Global Hair Extension & Wigs Market Overview, 2023-28

Global Hair Extension & Wigs Market Overview, 2023-28

The most significant aspect of a person's personality that contributes to their overall appearance is their hair. If a person has glossy, healthy, well-groomed hair, they are perceived to be more attractive than others. As a result, many people experiment with different hairstyles, strictly follow a hair care regimen, and use a variety of accessories to enhance their appearance. Because women are the primary end-users of hair accessories, a broad range of these items are now readily accessible on the market. Previously, hair accessories were primarily limited to pins and bands. People, particularly young people, are heavily influenced by platforms such as Instagram to engage in their appearance and personalities, which will provide new development opportunities for the top market participants throughout the projection period. Consumers' access to the internet and various social media platforms is increasing global demand for a variety of cosmetic goods, including hair accessories. Furthermore, the increasing use of wigs and hair extensions by the senior population to conceal the problem of alopecia is expected to support market growth. According to the World Health Organisation, the population of people aged 60 and up was 1.4 billion in 2020. Furthermore, major corporations are releasing specially designed hair-related items to best meet customer demand. Hi-MO LLC, for example, provides personalised items such as hair wigs, hair colouring, hair care, and other services to each customer. As androgenetic alopecia, or baldness, has become more common, consumer use of wigs and extensions has increased.

According to the research report, ""Global Hair Extensions & Wigs Market Overview, 2023–28,"" published by Bonafide Research, the market is anticipated to reach a size of over USD 14 billion by 2028, up from USD 8.82 billion in 2022. The market is projected to grow at an 8.90% CAGR from 2023 to 2028. An increasing number of customers demanding hair extensions or wigs for beauty or functional purposes have been driving the industry over the last few years. Native Africans and people of African descent are the biggest users of hair wigs and extensions. Global demand for high-quality hair products is causing manufacturers to establish production facilities in Asian countries, primarily China and India, and to offer hair wigs and extensions at lower prices than in international markets. The number of African-descent women with thinning hair and men with receding hairlines and male pattern baldness is comparable to that of consumers in the United States and Europe. The availability of high-quality wigs and toupees encourages men all over the world to experiment with them as a non-surgical alternative to surgical procedures or hair transplants. Furthermore, hair wigs are widely used in developing countries. Hair extensions account for a sizable portion of the global hair wigs and extensions market in countries such as the United States, the United Kingdom, France, and Italy. While GDP growth in both developing and advanced economies is expected to rise, the hair wigs and extensions market in China and India is expected to see significant growth in usage and demand.

The grooming industry is expanding, which is expected to boost demand for hair wigs in the future. Personal income growth is driving up demand for fashion accessories. The market for hair wigs has grown at a faster rate over the last decade than the market for other grooming products. While demand for wigs has been observed to follow a consistent path in developed clusters, developing economies are expected to pave the way for industry growth. Globally, there has been steady progress in the grooming sector, and the fast-paced lifestyle of the global population has compelled people to choose simple and convenient options for routine personal grooming. The global hair wig and extension market is expected to grow rapidly during the forecast period, owing to increased use of hair wigs and extensions as well as the occurrence of hair-related disorders among a large population worldwide. Hair loss can result in full or partial baldness due to a variety of medical conditions and hormones, making people self-conscious about their appearance. As a result, the demand for hair implants has skyrocketed.

Additionally, it is predicted that the rise in per capita disposable income will provide chances for the market for hair extensions and wigs to expand in the coming years. Due to the increase in beauty salons, North America is predicted to lead the market for hair wigs and extensions in 2022. The market for hair wigs and extensions is expected to increase rapidly in the region over the next few years because of the shift in women's consumer trends towards high-quality items. However, due to the problems with hair loss or damage, Asia-Pacific accounts for a significant share of the global market for hair wigs and extensions. During the forecast period, the region's hair wigs and extensions market will also benefit from an increase in the number of working women and increased spending on grooming products. Premium brands that are thriving Godrej Consumer Products Ltd. purchased Darling Group Holdings and now offers a diverse range of extensions, wigs, dreads, and plaits that celebrate the dynamism of beauty and fashion in Africa. Several start-ups have emerged in the hair integration industry, increasing market competition. Premium brands have attempted to gain market share by introducing innovation in hair wigs and extensions, offering customers high discounts and bundle deals, ensuring product health and safety, creating campaigns, and certifying salons.

