Different Style Wigs to Boost Revenues in the Hair Wigs and Extension Market
Arizton’s recent market research report on the hair wigs and extension market identifies Godrej, Great Lengths, and Evergreen Products Group Limited as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by type (wig and extension), by material (human hair and synthetic hair), and by geography (North America, Europe, APAC, and ROW).
The hair wigs and extension market are projected to generate revenues of more than $10 billion by 2023, growing at a CAGR of approximately 9% during 2017-2023.
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The hair wigs and extension market are divided into three major segments that consist of by type, material, and geography.
Wigs segment to grow at a considerable CAGR in the hair wigs and extension market during the forecast period
This market by type is classified into wigs (leisure, beautification, functional, lace, monofilament, human hair, and synthetic hair) and extensions (lengthening and volumizing, coloring, styling, clip-in, micro link, tape-in, glue-in, human hair, and synthetic hair).
The wigs segment dominated a portion of the market share in 2017, growing at a CAGR of more than 7% during the forecast period.
The increasing availability of various lengths of a product such as small, medium, and long hair for both men and women is propelling the growth of this segment in the global market. Monofilament, lace front, and hairpieces are some of the different types of hair wigs that are available in the market. The growing demand for human hair wigs that has a higher longevity than synthetic hair products will create lucrative opportunities for leading vendors in the global market. The introduction of multicolored and theme-based wigs for occasions like concerts, games, Halloween, and theme parties will help boost revenues in the hair wigs and extension market.
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Synthetic hair segment to grow at a significant CAGR in the hair wigs and extension market during the forecast period
The material segment is divided into human hair and synthetic hair. Synthetic hair segment occupied a section of the market share in 2017, growing at a CAGR of around 8% during the forecast period. Synthetic hair is made of mono or poly filament fibers, acrylic, and polyester that resemble human hair. The affordability of these synthetic products is one of the primary factors attributing to the growth of this segment in the global market. The products are easier to handle and tend to retain its memory style in different weather conditions. Such benefits will boost the revenues of these products in the market. The budget friendliness of these products allows users to try on multiple sets of hair wigs of various color and styles. The low maintenance of these products and the easy availability will help increase the sales in the hair wigs and extension market during the forecast period.
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APAC to grow at a considerable CAGR during the forecast period
The hair wigs and extension market by geography is divided into North America, Europe, APAC, and ROW. APAC dominated the second largest market share in 2017, growing at a CAGR of more than 5% during the forecast period. Rapid urbanization and increasing purchasing power across APAC are augmenting the growth of this region in the global market. The APAC region is the largest supplier of human hair which is used in the manufacture of products in the hair wigs and extension market. India followed by China is among the largest suppliers in the APAC region. The increasing demand for these products is encouraging manufacturers to set up production facilities across various countries in the APAC region. Business expansion and affordable prices will augment the development of this region in the hair wigs and extension market. The customers in South Korea are greatly influenced by K-Pop singers, and their followers often demand for wigs made to replicate their unique hairstyles, thereby boosting sales in the APAC market.
The other prominent players operating in the hair wigs and extension market are Indique, India Hair International (IHI), Indo Hair, FN LONGLOCKS, Diamond Hair Company, Charm Hair, AY Hair Products, Diva Divine India, Aderans, Artnature, Hair Zone, Inc., Shake-n-Go (SNG) Fashion, Rebecca, and Anhui Jinruixiang Hair Product Co. Ltd.
The complete overview of the latest market research report on hair wigs and extension market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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