasing rapidly, owing to which several people are choosing hair extensions. Therefore, such factors are creating lucrative opportunities for the growth of the hair extension market.
Key Market Segments
Based on product type the clip-in segment accounted for the largest share of the North America hair extensions market in 2020. Based on source, the human hair segment held a larger market share of the North America hair extensions market in 2020. Based on end-user, the women segment held a larger market share of the North America hair extensions market in 2020. Clip-in hair extensions, also called clip-in wefts, are ready to use and are the least permanent extensions style as these can be easily removed and applied whenever needed. Clip-in hair extensions usually take 5 to 15 minutes to apply at home. These do not involve any chemicals, pressure, heat, or other installation methods and hence are the least damaging hair extensions. Therefore the easy application of clip-in hair extensions coupled with less damage to the natural hair is expected to bolster the demand for clip-in hair extensions during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America hair extensions market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Great Lengths Universal Hair Extensions S.p.A., Balmain Paris Hair Couture, Easihair Pro, Klix Hair Extensions, Locks & Bonds, Anhui Jinruixiang Hair Products Co., Ltd., Evergreen Product Group Limited, SO.CAP.USA, Barclaywolf Hair Extensions and Cinderella Hair Extension.
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North America Hair Extensions Market Segmentation
North America Hair Extensions Market -By Product Type
North America Hair Extensions Market -By Source
North America Hair Extensions Market – By End-User
North America Hair Extensions Market – By Country
North America Hair Extensions Market – Company Profiles