The global hair wigs and extensions market is expected to grow at a CAGR of 16.06% during 2023-2028 – Yahoo Finance


MARKET OUTLOOK. The US is the leading country globally in the hair wigs and extensions market. Hair wigs and extensions can be made using human hair or synthetic fibers resembling human hair.
New York, Jan. 12, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Hair Wigs and Extensions Market – Global Outlook and Forecast 2023-2028” – https://www.reportlinker.com/p05822878/?utm_source=GNW
An increasing number of customers demanding hair extensions or wigs for beauty or functional purposes has been driving the industry over the last few years. Native Africans and people of African descent are the largest hair wigs and extensions consumers. The global demand for premium-quality hair products is influencing manufacturers to set up production facilities in Asian countries, mainly in China and India, and offer hair wigs and extensions at lower prices than in international markets. The number of African-descent women with thinning hair, men suffering from receding hairline, and male pattern baldness is at par with consumers in the US and European nations.

The availability of high-quality wigs and toupees encourages men worldwide to try them as an alternative to surgical procedures or hair transplants. Further, hair wigs are extensively used in emerging economies. In countries such as the US, the UK, France, and Italy, hair extensions account for a large share of the global hair wigs and extensions market. During the forecast period, southeast Asia and sub-Saharan Africa are expected to witness significant growth, while Latin America is expected to grow slower than the other emerging markets. While GDP growth is anticipated to rise in both developing and advanced economies, the hair wigs and extensions market in China and India is projected to witness significant growth in usage and demand.

MARKET TRENDS AND OPPORTUNITIES

Increasing Use of Wigs in the Fashion & Entertainment Industry

• Many celebrities, actors, and models have recently admitted to using hair wigs. This is an important trend in the industry as the effect of celebrities openly wearing hair wigs represents an upturn among users to wear wigs for non-functional reasons. This recent interest in hair wigs also normalizes their adoption and removes the taboo of using wigs. The adoption of hair wigs is also gaining support from social media platforms, such as Instagram, by breaking the conventional stigmas associated with using wigs in the beauty and fashion industry. Such factors have given an unprecedented growth opportunity for the hair wigs and extensions market.

Increasing Hair Fall Among Men & Women

• Currently, hair loss is a severe health issue. Hectic lifestyles and improper consumption of essential nutrients adversely affect the human body. Alopecia, receding hairline, and pattern baldness are more common in men, while hair thinning is more common among women. Androgenetic alopecia is a frequent form of hair loss in both women and men. The cultural use of wigs was prevalent during the industrial revolution among the rich male populace and officers of certain ranks, such as lawyers and judges. Presently, hair wigs and extensions are mainly used for beautification and functional purposes. Such factors influence the growth of the global hair wigs and extensions market.

Image Makeovers in Urban Communities

• According to Arizton, the increasing demand for hair products in urban areas directly results from more customers opting for hair wigs and extensions. However, peer pressure, which is more of an indirect factor, is a vital aspect driving industry growth. The desire to fit in society and with peers is more common among women from affluent backgrounds, where one is constantly trying to outdo the others in terms of physical appearance and beauty trends. The core trend in the global hair wigs and extensions market is similar to the high-class beauty ideology, where peers dictate beauty norms and hair makeover trends. Moreover, many celebrities wearing wigs and extensions have paved the way for more consumers to adopt wigs and extensions.

INDUSTRY RESTRAINTS

Increasing Demand for Anti-Hair Loss Treatment

• Scientists are developing novel and ingenuous ways to regenerate or replace lost hair. Various medications and anti-hair loss treatments are increasingly being adopted by people these days. People are increasingly concerned about their appearance, so the demand for hair transplants in the scalp and non-scalp areas is expected to increase. Minoxidil and Finasteride are the two most prominent medications used for anti-hair loss. Also, hair transplants are being increasingly undertaken by people to prevent hair fall. Hair transplants take hair follicles from DHT-resistant donor areas at the sides and back of the scalp and rearrange them to cover bald areas. It is estimated that the value of the global hair transplant industry will be around USD 43 billion by 2028. This, in turn, is expected to affect the growth of the hair wigs and extensions market.

