Global Hair Wigs And Extensions Market To Grow At A Steady CAGR of 8.29% During The Forecast Period

The global hair wigs and extensions market size was worth around USD 6.48 billion in 2022 and is predicted to grow to around USD 12.25 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.29% between 2023 and 2030.

Hair extensions and wings are types of hair accessories that are used with the specific goal to improve hair volume on the human scalp or to change the appearance of a person by allowing them access to more scalp hair that they can experiment with. For instance, hair wigs cover the entire scalp. They can also be used to cover bald spots or for commercial purposes such as the application involving the use by entertainment artists. Wigs are available in different lengths and can be styled, cut, or customized depending on consumer needs. Extensions are hair strands that are attached to the natural hair and are generally used to add color, length, or volume. Extensions are known to be more versatile as compared to hair wigs. The market is a representation of several brands operating commercially.

This review is based on a report by Zion Market Research, titled "Hair Wigs And Extensions Market By Product (Extensions And Wigs), By Hair Type (Synthetic And Real), By End-User (Individual And Commercial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/hair-wigs-and-extensions-market

The global hair wigs and extensions market is projected to grow owing to increasing emphasis on physical appearance. This is especially driven by the massive impact of social media on the younger generation as they seek items or accessories that allow them to change their aesthetics. Moreover, the ever-evolving fashion industry plays a crucial role in generating higher revenue. As hairstyles continue to evolve or change across the globe with time, people seek measures to achieve new looks and experiment with different hair colors, lengths, or styles. Since wigs or extensions offer a convenient way to try such changes, their consumption rate is likely to grow at a steady rate.

In addition to this, rising competition in the cinema sector due to the unprecedented rise of over-the-top (OTT) platforms has further pushed production houses to ensure a higher quality of the digital motion picture to stay ahead in the game. In 2022, more than 449 movies were released in the US and Canada as per a report. The current state of celebrity and media influence remains a strong reason for many people following the footsteps of their preferred celebrities. The use of social media influencers and marketing strategies is a frequently adopted method to drive sales revenue.

The hair wigs and extensions industry may come across certain growth restrictions due to the growing concerns over the ethical sourcing of natural hair to produce wigs and extensions. Several welfare agencies have questioned brands on aspects such as the origin of the hair, fair labor practices, and environmental impact. If the companies fail to deliver appropriate responses, they may have to face repercussions. Moreover, the complex and intensive process of maintaining wigs and extensions could further lead to limited adoption since proper maintenance is crucial to the longevity and appearance of such products.

Providing customized solutions to consumers could lead to better growth opportunities while higher susceptibility to damage from the sale of counterfeit products may create challenges against market growth.

The global wigs and extensions market is segmented based on product, hair type, end-users, and region.

Based on product, the global market is divided into extensions and wigs.

Based on hair type, the global market divisions are synthetic and real. In 2022, the leading revenue was generated from the real segment since there was more demand for extensions and wigs made of natural human hair. It held dominance over 66% of the hair wigs and extensions industry share. This was especially witnessed in developed countries where consumer awareness and expectations are high. However, emerging economies such as China, India, and other nations are also witnessing surging demand for real hair wigs. The growing commercial applications could be another triggering factor for segmental growth. Moreover, international brands such as RENE OF PARIS and Ellen Wille are amping up their marketing activities to promote real hair wigs or extensions.

Based on end-user, the global market is segmented into individual and commercial. The highest growth was observed in the commercial segment. It comprises the entertainment industry, beauty salons, hair stylists, and fashion professionals. All of the final users in the commercial sector have registered steady growth after being drastically impacted during Covid-19. A large portion of the commercial segment has already recovered due to an increase in professional assignments undertaken by actors, actresses, models, performers, and stylists. The individual segment also generated substantial revenue mainly due to rising interest among the general population toward trying new hairstyles and increasing hair fall. As per Cleveland Clinic, hair fall impacts nearly 80% of the US population.

The global wigs and extensions market is projected to register the highest growth in North America during the forecast period. The presence of key players who have managed to establish a dedicated consumer group across countries and regions is the main reason for the higher regional growth rate. Moreover, the US hair wigs and extensions industry is highly influenced by social media culture as many people seek to adopt the way their favorite celebrities live. The rising prevalence of hair loss issues faced by the majority of US citizens due to lifestyle, eating habits, or hormonal causes plays an important role in the growing demand for customized wigs or extensions. Asia-Pacific is expected to register a higher growth rate as compared to the last few years due to the changing fashion trends in countries such as China, South Korea, Japan, and India. South Korea is home to some of the biggest beauty and welfare brands. Moreover, factors such as increasing disposable income and the influence of K-pop and other entertainment industries are anticipated to become crucial growth drivers.

Recent Developments:

• In September 2022, Nadula Hair announced the launch of a new range of hair wigs to go with Autumn styling. The company has a presence in around 50 countries globally
• In February 2023, Diva Divine, India’s leading hair wigs and extensions provider, launched a new salon in Mumbai. Consumers will have access to the entire range of products owned by the company
• In October 2022, HairOriginals, a leading brand operating in the sector, launched several offline experience centers across India

Hair Wigs and Extensions Market: Competitive Analysis

The global wigs and extensions market is led by players like:

• L'Oréal SA
• Godrej Consumer Products Limited
• Henkel AG & Co. KGaA
• Shake-N-Go Fashion Inc.
• HairUWear Inc.
• Great Lengths Ltd.
• Sensationnel
• Divatress
• Hairlocs
• Outre
• UniWigs
• Mayvenn
• RPGSHOW
• Lordhair
• Klix Hair Extensions
• Indique Hair
• Wilshire Wigs
• Zury Hollywood
• Jon Renau
• The Hair Shop Inc.
• Bellami Hair
• Hotheads Hair Extensions
• Luxy Hair
• Remy New York
• Wigs.com.

The global wigs and extensions market is segmented as follows:

By Product

• Extensions
• Wigs

By Hair Type

• Synthetic
• Real

By End-User

• Individual
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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