The black hair market is worth half trillion, 500 billion dollar. It consists of general market brands, appliances, styling tools, e-commerce, distributors, beauty supply stores, weaves, wigs, and extensions.
According to reports from Mintel.com, African women spend approximately $1.1 Billion on hair extensions and hair weaves. Every 6 out of 10 black women wear a wig, weave or extension . From 1994 to 2002, black female beauty products industry grew by 48%, when the world saw a rise of natural hair products catering to black hair.
Also among natural hair styles, 70% of black women claimed to have kept their natural hair, 53% reported to have worn braids, and 41% have worn locks from 2013 to 2014.
The chemical relaxer has been on a serious decline since natural hair has grown in recent years.
It's no surprise why there has been an increase in black owned beauty supply stores globally, especially in the U.S.