Increasing demand of hair extensions or wigs for beauty or functional purposes, Availability of high-quality hair wigs and extension, growing hair related problems are the leading factors driving the global hair wig and extension market during the projected period.
According to TechSci Research report, “Hair Wig and Extension Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The global hair wig and extension market is expected to grow during the forecast period. The key variables most likely to have an impact on market expansion are the rising rates of hair loss in different parts of the world and the popularity of personal care and beauty goods. The hair extensions and wigs are used by native Africans and persons of African origin. It’s interesting to note that demand from these clients has consistently been almost elastic. They spend a lot of money on chemical hair products like relaxers to straighten and smooth their hair. A greater number of men from all over the world choose wigs over surgical procedures or hair transplants due to the easy accessibility of high-quality wigs.
The rising trend among key companies to produce wigs which are made based on popular movie characters that are easily relatable to consumers is a trend in the global hair wig and extension market. For instance, the data released by Good Morning America in October 2020 mentioned the launch of the Disney Princess wig line comprising wig of characters such as Snow white, Ariel, and Merida.
The presence of more celebrities and social media influencers is the key driver boosting the market for hair extensions and wigs. The global adoption of Internet-enabled smartphones has contributed to the growing importance of digital media as a crucial communication and marketing tool for vendors in the global hair wigs and extension market.
Additionally, major players are launching custom made hair-related products that best meet consumer demand. For instance, Hi-MO LLC offers personalized items including hair wigs, hair color, hair care, and others for each customer. Consumer usage of wigs and extensions has increased as androgenetic alopecia, or baldness as it is more widely called, has become more prevalent.
95% of men hair loss, according to the American Hair Loss Association, is caused by androgenetic alopecia. According to National Center for Biotechnology Information research in 2021, roughly 50% of both men and women have androgenetic alopecia. According to data they provided, the International Society of Hair Restoration Surgery estimated that 40% of males over 35 experienced some degree of hair loss. One significant factor that is expected to restrict the industry’s growth is the price of wigs and hair extensions.
Evergreen Products Group Ltd. made an investment in a brand-new line of digital wigs in April 2021 using the non-fungible tokens technology. The team is trying to build a direct-to-consumer (D2C) e-commerce platform that will allow people to try on wigs before buying them.
The wigs segment is dominating in the hair wigs and extension market across the globe. The segment’s dominance is attributed to wigs’ rising popularity and widespread consumer usage. Most people wear wigs to cover up baldness or to change their hairstyle. Additionally, wigs protect natural hair from harm caused by the heat and chemicals used to style it and create the desired look, promoting increased use and, therefore, increasing revenue.
Based on the regional analysis, North America has the largest market share. The United States’ population in the North region is the major contributor to the sale of human and synthetic hair wigs. Age groups have a significant impact on the US market. Customers under the age of 25 years use hair wigs and extensions mainly for functional purposes. Consumers in the age group of 35 to 44 years dominate the market share.
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Global Hair Wig and Extension market is segmented based on product type, hair type, fitting type, end user, distribution channel, region and competitional landscape. Based on the product type of the market is segmented into wigs and hair extension. The market analysis also studies the hair type segmentation divided among human hair, synthetic. Based on fitting type the market is segmented into clip-in, micro link, tape-in, glue-in. Based on end user, the market is segmented into individual consumer, entertainment & fashion industry. Based on the distribution channel the market is segmented into offline and online. In terms of region, the segment is categorized into Europe, Asia-pacific, North America, Middle East & Africa, South America among which the North America Hair Wig and Extension is forecast to grow at a faster rate during the forecast period.
Key market players in the Global Hair Wig and Extension Market include:
- Godrej Consumer Products Limited
- Evergreen Products Group Limited
- Aderans Co,Ltd
- Artnature Inc
- Donna Bella Hair Extensions,
- Aleriana Wigs
- Diamond Hair Company
- FN Longlocks
- Klix Hair Inc,Evenflo
Godrej Consumer Products Limited is a consumer goods company based in India, Mumbai. It has entered into an agreement with Frika Hair (Pty) Limited, for the acquisition of 100% equity stake in its hair extensions business in South Africa. Frika Hair (Pty) Limited enjoys a premium position in the South African market.
Evergreen Products Group Limited is an investment holding company. Manufacturing and selling hair products are the main businesses of the company and its subsidiaries. Three key segments comprise the company’s business. Sales of wigs and other hair accessories are the primary activity of the wigs, hair accessories, and others category in the US and EU.
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“Due to a variety of medical conditions and hormones, hair loss can result in full or partial baldness, making people self-conscious about their appearance. The use of hair extensions and wigs by young people and millennials to enhance their aesthetic appeal is predicted to fuel the industry’s expansion. The growing impact of social media in encouraging the usage of wigs and extensions as well as celebrity endorsements are some of the other major drivers of the industry’s expansion. the market is anticipated to grow throughout the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Hair Wig and Extension Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Wigs, Extension), By Hair Type (Human Hair, Synthetic), By Fitting Type (Clip-In, Micro Link, Tape-In, Glue-In), By End User (Individual Consumer, entertainment & fashion industry), By Distribution Channel (Offline, Online) By Region Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Hair Wig and Extension in the global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global hair wig and extension market.
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