Hair wigs and extension market size to grow by USD 5.26 billion from 2021 to 2026; Growth driven by technological advances in the production and design of synthetic hair wigs

Jan 24, 2024

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07 Apr, 2023, 22:00 ET

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NEW YORK, April 7, 2023 /PRNewswire/ -- The hair wigs and extension market is estimated to grow by USD 5.26 billion between 2021 and 2026. The growth momentum will be progressing at a CAGR of 9.82% during the forecast period. The market is segmented by product (human hair wigs and extension and synthetic hair wigs and extension) and geography (APAC, North America, Middle East and Africa, Europe, and South America). To understand more about the hair wigs and extension market, request a sample report

The market growth in the human hair wigs and extension segment will be significant during the forecast period. Human hair wigs and extension provide better product quality and longevity compared to synthetic hair wigs and extension. The increased demand for ethically sourced human hair wigs and extension in European countries is expected to drive the growth of the segment during the forecast period.

Technological advances in the production and design of synthetic hair wigs and extension will drive the growth of the market. There have been significant improvements in terms of the aesthetics and design of synthetic hair wigs and extensions. Advanced fiber selection and design have made these wigs and extension lighter. They can also be styled using heating styling tools, offering better maneuverability to the user. In addition, these wigs and extension are available in a wide variety of colors. They are also cost-effective. Many such factors are driving the growth of the market in focus.

Hair Wigs and Extension Market Insights -

Global Hair Wigs and Extension Market - Vendor Insights

The global hair wigs and extension market is fragmented due to the presence of several international and domestic players. Established vendors have a competitive advantage owing to their scale of operations and brand name. With increased consumer spending on premium hair wigs and extensions, the competition among vendors is increasing. This is leading to the launch of customized and innovative offerings. The compliance costs are low owing to minimal regulations. However, the capital-intensive nature of the market makes it difficult for new players to sustain themselves in the market. In addition, vendors are implementing various strategies such as new product launches and M&A to increase their market shares. Some of the key vendors covered in the report include:

Global Hair Wigs and Extension Market – Market Dynamics

Major Trends –

Many brands are emphasizing brand exposure through endorsements by celebrities and social media influencers. Vendors are extending their reach to growing markets such as China and India by promoting their products through popular Hollywood and social media celebrities. Also, micro-influencers are increasingly being preferred by vendors owing to factors such as a highly engaged fanbase, lower promotional expense, high authenticity, and ease of marketing. This trend is expected to gain more momentum during the forecast period and positively influence market growth.

Key challenges –

The number of handwoven wig manufacturers has reduced over the years due to the growing shortage of experienced personnel and high labor costs. In addition, the manufacturing of wigs and extensions using human hair involves considerable production time and effort. It involves various processes, including the preparation of raw hair, segregation and removal of white and red hair, and cleaning and dyeing for non-black hair. Besides, high-density wigs require more time due to the knotting of more hair on the lace scalp. Many such factors increase the overall manufacturing cost of hair wigs, which is hindering the growth of the market.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

The hair wigs and extension market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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Hair Wigs and Extension Market Scope

Report Coverage

Details

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.82%

Market growth 2022-2026

USD 5.26 billion

Market structure

Fragmented

YoY growth 2021-2022 (%)

9.12

Regional analysis

APAC, North America, Middle East and Africa, Europe, and South America

Performing market contribution

APAC at 43%

Key countries

US, South Africa, Japan, China, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aderans Co. Ltd., Artnature Inc., Diamond Hair Company LLC, Diva Divine Hair Extensions and Wigs, Donna Bella OpCo LLC, Evergreen Products Group Ltd., F.N. Longlocks, Great Lengths Universal Hair Extensions Srl, Hairlocs, HALOCOUTURE, India Hair International, Indique Hair LLC, Klix Hair Inc., Locks and Bonds, Papillon Hair World, Racoon International Ltd., Shandong AY Hair Products Co. Ltd., Sheen Wigs and Salon, The Gorgeous Hair, and VLCC International LLC

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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