USD 6.77 billion
Hair Wigs and Extensions Market Size, Share, Growth Analysis, By Product Type(Wigs and extensions), By Hair Type(Human hair and synthetic hair), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2029 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
59
|Figures:
78
Hair Wigs and Extensions Market Insights
Global Hair Wigs and Extensions Market size was valued at USD 6.77 billion in 2022 and is poised to grow from USD 7.35 billion in 2023 to USD 14.11 billion by 2031, at a CAGR of 8.5% during the forecast period (2024-2031).
Rising number of clients have demanded hair extensions or wigs for aesthetic or practical reasons. The majority of purchasers of hair wigs and extensions are native Africans and persons of African origin. Manufacturers are establishing factories in Asia, mostly in China and India, in order to produce high-end hair products for the global market at cheaper prices than those found in other areas. Men and women of African heritage are equally likely to experience male pattern baldness, receding hairlines, and thinning hair in both genders. Having access to high-quality wigs and toupees encourages men all over the world to give them a try as an alternative to operations or hair transplants. Also, emerging economies make substantial use of hair wigs. The market is dominated by hair extensions in nations including the US, the UK, France, and Italy. Southeast Asia and sub-Saharan Africa are anticipated to have significant growth throughout the forecast period, whereas Latin America is anticipated to grow more slowly than the other rising markets. While GDP growth is forecast to increase in both developing and established nations, usage and demand for hair wigs and extensions are anticipated to increase significantly in China and India.
US Hair Wigs and Extensions Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wigs
Fastest Growth
Extensions
Growth Rate
8.5% CAGR
Global Hair Wigs and Extensions Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Hair Wigs and Extensions Market Segmental Analysis
Global Hair Wigs and Extensions Market is segmented on the basis of product type, hair type, and region. By product type, the market is segmented into wigs and extensions. By hair type, market is segmented into human hair and synthetic hair. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
In 2022, the wigs segment dominated the market. The increased popularity and widespread use of wigs among customers are credited with the segment's dominance. Wigs are mostly worn to conceal baldness or to alter hairstyles. Furthermore, wigs shield natural hair from damage brought on by the use of heat and chemicals to style it and attain the desired look, promoting increased use and hence boosting revenue.
The hair extension market is expected to grow at a rapid pace between 2022 and 2030. The rising popularity and use of hair extensions by female consumers around the world to boost the volume of their hair is credited with the segment's growth. Also, the growth is attributed to an increase in the usage of hair extensions because they are readily available and can be attached using a variety of ways that do less harm to natural hair. This industry is expanding as a result of the rising demand for premium hair extension products made from human hair.
Analysis by Hair Type
In 2022, the human hair segment dominated the global market. The high penetration of hair wigs in North America and Europe, as well as the rising desire for them among millennials, are both factors in the segment's rise. Through various offline and online distribution channels, numerous brands in these areas offer these products. In addition to others, these brands include Ellen Wille, RENE OF PARIS, and JON RENAU COLLECTION. Together with the expansion of the global economy, the segment's growth is also attributable to the rising per capita disposable income.
The synthetic hair segment is expected to grow at a significant CAGR between 2022 and 2030. The increased popularity of artificial wigs and extensions across all consumer segments is blamed for the segment's expansion. Synthetic hair wigs and extensions are more affordable than human hair products, which gives them a pricing edge. The increasing usage of cutting-edge, inventive technology for the creation of higher-quality synthetic hair products is another factor driving the segment's rise. For instance, Hi-MO LLC creates Nexart hair using cutting-edge technology that mimics the structure of real hair to give it a natural feel.
Global Hair Wigs and Extensions Market By Product Type
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Hair Wigs and Extensions Market Regional Insights
North America dominated the global market. The increasing penetration and use of wigs and extensions across all age groups is credited with the region's rise. The hair accessories in the area are utilized as both useful and decorative items. The U.S. imports more hair products than any other country in the world. The Observatory of Economic Complexity (OEC) estimates that in 2020, the United States accounted for 53.6% of global imports of wigs, fake beards, and similar goods. Furthermore, the expanding popularity of Halloween products in the region leads to a high usage of hair goods as a part of various types of costumes, which contributes to the region's industry's growth.
Asia Pacific is expected to grow at the fastest CAGR between 2022 and 2030. The region has experienced rapid expansion as a result of customers' growing use of hair accessories. Hair products were mostly utilized in the region for practical purposes, but current fashion trends have encouraged young people and millennials to try out such products. In addition, it is predicted that factors including changing lifestyles, advances in manufacturing technology, and increased consumer spending power would fuel the region's expansion.
