The black hair care industry generates billions — but the US is missing out on the market

African-American men and women spend billions of dollars on their hair, but U.S. beauty care companies are missing out.

Mintel values the black hair care industry at more than $2.5 billion, but that statistic doesn't include products such as hair accessories, wigs or electric styling products. So, the industry is actually worth much more.

Most hair care products purchased by African-Americans are imported from countries such as India and China, despite the U.S. having one of the most lucrative hair care markets in the world.