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 Product [(Hair Extensions: End-use, Fitting Type, Hair Type), (Hair Wigs: End-use, Cap Type, Hair Type), (Toupee: Gender, Hair Type)]; Hair Type (Human and Synthetic); End-user (Individual Consumers and Entertainment & Fashion Industry); Distribution Channel (Retail and Online); and Geography and offers a detailed competitive analysis.
The global hair wigs and extension market is anticipated to reach values of over $19 billion by 2028, growing at a CAGR of around 16% during 2022-2028.
The growing demand for multi-colored and themed wigs for special events such as Halloween and cosplays is 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 the areas affected by male pattern baldness will augment the development of the global market.
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The top 3 drivers and trends contributing to the transformation of the 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. Consumers in the developed market are buying wigs and extensions made of high-end human hair, which are more expensive than products made of synthetic hair the market. The increase in income levels is enabling consumers to increase expenses on personal grooming and beauty products. Such changes in purchasing patterns 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 boosts the increase in designer products in the global hair wigs and extensions market. Celebrity fashion trends is another major catalyst for 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 of how they appear, and 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 is considered the best quality hair to make extensions.
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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.
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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. 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 the global hair wigs and extension market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, and challenges and also provides the market size and forecast for major geographical regions and key countries.
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