Fueled by aspirational posts on Instagram, Pinterest, and TikTok, sales of hair extensions and related products are booming worldwide with no sign of slowing down.
That’s according to a new report by ResearchandMarkets.com, which surveyed 11 major extensions companies around the world to gauge their sales and forecasts.
Based on the companies’ feedback, the report predicts the market will grow by an average of 8% year over year through 2031. That would bring the global extensions market from its current $3 billion to $5 billion by the end of the decade, it says.
Extensions companies surveyed were BELLAMI Hair, Godrej, Great Lengths, Klix Hair Extension, Evergreen Products Group Limited, Balmain Paris Hair Couture, Beauty Industry Group, Qingdao Organic Hair Ltd., Hair Dream, Hidden Crown, and Hair Addictionz.
The companies say they’re forming more partnerships with salons, hairstylists, and social media influencers, to capitalize on the organic interest and demand surrounding hair extensions.
They are also investing heavily in research and development to innovate and improve product quality, and to address issues related to environmental sustainability and the sale of knock-offs.
North American consumers are expected to dominate global extensions sales in the next few years, followed by Asian markets, the report says.