The Global Hair Wigs And Extensions Market size is expected to reach $9.6 billion by 2028, rising at a market growth of 8.2% CAGR during the forecast period.
The most significant aspect of a person's personality that contributes to their overall appearance is their hair. A person is seen to have greater looks than anybody else if they have glossy, healthy, well-groomed hair. As a result, many individuals experiment with various hairstyles, strictly adhere to a hair care regimen, and use a variety of accessories to improve their appearance. Because women are the primary end-users of hair accessories, a broad range of hair accessories are now readily accessible on the market. Previously, hair accessories were primarily limited to pins and bands.
People, particularly young people, are heavily influenced by platforms such as Instagram to engage in their appearance and personalities, which will provide new development opportunities for the top market participants throughout the projection period. The demand for several cosmetic goods, including hair accessories, is rising globally as consumers have more access to the internet and different social media platforms.
The senior population's increasing usage of wigs and extensions to conceal the problem of alopecia is anticipated to support market growth. The population of people 60 and over was 1.4 billion in 2020, and the World Health Organization (WHO) predicts that number will quadruple to 2.1 billion by 2050. Additionally, major businesses are releasing specially made hair-related items that best meet customer demand. For example, Hi-MO LLC offers individualized items including hair wigs, hair colour, hair care, and others for each customer. Consumer usage of wigs and extensions has increased as androgenetic alopecia, or baldness has become more prevalent.
The market for hair extensions and wigs has been significantly impacted by the COVID-19 outbreak. The COVID-19 pandemic's shutdown situation has affected the hair extension and wigs industry. Raw materials, distribution channels, exports, and imports were all lower than expected, as were sales and income. The supply of raw materials for the hair integration business was extremely constrained. Retail establishments and means of distribution had been stopped. Moreover, the market for hair extensions and wigs is expected to see additional negative effects in the post-COVID situation.
One of the main factors propelling growth in the market for hair wigs and extensions is technological improvements in the manufacture and design of synthetic hair wigs. Synthetic hair wigs as well as extensions have advanced significantly in terms of appearance and style. The elderly conceals their hair loss problem by using extension products. Additionally, the elderly population's growing awareness of the existence of such items is projected to spur market expansion.
The prominence of celebrities & social media influencers is yet another important factor boosting the hair wigs and extension market. The fast-global usage of Internet-enabled smartphones has contributed to the growing popularity of digital media as a vital communication and marketing channel for suppliers. The main purpose of hair extensions is to hide hair breakdown. A bigger audience may now access a variety of topics due to social media, digital influencers, and content makers. This would further accelerate the growth of the hair wigs and extensions market over the forecast period.
The expansion of the hair extensions business is anticipated to be constrained by the increased prevalence of headaches and hair breakage brought on by the use of such goods. In addition, many spend a lot of time attaching their wigs and hair extensions to the roots of their heads. A factor like this could restrict how much people want the product. Moreover, the growing consumer knowledge regarding hair styling equipment like as straighteners, bands, curlers, and others is predicted to restrict the market profits. This would further hinder the growth of the market over the forecast period.
On the basis of product, the hair wigs and extensions market is segmented into Wigs and Extensions. The hair extension segment acquired a significant revenue share in the hair wigs and extensions market in 2021. The rising popularity and utilization of hair extensions by female customers throughout the world to boost the volume of their hair is credited with the segment's rise. Additionally, the growth is linked to an increase in the usage of hair extensions since they are readily available and can be attached using a variety of ways that do less harm to natural hair.
Based on hair type, the hair wigs and extensions market is divided into Human Hair and Synthetic Hair. The human hair segment garnered the maximum revenue share in the hair wigs and extensions market in 2021. Using different retail and online distribution channels, numerous brands in these areas provide these items. These labels comprise RENE OF PARIS, JON RENAU COLLECTION, and Ellen Wille, among others. Along with the expansion of the world economy, the segment's rise is also attributable to the rising per capita disposable income.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 5.6 Billion |
| Market size forecast in 2028 | USD 9.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 8.2% from 2022 to 2028 |
| Number of Pages | 126 |
| Number of Tables | 240 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Hair Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the hair wigs and extensions market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region with the largest revenue share in the hair wigs and extension market in 2021. The increasing adoption and utilization of wigs and extensions across all age groups is credited with the region's rise. The hair accessories in the region are utilized as both useful and decorative items. The U.S. imports more hair products than any other country in the world.
Free Valuable Insights: Global Hair Wigs And Extensions Market size to reach USD 9.6 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Evergreen Products Group Ltd., Artnature, Inc., Godrej Consumer Products Ltd. (Godrej Group), Aderans Company Limited, Donna Bella Hair, F.N. Longlocks, Aleriana Wigs, Klix Hair, Inc., Indique, and Shake-N-Go, Inc.
By Product
By Hair Type
By Geography
The global Hair Wigs And Extensions Market size is expected to reach $9.6 billion by 2028.
Rising technological advancements in the production and design of synthetic hair wigs are driving the market in coming years, however, Problem of Headache & Discomfort owing to products’ use restraints the growth of the market.
Evergreen Products Group Ltd., Artnature, Inc., Godrej Consumer Products Ltd. (Godrej Group), Aderans Company Limited, Donna Bella Hair, F.N. Longlocks, Aleriana Wigs, Klix Hair, Inc., Indique, and Shake-N-Go, Inc.
The expected CAGR of the Hair Wigs And Extensions Market is 8.2% from 2022 to 2028.
The Wigs market acquired the highest revenue share in the Global Hair Wigs And Extensions Market by Product in 2021, thereby, achieving a market value of $7.5 billion by 2028.
The North America market dominated the Global Hair Wigs And Extensions Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.6 Billion by 2028.
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