The Black haircare industry. Market research firm Mintel estimated the size of the 2012 market at $684 million, with a projection of $761 million by 2017. But Mintel also wisely notes:
“What’s missing from these figures are general market brands, weaves, extensions, wigs, independent beauty supply stores, distributors, e-commerce, styling tools and appliances. If all of those things were to be taken into consideration, the $684 million in expenditures could reach a whopping half trillion dollars.”
Half trillion, as is in $500 billion.
Hair is a big part of the Black female culture, so it’s not surprising that we potentially spend that much money on our hair. Good Hair, the 2009 documentary by comedian Chris Rock, put a spotlight on the business of black hair, particularly our use of relaxers and weaves and the sources of the extensions so many women sew into their hair, but I will get into depth about that movie in another post!
I hope seeing these numbers surprised you as much as it surprised me! I knew the black haircare industry was big but not THAT big.
There are many things that have stayed the same and that are changing in the industry and I’ll get into that in part two!