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Human Hair Extension Market Size Worth USD 7.63 Billion by 2029 | Human Hair Extension Industry Expected CAGR 9.44%

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The global human hair extension market size was valued at USD 3.71 billion in 2021 and touched USD 4.06 billion in 2022. The market is expected to reach USD 7.63 billion by 2029, exhibiting a CAGR of 9.44% during the forecast period. Rising demand for Vietnamese hair across North American markets and the evolving consumer buying preferences is expected to elevate market growth. Fortune Business Insights™ provides this information in its report titled “Human Hair Extension Market, 2022-2029.

COVID-19 Pandemic

Declining Product Demand to Impede Industry Progress

This market is expected to be negatively affected during the COVID-19 pandemic due to the declining demand for the product. The alarming spike in COVID-19 patients led to the imposition of stringent COVID-19 restrictions, thereby hindering manufacturing activities. This factor created supply chain disruptions. Further, travel restrictions led to reduced product sales. However, the resumption of lockdown has facilitated tourism and travel, thereby enhancing the demand for human hair extension. This factor may enhance market progress during the pandemic.

Fortune Business Insights™ lists out all the human hair extension market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • GREAT LENGTHS (Italy)
  • Balmain Hair Couture (France)
  • Hairdreams Haarhandels GmbH (Austria)
  • easihair pro (U.S.)
  • Euro So. Cap Srl (Italy)
  • Beauty Industry Group Inc. (U.S.)
  • Cinderella Hair Extension (U.S.)
  • Hairlocs (U.S.)
  • KLIX HAIR, INC. (U.S.)
  • UltraTress (U.S.)
  • Racoon International (U.K.)
  • Hair Addictionz (U.S.)
  • N. LONGLOCKS (U.S.)
  • Viva Femina, Inc. (U.S.)
  • Femme Extensions (U.S.)

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players

Rising Female Audiences to Elevate the Female Segment’s Growth

Based on application, the market is bifurcated into female and male.

The female segment is expected to grow rapidly due to the rising demand for the product from the female population. Manufacturers target the female population due to their willingness to invest in beauty products.

Online Channel Segment to Dominate Owing to Rapid Digitization and Shopping Convenience

As per sales channel, the market is classified into offline channel and online channel.

The online channel segment is expected to grow exponentially due to increasing adoption of online services. Rising smartphone adoption and the convenience offered by online shopping are expected to enhance the adoption of the product.

Regionally, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Driving Factors

Increasing Prevalence of Hair Disorders to Enhance Market Progress

Human hair extensions are made from human hair due to their longer lifespan and can be styled with hair dryers. The rising prevalence of hair disorders is expected to enhance its demand. For example, as per the American Hair Loss Association (AHLA), male baldness is a major health issue that affects nearly 25% of men globally. The AHLA also mentions that nearly 66% of men experience hair loss by 35 years and hair thinning before 50 years. Furthermore, the rising aging population worldwide is expected to enhance the adoption of human hair extensions. Also, the adoption of Remy hair may enhance consumer demand as it is considered the highest quality extension globally. These factors may drive the human hair extension market growth.

However, strong demand for alternative products and procedures is expected to hinder the market’s progress.

Segments

Clip-in Hair Extension Segment to Dominate Owing to Strong Demand for Affordable Products

By type, the market is segmented into clip-in hair extension, fusion & pre-bonded hair extension, tape-in hair extension, and others.

The clip-in hair extension segment is expected to dominate the market due to consumers’ rising demand for affordable products. It offers users hassle-free removal and installation, thereby boosting its preference.

Regional Insights

Rising Partnerships Between Firms to Augment Growth in North America

North America is expected to dominate the human hair extension market share due to rising partnerships between firms. For example, Perfect Locks LLC, a California-based hair extension company, offers distribution opportunities for salons/businesses. The market in North America stood at USD 1.72 billion in 2021 and is expected to grow rapidly in the coming years.

In Asia Pacific, the presence of sizable natural hair supplying manufacturers is expected to enhance the demand for human hair extension. This factor may propel the market progress in the coming years.

Competitive Landscape

Companies Set Up Shops in New Territories to Expand Consumer Base

Prominent companies operating in the market set up shops in different countries to expand their consumer base. For example, Mayvenn Inc. set up its shops in new territories to expand its consumer base in June 2021. The company is backed by several investors such as Jimmy Iovine, Andre Iguodala, Serena Williams, Trinity Ventures, Cross Culture Ventures, and Andreessen Horowitz. This strategy may allow Mayvenn Inc. to expand its consumer base globally. Furthermore, the companies invest heavily in acquisitions, mergers, research and development, novel product launches, and expansions to boost their market position.

Key Industry Development

  • October 2021: A Canadian manufacturer named Luxy Hair announced an artificial intelligence color match tool for simplifying and personalizing the hair extension process.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/human-hair-extension-market-106648

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Why do Businesses Need Human resource Consulting Services?

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Human resource

Human resource consulting firms play a vital role in today’s business landscape. They offer several key benefits and importance to organizations:

Expertise and Specialization:

HR consultants bring specialized knowledge and expertise to the table. They stay up-to-date with the latest HR trends, best practices, and legal regulations. This expertise is precious for businesses without dedicated HR staff or require support in complex HR areas.

Cost-Effective Solutions:

Engaging HR consultants can often be more cost-effective than hiring and maintaining an in-house HR department. Businesses can access high-quality HR services as needed, reducing fixed labor costs.

Customization:

HR consultants tailor their services to meet the specific needs of each client. Whether recruitment, employee training, or policy development, consultants design solutions that align with the organization’s unique goals and challenges.

