The countries such as the US, the UK, Japan, South Africa, Germany, Spain, and France are the largest purchasers of hair wigs and extensions
Arizton’s recent market research report on the global hair wigs and extension market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by type (wig and extension), by material (human hair and synthetic hair), by geography (North America, Europe, APAC, and ROW), and offers detailed competitive analysis.
The global hair wigs and extension market is anticipated to reach values of over $10 billion by 2023, growing at a CAGR of around 9% during 2017-2023.
The growing demand for multi-colored and themed wigs for special events such as Halloween and cosplays are driving the growth of the global hair wigs and extension market. The increasing requirement for high-quality wigs, preferably made of high-quality human hair, to cover their areas affected by male pattern baldness will augment the development of the global market.
The top 3 drivers and trends contributing to the transformation of global hair wigs and extension market are discussed below:
Increased Income Raising Demand for Beauty Accessories and Lifestyle Improvements
The rapid improvements in per capita GDP are strengthening the purchasing power parity of consumers and propelling the growth of the global hair wigs and extension market. The countries such as the US, the UK, Japan, South Africa, Germany, Spain, and France are the largest purchasers of hair extensions and wigs in the global market. These products find applications for both daily uses as well as special occasions in the global hair wigs and extension market. The consumers in the developed market are buying wigs and extensions made of high-end human hair which are expensive than products made of synthetic hair in the market. The increase in income levels is enabling consumers to increase expenses on personal grooming and beauty products. Such changes in purchasing pattern will boost revenues in the global hair wigs and extension market. According to several behavioral studies, personal grooming tends to increase confidence in terms of working ability and productivity among the population. The growing focus on premium quality products with the ability to purchase these products will transform the global hair wigs and extension market during the forecast period.
Social Media, Halloween, and Theme Parties
The use of various social media platforms is boosting the increase in designer products in the global hair wigs and extension market. Celebrity fashion trends is another major catalyst to the growth and popularity of these products in the global market. The increasing efforts to improve physical appearances and a growing number of social media users will create lucrative opportunities for top players operating in the global market. The large audience makes users conscious about how they appear, and the users are increasingly using hair products to improve the way they look. These efforts will boost sales in the global hair wigs and extension market during the forecast period. Human hair sourced from Indian Temples and Peru are considered best quality hair to make extensions.
The demand for synthetic and multi-colored wigs used for Halloween, carnivals, theme parties, comic-con, and cosplays is one of the major revenue contributors in the global hair wigs and extension market.
Urban Settlements Forcing Image Makeovers
The urban population is the major driving force for the beauty industry and the primary end-user in the global hair wigs and extension market. The access to better amenities and superior infrastructure facilities are boosting the retail demand for beautiful looking hair and radiating skin in the global market. The advent of the concept of image makeovers is gaining traction and augmenting the growth of the global hair wigs and extension market. The acceptance of wearing wigs and extensions by celebrities has also given way to an increasing number of customers across the world to try on different hair sets to achieve their desired look. Such fashion trends coupled with rapid urbanization will have a positive impact on the overall development of the global hair wigs and extension market during the forecast period.
The leading vendors in the global hair wigs and extension market are Godrej, Great Lengths, and Evergreen Products Group Limited.
The complete overview of the latest market research report on global 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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