Based on product type, the wigs segment will significantly dominate the market and maintain its position throughout the forecast period because wigs are considered fashionable and allow for easy style changes. As a result, human hair wigs are becoming increasingly popular among consumers. Because of the availability of high-quality wigs, many men and women prefer these alternatives to surgical procedures and hair transplants. Hair extensions, on the other hand, will see rapid growth as their popularity grows among women, who frequently use them as fashion accessories. Women are influenced by celebrities who enhance their appearance with hair extensions. Kim Kardashian, Beyoncé, Brittney Spears, Kylie Jenner, and Rihanna, among others, have been seen endorsing the use of hair extensions while performing and on the red carpet. Human hair for wigs and extensions is collected from salons, Indian temples, and rural women who sell their hair for money. Affluent people have been known to wear wigs made of human hair to improve their appearance. Over the last few years, there has also been an increase in hair sources from Peru, Russia, and Brazil. The global average price of human hair is gradually declining. This benefits manufacturers because it allows them to obtain human hair at a lower cost.

Individual consumers, as well as the entertainment and fashion industries, frequently use hair wigs and extensions. Individual consumers' industry segment is expected to grow at a faster CAGR in the global hair wigs and extensions market. End users who purchase hair wigs and extensions from retailers or hair salons are included in this segment. These customers purchase hair wigs and extensions for personal use, significantly increasing demand. However, movie production companies are the most common users of wigs and extensions. Celebrities, models, and social media influencers admitting to using hair wigs and extensions has caused a ripple effect in the industry and among individual consumers. The impact of new fashion trends on the industry has always been positive among individual consumers and has resulted in higher revenues. Based on distribution channel, the offline segment will lead the market in 2022. Hair extensions and wigs are also sold in physical stores, which can be found in shopping malls or on high streets in urban areas. Customers can see and feel the products before making a purchase in these stores, which may offer a wider range of products than online retailers. Many physical stores also offer additional services, such as consultations with experts who can help customers choose the right product for their needs. Hair extensions and wigs are often sold in bulk to wholesalers, who then distribute the products to retailers. Wholesalers may be based in a specific country or region, and they may work with manufacturers to produce custom products that meet the needs of their customers. Wholesalers often offer competitive pricing and may be able to negotiate better deals for their clients.

Some hair salons may also sell hair extensions and wigs to their clients. These salons may offer a limited selection of products, but they may be able to provide additional services, such as fitting and styling the products for their clients. Salons may also be able to provide expert advice on choosing the right product based on the client's hair type, style, and budget. The hair extension and wig industry is a thriving industry, and there are numerous trade shows and expos dedicated to showcasing the latest products and trends. These events provide a platform for manufacturers and distributors to connect with potential buyers and showcase their products. Buyers can attend these shows to see the latest products, meet with manufacturers and distributors, and network with other professionals in the industry. One of the most popular ways to buy hair extensions and wigs is through online retailers. There are many online stores that specialise in selling hair extensions and wigs, and they offer a wide range of products to choose from. Customers can browse through different styles, colours, lengths, and materials from the comfort of their own home and have the products delivered directly to their doorstep. Many online retailers also offer worldwide shipping, which makes it easy for customers to purchase products from anywhere in the world.

Covid-19 Impacts:
The COVID-19 pandemic has had a significant impact on the hair wig and extension market. The COVID-19 pandemic's lockdown scenario has harmed the hair wig and extension industry. Sales, revenue, raw materials, distribution routes, and export and import were all down. The raw material supply for the hair integration industry was extremely limited. Retail stores and distribution channels had been closed. However, in the post-COVID scenario, the market for hair wigs and extensions is expected to be significantly impacted.

Companies Mentioned in this Report:
Great Lengths GmbH, Hena Rebca Hair Products Co., Ltd., Hair Dreams GmbH, Artnature inc., Aderans Co., Ltd, HairOriginals, Richy Hair Extensions International, Indique Hair LLC., UniWigs LLC, Racoon International Ltd

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Hair Extension and Wigs market with its value and forecast along with its segments
• Region-wise Hair Extension and Wigs market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

By Product Type:
• Extensions
• Wigs
• Toupee

By Hair Type:
• Human Hair
• Synthetic

By End User:
• Individual Consumers
• Entertainment & Fashion Industry
By Distribution Channel:
• Online
• Offline

By Gender:
• Men
• Women

By Extensions:

By End User:
• Lengthening
• Volumizing
• Colouring
• Styling
By Fitting Type:
• Clip-in
• Micro Link
• Tape-in
• Glue-in

By Wigs:

By End-user:
• Beautification
• Functional
By Cap Type:
• Monofilament
• Lace

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Hair Extension and Wigs industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.