The global hair wigs and extensions market is witnessing robust growth and will continue to grow during the forecast period. The increasing popularity of Halloween, carnivals, theme parties, comic-con, and cosplays are driving the demand for synthetic hair wigs. During Halloween events and theme parties, consumers buy several types of wigs to dress up like fictional or mythological characters. The growing demand for special outfits for such occasions is driving the market for colorful wigs, which are made of synthetic hairs.
Also, the increasing number of social media platforms and their growing user base is driving the sale of wigs and extensions to improve the appearance. Social media platforms are boosting the sale of wigs and extensions as these platforms allow users to post and view their images online. A large audience makes users conscious of new fashion trends, prompting consumers to use wigs and extensions.
The urge to improve the physical appearance is another major factor driving the hair wigs and extensions market worldwide. The rise in income levels has pushed people to increase their spend on personal grooming and beauty products, including wigs and extensions. The hair care segment accounted for 18% of the total revenue of the global beauty market in 2017.
HAIR WIGS AND EXTENSION MARKET SEGMENTATION
This hair wigs and hair extensions market research report includes detailed segmentation by
- Distribution Channel
INSIGHTS BY TYPES
The global hair extension market size is expected to reach over USD 5 billion by 2024. The increasing acceptance of extensions among global celebrities and actors is a key driver for the growth of the segment. In terms of revenue, fashion wigs and hair extensions have found the highest adoption in the entertainment and fashion industry. Less affluent customers prefer synthetic hair extensions as they cost less than other extensions.
The global hair wigs market is expected to witness an incremental growth of $1.7 billion by 2024. The growth in traction alopecia, especially in the African-originated population, is a major factor driving the wigs market. Although women majorly dominated the global market until 2015, it is observing the entry of men, mainly from Europe and Africa.
INSIGHTS BY MATERIAL
The price of wigs and extensions made from synthetic hair is less than human hair, hence increases the affordability among consumers. China is the leading manufacturer of human hair extensions and wigs. This market is expected to grow due to the decrease in the cost of human hair. However, this is also beneficial for manufacturers as they can source human hair at better prices.
The North America wigs and hair extension market growth is expected to reach over $2 billion by 2024. Cost-effectiveness is the major factor driving the growth of the synthetic hair segment. The segment is expected to grow at a moderate CAGR during the forecast period, with the majority of new demand is coming from emerging countries.
INSIGHTS BY DISTRIBUTION CHANNEL
Hair wigs and extensions are mainly sold through online channels and retail distribution channels. The products are also available to end-users through online shopping websites as well as online direct-to-consumer stores. Over 85% of synthetic hair wigs and extensions supplied across the world are manufactured in China, South Korea, Vietnam, and Indonesia.
Vendors in the US and the UK regions are primarily selling their products in beauty stores, hypermarkets, and online general marketplace platforms. The sale of wigs and extensions through retail stores, hypermarkets, and fashion stores has always been the norm across the globe.
INSIGHTS BY END-USER
The use of wigs and extensions has been prevalent among individuals as well as entertainment and fashion industry consumers. The entertainment and fashion industry has become crucial for these products, both in terms of revenue and adoption. Hence, new fashion trends in the industry are likely to boost revenues.
The individual consumer segment comprises retailers and salons. End-users buy wigs and extensions for their personal and day to day use. In regions such as Africa, Latin America, and several emerging countries, wigs account for a larger share than extensions. The rise in hair loss & ailments among people is aiding the growth at a steady pace.
INSIGHTS BY GEOGRAPHY
The availability of high-quality wigs and toupees is encouraging consumers to try them as an alternative to surgical procedures for hair transplants. The global hair extensions industry is expanding due to the growing trend among consumers to imitate celebrity hairstyles. North America dominates the global hair wigs and extensions market because of the highest adoption in the US.
Increased disposable incomes and high spending have increased the demand for high-end hair extensions. The US accounted for the largest share of the global haircare market in 2018. The Canada hair extensions market is similar to the US hair wigs and extensions market as the increase in wages is expected to fuel the demand for discretionary items, including wigs. However, the rise in the number of cancer-surviving patients is expected to push the growth further.
The APAC region is the largest supplier of human hair for manufacturing wigs and extensions. The increasing demand for hair products in the APAC region is influencing manufacturers to establish production facilities in China and India. The middle-class population with high disposable income and high fashion-consciousness is propelling the growth of the hair wigs and extension market.
The European hair wigs and extensions market is largely made up of human hair. The high per capita income of European consumers allows them to spend on the best hair extensions on the market. The use of wigs made from human hair is largely seen among consumers that buy them for medical and functional uses.
The penetration and adoption of wigs and extensions is relatively higher in Africa than in the Middle East. As the hair extension market in South Africa is presenting a huge growth potential, the number of start-ups manufacturing these substitutes has also increased in the region. The use of cheap wigs and hair extensions as fashion hair accessories has also grown with the increase in disposable income among women.
KEY VENDOR ANALYSIS
The customer demand has steered the global hair wigs and extensions market. Manufacturers have been introducing new products according to the prevailing fashion trends. The demand is primarily driven by new trends showcased by celebrities on social media. Vendors compete for the following criteria:
- Quality of the hair and ethical sourcing
- Ability to develop better quality synthetic hair
- Accessibility of wigs and extensions
- Penetration in emerging markets
Evergreen Products Group Limited, Godrej, and Great Lengths are the leading vendors. The global hair wigs industry analysis that the market is dominated by domestic players, including small-scale proprietorship firms. Several local players are expected to expand their presence worldwide during the forecast period, especially in APAC and Latin America. Aleriana Wigs company designs high-quality wigs, using South America and European hair for the US, Brazil, and Mexico. Evergreen Products Group Limited, Godrej, Great Lengths are the leading vendors in the market.
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:
Market Segmentation by Type
- Entertainment & Fashion Industry
- Individual Consumers
- Human Hair
- Synthetic Hair
- South Korea
- North America
- Middle-East & Africa
- Latin America