The global hair wigs and extensions market size was valued at USD 5.8 billion and is expected to reach USD 13.3 billion by 2026, growing at a CAGR of 13% during 2021–2026. The increase in hair fall rates across the world and the popularity of personal grooming and beauty products are the major factors likely to influence the market growth. Native Africans and people of African descent are the largest consumers of hair wigs and extensions. Interestingly, the demand from these customers has always been nearly inelastic. They spend substantially on chemical hair care products such as relaxers to smoothen and straighten their hair. The availability of high-quality wigs and toupees encourages a higher number of men from across the world to opt for these alternatives than for surgical procedures or hair transplants. The increased demand for premium-quality hair products influences manufacturers to set up production facilities in Asian countries, especially in China and India. Moreover, the growth in per capita disposable incomes has increased discretionary spending, which has boded well for wigs and extensions manufacturers. The increase in hair fall rates across the world and the popularity of personal grooming and beauty products are other major factors likely to influence the market growth.
- The increased adoption of self-grooming products and the high awareness of harmful chemical products such as hair relaxers are expected to accelerate the growth of the hair wigs and extensions market.
- Native customers in Africa opt for synthetic hair wigs and extensions since they are more cost-efficient than natural hair wigs.
- Human hair is expected to observe an incremental growth of approx. USD 4 billion by 2026 due to the growth in disposable incomes and high demand for Peruvian hair.
- The entertainment and fashion industry is expected to grow at a staggering CAGR of approximately 14% because of the high preference for hairs wigs among actors and models. The market is likely to grow due to the increase in hair fall rates among men and women.
- North America is likely to reach a revenue share of over $5 billion by 2026 because of the increased demand from Caucasian and African descent women and men.
GLOBAL HAIR WIGS AND EXTENSIONS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Hair Types
- Distribution Channels
INSIGHTS BY PRODUCTS
North America is expected to contribute approx. USD 2 billion by 2026 to the global hair wigs and extension market. Consumers of African descent constitute one of the largest end-user of wigs. Consumers are trying to limit the use of harsh chemical products such as peroxide serums. Moreover, an increasing number of women prefer natural afro-textured hair. Although most consumers are not ready to embrace natural hair, they are increasingly buying hair wigs of human hair as they feel natural. The market is witnessing high demand for human hair from customers in Japan. Europe is also observing high adoption of hair wigs, especially manufactured from human hair, on high per capita incomes.
The hair extensions market is expected to cross USD 7 billion revenue mark by 2026. Currently, the acceptance of hair extensions is higher among women as they are open to hair extensions and use them any other routine fashion accessories. Hair extensions also observe demand with global celebrities such as Kim Kardashian, Beyoncé, Brittney Spears, Kylie Jenner, and Rihanna endorsing their usage.
Hair toupees are one of the preferable solutions for hair replacement among people. They are popular among Hollywood actors, top-notch media personalities, world-class athletes, and celebrated singers. Hair toupees have emerged as the perfect alternative to painful surgical hair replacement methods. The increasing occurrence of androgenic alopecia and baldness among men is likely to increase the adoption of toupees. The rise in hair fall disorders due to stress, hereditary, and terminal illness such as cancers, which lead to hair loss and baldness, is influencing the growth of toupees. They help people improve their appearance and personality.
INSIGHTS BY HAIR TYPE
In terms of supply, China leads the human hair wigs and extensions market. Several companies in the country manufacture hair wigs and extensions and source them from domestic suppliers. However, counterfeiting remains a major challenge for the market's growth as several processing centers in China often mix comb, ground hair, and weft leftovers to make extensions and wigs. Cuticles are chemically stripped off, and silicone is applied to offer a natural shine and texture. The demand for Peruvian hair has also increased in recent years. Peruvian hair is sourced mainly from Peruvian women and is considered to blend well with the African-American texture. The retail market for human hair products is relatively inelastic, while the demand for wigs and extensions made of high-quality human hair remains high. Cost efficiency of synthetic hair is a major factor responsible for market growth. The average price of synthetic wigs and extensions is lower than human hair.
INSIGHTS BY END-USERS
The film industry constitutes the largest end-users for wigs and extensions. The growing popularity of wearing hair wigs among celebrities, models, and social media influencers has a ripple effect among individual consumers. New and evolving fashion trends in the industry have also always influenced the market growth among individual consumers and entertainers.
With the rise in hair fall disorder globally, the demand for hair-care products such as serums, shampoos, conditioners, and oils has been growing. While many people refer to expensive surgical hair restoration, others with hair thinning and bald patches find hair wigs a cost-effective option to conceal their hair loss. Africa, Latin America, and several emerging economies are witnessing high adoption of hair wigs. The US, UK, France, and Italy, on the other hand, account for a large market share for hair extensions.
INSIGHTS BY DISTRIBUTION CHANNEL
Online platforms, physical stores, including intermediaries - hair salons and hairstylists- are the major distribution channels for hair wigs and extensions worldwide. Vendors in countries such as the US and the UK primarily sell their products in dedicated and beauty stores, hypermarkets, and online general marketplace platforms. Moreover, retail stores such as hair clinics, beauty stores, specialty stores, and fashion stores have been the major sales partners for selling hair wigs and extensions. Vendors harness specialty stores and salons due to personalized customer services, which often translate into higher sales prices. In 2020, the online sale of hair wigs and extensions accounted for 63% of the global market. Online stores offer a variety of options from manufacturers and resellers. Several consumers seek e-tailing services to buy wigs or extensions online because of the ease of accessibility and convenience. Moreover, online channels promote their products via social media, which serves as a major impetus for market growth.
INSIGHTS BY GEOGRAPHY
In 2020, North America dominated the global hair wigs and extensions market with a share of over 40%. The African and Caucasian descent population in the region is the major contributor to human and synthetic hair wigs. Age groups highly influence the US market. Customers that are less than 25 years use hair wigs and extensions mainly for functional purposes. Consumers in the age group of 35 to 44 years account for the largest market share. In 2020, consumers in the age group of between 45 and 54 years constituted 22% of the market share. However, customers in the age group of over 54 years of age were the second-highest contributor in North America, accounting for the market share of 23% in 2020. This age group has the potential to become the leading target segment for hair wigs.
INSIGHTS BY VENDORS
The global hair wigs and extension market is highly competitive with increased competition, rapid advances in synthetic hair manufacturing technology, and evolving consumer preferences. At the regional level, the competition has intensified with innumerable vendors selling products with limited product differentiation. The market is dominated by global vendors, with players expecting to expand their presence worldwide during the forecast period, especially in fast-developing countries of APAC and Latin America, to gain more market share.
The hair wigs and extensions market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Hair Extensions
- By End-user
- Lengthening and Volumizing
- By Fitting Type
- Micro Link
- By Hair Type
- Hair Wigs
- By End-user
- By Cap Type
- By Hair Type
- By Gender
- By Hair Type
- Hair Sourcing
- By Product
- By Product
- Individual Consumers
- Entertainment & Fashion Industry
- North America
- South Korea
- Latin America
- Middle East & Africa