SEGMENTATION INSIGHTS
PRODUCT TYPE INSIGHTS

By product type, the hair extensions segment is expected to be the largest in the global hair wigs and extensions market and is growing at a CAGR of 15.29% during the forecast period. Hair extensions are strands of human or synthetic hair that can be attached to the existing hair for grooming and functional purposes. Synthetic hair extensions can be customized to the desired length, while extensions made of human hair must be collected in long strands. Women are now more open about their hair extensions and use them like any other routine fashion accessory, such as makeup and earrings.

In 2022, the global hair extensions market by end-use was dominated by the lengthening and volumizing segment, followed by the coloring and styling segment. Hair extensions of different shades can be used to resemble colored hair and easily be changed if the color does not bode well with real hair or user preference. Men mostly use hair wigs such as toupees and hair pieces to hide bald spots or other hair loss problems.

Segm Segmenatation by Product

? Hair Extensions
• By End-use
Lengthening and Volumizing
Coloring
Styling
• By Fitting Type
Clip-in
Micro Link
Tape-in
Glue-in
• By Hair Type
Human
Synthetic
? Hair Wigs
By End-user
o Leisure
o Beautification
o Functional
By Cap Type
o Monofilament
o Lace
By Hair Type
o Human
o Synthetic
Toupee
By Gender
o Men
o Women
By Hair Type
o Human
o Synthetic

HAIR TYPE INSIGHTS

The global human hair wigs and extensions market is growing at a CAGR of 15.46% during the forecast period and is expected to be the largest segment by hair type. Human hair used to manufacture wigs and extensions is collected from salons, Indian temples, and women of rural areas who sell their hair for money. Affluent people have been known to wear wigs made of human hair to improve their appearance. Wigs were also prevalent among army and state officers in the US, the UK, and Europe. Hair from Indian temples is highly valued for making extensions and full-length wigs as it is often virgin and Remy. Over the last few years, there has also been an increase in non-Indian hair sources from Peru, Russia, and Brazil. The average price of human hair is gradually decreasing across the world. This benefits manufacturers since they can source human hair at better prices.

END-USER INSIGHTS

The use of hair wigs and extensions is prevalent among individual consumers and the entertainment and fashion industry. However, the use of these wigs and extensions varies with the requirement. By end-user, individual consumers industry segment is expected to be the largest in the global hair wigs and extensions market. The segment includes end-users buying hair wigs and extensions from retailers or hair salons. These consumers buy hair wigs and extensions for personal use, increasing their demand significantly.

The global hair wigs and extensions market by the entertainment & fashion industry was valued at USD 2.89 billion in 2022. Movie production houses form the largest user group for wigs and extensions. The recent trend of celebrities, models, and social media influencers admitting that they use hair wigs and extensions have led to a ripple effect in the industry and among individual consumers. New fashion trends’ impact on the industry has always transpired positively among individual consumers and brought higher revenues.

Segmentation by Hair Type
• Human Hair
o Hair Sourcing
o By Product
Extensions
Wigs
Toupee
Synthetic
o Synthetic Hair
By Product
Extensions
Wigs
Toupee

DISTRIBUTION CHANNEL INSIGHTS

The Individual consumer industry segment is expected to be the largest in the global hair wigs and extensions market under the distribution channel category. Hair wigs and extensions are sold across several channels, such as online platforms, physical stores, and sometimes through intermediary parties. These intermediary parties include hair salons and hair stylists that sell hair wigs and extensions.
The online stores offer various options from several manufacturing houses and resellers.

Many avid users of e-tailing services seek to buy wigs or extensions online because of the ease of accessibility and convenience of these channels. Moreover, vendors of online channels often resort to social media to promote their products, which is a significant impetus for choosing the channel.

