A person’s hair is one of the most critical elements that are responsible for the self-perception of beauty. This fact applies to both men and women. When a person does not have the hairstyle that they want, then it can lead to a potential drop in their self-esteem.
Women are especially sensitive to this part of their self-image. When hair loss occurs for a woman, they can spend endless hours trying to hide the problem as a way to maintain their self-esteem. It is here where the hair extension industry can become extremely valuable.
Essential Hair Extension Industry Statistics
#1. The global hair extension industry is expected to reach a market value of $10 billion by 2023. This outcome would result in a CAGR of 9% for the industry. (Research and Markets)
#2. Total revenues for the hair extension industry in the United States reach $346 million in 2017. There were over 1,000 businesses active in the industry for the year. (IBIS World)
#3. The hair extension industry currently employs roughly 3,000 people in the United States. (IBIS World)
#4. 34% of women say that they use hair extensions as a part of their beauty regime regularly. 87% of those who said that they were wearing industry products refuse to tell others about their lifestyle choice. (Final Step Marketing)
#5. 76% of women say that they wear hair extensions because it adds value to their look. (Final Step Marketing)
#6. From 2006 to 2010, a major extension company in the U.S. reported 70% growth for the hair extension industry. In 2010 and 2011, there was a 28.5% increase in the number of salons in the United States which offered extensions or wig services. (Professional Beauty Association)
#7 Women in the United States will typically keep their hair extensions in place for 4 months before the product requires additional treatments because the hair dries out. (Final Step Marketing)
#8. Roughly $90 billion is spent worldwide on hair care products around the world. This revenue includes products that help to reduce dryness, provide cleanliness, and nourish the hair in multiple ways. Shampoos, conditioners, colorants, and sprays are combined with the hair itself to create this number. (Statista)
#9. 81% of women say that they are satisfied with the results of their hair extensions and coloring work after they see their reflection for the first time. (National Institutes of Health)
#10. Only 2% of people in the United States consider the look of their hair extensions or wig to be permanent. 49% say that their look is semi-permanent, while 40% describe their investment as being a temporary improvement for their self-esteem. (National Institutes of Health)
Hair Extension Industry Trends and Analysis
The hair extension industry will continue to grow out at an impressive rate for the next five-year period. Expect the global industry to achieve the target CAGR of 9% that multiple industry analysts expect is possible. If income levels continue to rise in the U.S., India, and China, then this growth rate could double in some markets.
The market for human hair is growing very quickly. Unless beauty preferences rapidly change in the next decade, the hair extension industry looks to keep building upon its success.