Objective Perspective:

Consultants offer an objective and impartial perspective on HR matters. They can provide insights and recommendations without being influenced by internal biases or politics, which can be valuable for making difficult HR decisions.

Efficiency and Productivity:

HR consultants can streamline HR processes, making them more efficient. This can improve productivity, as employees spend less time on administrative tasks and more on strategic activities.

Compliance and Risk Management:

HR consultants help organizations comply with labor laws and regulations, reducing the risk of legal issues, fines, and reputational damage. They also assist in implementing best practices for risk management.

Strategic Focus:

Organizations can free up their internal resources by outsourcing HR tasks to consultants to focus on core business activities and strategic initiatives. This can lead to improved business performance and growth.

Scalability:

HR consulting firms can adapt to an organization’s changing needs. Whether a business is expanding, downsizing, or facing other transitions, consultants can provide flexible HR solutions to support these changes.

Access to Technology:

Many HR consulting firms have access to advanced HR technology and software solutions that may be cost-prohibitive for smaller organizations to implement independently. This technology can enhance HR processes and data management.

Talent Acquisition and Development:

HR consultants excel in talent acquisition and development. They can help organizations attract top talent, assess employee potential, and implement training and development programs to improve workforce skills.

Confidentiality:

HR consultants are bound by confidentiality agreements, ensuring that sensitive HR issues and employee data are handled with discretion and professionalism.

Conflict Resolution:

Consultants can mediate and assist in resolving workplace conflicts and issues, promoting a harmonious work environment.

Global Expertise:

 For businesses with international operations, HR consultants with global expertise can help navigate the complexities of international HR regulations and practices.

In summary, human resources consulting firms provide valuable support to organizations by offering expertise, cost-effective solutions, and a strategic approach to managing their workforce.

Their ability to adapt to changing needs, ensure compliance, and improve HR processes makes them an essential resource for businesses looking to thrive in today’s competitive environment.

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Business

PayPal quietly reintroduces $2,500 “misinformation” fine

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PayPal

Not long after issuing an apology and retracting a $2,500 fine to its users, PayPal has quietly re-introduced the fine into their terms of service and legal agreements.

If enforced, the leading payment processor could fine users the hefty $2,500 sum for spreading “misinformation,” or “hate”, or whatever they deem “unfit for publication.”

While the wording has been changed up, the company has listed several things they would consider fining users over, purely based on speech:

PayPal restricted and prohibited activities

  • The promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime
  • Items that are considered obscene
  • Certain sexually oriented materials or services
  • Act in a manner that is defamatory, trade libelous, threatening or harassing
  • Provide false, inaccurate or misleading information

The original documents, which PayPal said were published in error, had much looser language on what would get users fined $2,500 over – namely the “sending, posting, or publication” of any “messages, content, or materials” that are “harmful, obscene, harassing, or objectionable.”

PayPal has seemingly taken a firm stance against adult / pornographic content in both policies, while the former prohibited things that “depict or appear to depict nudity, sexual or other intimate activities” the new policy vaguely prohibits “certain sexually oriented materials or services.”

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Finance

Employee Retention Tax Credit 2022

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The employee retention tax credit 2022 (ERC) is a tax credit available to employers who keep and retain their employees. The credit is available to employers with 100 or fewer full-time employees. It applies to qualifying wages paid to employees during the business’s first quarter.

If your business is a small business, you can use Form 941-X to claim the credit retroactively.

Employers with 100 or fewer full-time employees

Employers with 100 or fewer employees are eligible to claim a refundable payroll tax credit called the Employee Retention Tax Credit.

This credit was created by Congress under the CARES Act to encourage employers to retain employees. It was originally set to expire on January 1, 2022, but Congress has extended the credit twice. This means that eligible employers can still claim the credit for their taxes for 2020 and 2021.

The credit is limited to wages paid between March 12 and Sept. 30, 2021. In addition, wages paid under the Paycheck Protection Program (PPP) cannot qualify for the credit. The credit amount is limited to $5,000 per full-time employee in 2020. In 2021, it increases to $7,000 per quarter, with a total credit of up to $21,000 per employee.

Paycheck Protection Program loans are not eligible for the employee retention tax credit

The Employee Retention Credit (ERC) is a tax break for businesses that offer a payroll protection program for their employees. Until recently, employers could not qualify for both programs at the same time. But the new legislation has changed this and now businesses can take advantage of both programs.

To receive the credit, employers must file a Form 941-X, or Adjusted Employer’s Quarterly Federal Tax Return, for each quarter that an employee was a PPP borrower.

The credit is based on wages paid between March 13 and Dec. 31, 2020. For the third quarter of each year, the credit is available for up to $10,000 per employee.

Qualified wages are based on the quarter the business began

To qualify as a severely distressed employer, your business must have had a 90% decline in gross receipts in the previous year.

You must have employed at least one person during this time. The CARES Act does not apply to businesses that are still operating, but it does apply to those that have ceased operations and declined in gross receipts.

Form 941-X is used to retroactively file

The IRS has recently released a new form called Form 941-X. The new form is designed to be filed retroactively and corrects any mistakes that you may have made in filing your original Form 941.

The form must be filed no later than two years after you paid the tax. To file this form, you will need to mail it to the IRS. The IRS does not have the capability to accept it online. If you’ve made significant changes to your business, you may be eligible to claim the ERC. The ERC is equal to 6.4% of the wages you paid to employees during the credit generating period. This credit is not available to corporations with more than 500 employees

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