Segmentation by Distribution Channel
• Retail Stores
• Online

GEOGRAPHICAL ANALYSIS
North America dominates the global hair wigs and extensions market with a share of 40.72%; the industry in North America was valued at USD 3.16 billion in 2022. US-based manufacturers have always experienced high demand for hair wigs and extensions of human hair and synthetic fibers. Historically, the demand for hair wigs and extensions has been influenced by hair salons and beauty centers. Presently, the primary demand for hair wigs comes from recommendations by hairstylists. The hair wigs and extensions market in North America can also be addressed based on age groups. Customers who are less than 25 years use hair wigs and extensions mainly for leisure and sometimes for functional uses such as to cover their hair loss. Consumers, both men, and women, in the age group of 35 to 44 years, account for the largest industry share.

According to data from medical associations, men in the US, the UK, and Asia start showing visible signs of hair loss and baldness as early as 21, 30, and 40 years, respectively. The global hair extensions industry is expanding at an incredible rate, driven by the need to mimic celebrity hairstyles seen in magazines and movies.

APAC is the largest supplier of human hair that is used in the manufacture of wigs and extensions. Moreover, with the largest population in the world, APAC sources enough hair to maintain its position among global hair suppliers. The increasing demand for hair products in APAC is influencing manufacturers to set up production facilities in Asian countries, mainly China and India, and offer hair wigs and extensions at lower prices than the international markets. APAC’s hair wigs and extensions market is growing at a CAGR of 17.32% during the forecast period.

Segmentation by Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
o Spain
o France
o Italy
• APAC
o China
o Japan
o India
o South Korea
o Australia
• Middle East & Africa
o UAE
o South Africa
o Nigeria
• Latin America
o Mexico
o Brazil

COMPETITIVE LANDSCAPE

The global hair wigs and extensions market is highly fragmented as many manufacturers across significant markets exist. The global industry has always been steered by customer demand. Manufacturers have been introducing new products per prevailing fashion trends.
India is the largest human hair supplier, and the business concentrates on the supply side. Several companies that source hair from temples, barber shops, and rural areas have been supplying hair to countries such as Myanmar, China, and Bangladesh. Manufacturers in these companies then process, weave, pack, and sell the hair. The larger industry vendors in India also supply clients in regions such as the US, the UK, and Africa.

The industry is characterized by the presence of several international vendors and a few regional vendors. However, with international players increasing their industry footprint, regional vendors will find competing with them difficult, especially regarding product offerings and customer base. The industry competition is expected to intensify further with increased product and service elaboration and technological innovations.

Key Company Profiles
• Godrej
• Great Lengths
• Evergreen Product Group

Other Prominent Vendors
• Hairlocs
• Klix Hair Extensions
• Hair Visions International
• Racoon International
• Xuchang Penghui
• Xuchang Shengtai
• Yinnuohair
• Xuchang Haoyuan
• Cinderella Hair Extension
• Locks & Bonds
• Femme Hair & Beauty
• Paula Young
• Lord Hair
• Bohyme
• Indique
• India Hair International (IHI)
• Indo Hair
• FN LongLocks
• Diamond Hair Company
• Charm Hair
• AY Hair Products
• Diva Divine India
• Aderans
• Artnature
• Hair Zone
• Shake-N-Go Fashion (SNG)
• Rebecca
• Anhui Jinruixiang Hair Product
• Hairdreams
• Easihair Pro
• Donna Bella
• SO.CAP.
• Ruimei Hair Products
• Just Extensions
• REMY NY
• The Hair Shop
• Balmain Hair
• Human Hair Argentina
• Aleriana
• Hair Life India
• Bloomsbury
• Beaudiva
• OMGQUEEN
• CheapWigSales
• RichFeel
• Woven Hair
• Madali
• BELLAMI Hair
• Mayvenn
• True Indian Hair
• Lush Wigs
• TSD Hair
• Glam Seamless
• His and Her Hair Goods
• YH Hair
• Dini Wigs
• Luxy Hair

KEY QUESTIONS ANSWERED

1. How big is the hair wigs and extensions market?
2. What is the growth rate of the hair wigs and extensions market?
3. Which region is expected to dominate the global hair wigs and extensions market share?
4. Who are the key players in the hair wigs and extensions market?
5. What are the key trends in the global hair wigs and extensions market?
6. Which region in the hair wigs and extensions market is expected to witness the highest growth during the forecast period?
Read the full report: https://www.reportlinker.com/p05822878/?utm_source=GNW

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