Global Hair Wigs and Extensions Market By Region
- Largest
- Fastest
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Hair Wigs and Extensions Market Dynamics
Drivers
Increasing demand for these products
- One of the key drivers of the global hair wigs and extensions market is the increasing demand for these products due to changing fashion trends and rising beauty consciousness among consumers. Hair wigs and extensions are now considered essential accessories by many people, including celebrities and fashion icons, and are widely used to enhance the appearance of hair, add volume, and improve overall hair texture. In addition, the increasing prevalence of hair loss problems, such as alopecia and pattern baldness, has also led to the growth of the hair wigs and extensions market. Many people who suffer from hair loss problems use hair wigs and extensions to cover up bald spots and achieve a more natural-looking appearance.
Restraints
Rising Interest in Hair Loss Therapy
- Researchers are working on creative and innovative techniques to regrow or restore lost hair. People today are using more and more different drugs and anti-hair loss therapies. The demand for hair transplants in non-scalp locations and on the scalp is anticipated to rise as people's concerns about appearance grow. The two most popular drugs used to treat hair loss are minoxidil and finasteride. Also, more people are getting hair transplants to stop hair loss. In order to cover bald spots, hair transplants reorganize hair follicles from DHT-resistant donor areas on the sides and back of the scalp.
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Hair Wigs and Extensions Market Competitive Landscape
The global hair wigs and extensions market is highly competitive, with a large number of players operating in the industry. Some of the major players in the market offer a wide range of products and services, from synthetic wigs and hair extensions to high-quality human hair wigs and extensions. They compete on the basis of product quality, price, design, distribution channels, and brand reputation. In addition to these major players, there are also many smaller companies and independent sellers operating in the market. These players often specialize in specific types of wigs and extensions or serve niche markets. The global hair wigs and extensions market is expected to continue growing in the coming years, driven by factors such as increasing disposable income, changing fashion trends, and growing awareness about hair care products. As a result, the competition in the market is likely to intensify, with players striving to differentiate themselves and gain a competitive edge.
Top Player’s Company Profiles
- Godrej Consumer Products Ltd.
- Great Lengths
- Balmain Hair
- Hairdreams
- Cinderella Hair
- Socap Original USA
- Donna Bella Hair
- Klix Hair Extension System
- Hairlocs
- UltraTress
- Racoon International
- Hair Addictionz
- Easihair Pro
- SO.CAP. USA Hair Extensions
- Platinum Seamless
- Hairtalk GmbH
- Luxia Artiss Paris
- HairArt Products
- Hidden Crown Hair Extensions
- Babe Hair Extensions
Recent Developments
- In March 2024, HairOriginals, a direct-to-consumer (D2C) brand specializing in hair extensions and wigs, is preparing to unveil its largest experience center in Hi-Tech City, Hyderabad. Spanning 2500 square feet, this flagship store will showcase a diverse array of solutions tailored for both men and women, representing a major achievement for the brand.
- In February 2024, Gymshark, a British fitness brand, is set to introduce its Diffuse Sweat headband in the U.S. this month. Leveraging insights from its diverse team and their experiences, the product was initially launched in the U.K. and the E.U. on February 15, with the U.S. launch following on February 19.
- In April 2023, Kevin Murphy Group acquired the hair extensions company Showpony.
Hair Wigs and Extensions Key Market Trends
- A key trend in the hair wigs and extensions market is the increasing popularity of human hair wigs and extensions over synthetic ones. Human hair wigs and extensions offer a more natural look and feel and can be styled and colored just like natural hair. Another trend is the growing demand for sustainable and eco-friendly hair wigs and extensions, as consumers become more aware of the environmental impact of fast fashion and seek more sustainable alternatives.
Hair Wigs and Extensions Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global hair wigs and extension market analysis, with more than 75.20% of the market's total revenue in 2022, the wigs category took the lead. By type of hair, the human hair market dominated the global market in 2022. The high penetration of hair wigs in North America and Europe, as well as the increased desire for them among millennials, are both drivers in the segment's rise. More than 40.85% of global revenue was generated in North America in 2022, and it is expected to grow at a significant CAGR over the course of the projected year.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.77 billion |
| Market size value in 2031 | USD 14.11 billion |
| Growth Rate | 8.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hair Wigs and Extensions Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hair Wigs and Extensions Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hair Wigs and Extensions Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hair Wigs and Extensions Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hair Wigs and Extensions Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hair Wigs and Extensions Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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