Global Hair Wigs and Extensions Market - 2022-2029

Global Hair Wigs and Extensions Market - 2022-2029:

Market Overview

Hair Wigs and Extensions Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 8.12% during the forecast period (2022-2029).

Wigs, hair extensions, and weaves are examples of artificial hair integrations. To cover the entire head and change the hairstyle or hide baldness, hair wigs are available in the shape of a cap. Wigs and extensions made of synthetic hair have advanced significantly in terms of appearance and design. The global hair wigs and extensions market is expected to grow in the forecast period because there is an increasing number of consumers demanding for hair wigs or hair extensions. The main driver of industry growth is the increasing prevalence of hair-related issues, like alopecia, around the world. Alopecia areata affects about 70,000 Americans, half of whom are women, according to a study released by the National Library of Medicine in April 2020. The public's growing concern over these diseases is contributing to the industry's expansion in the forecast period. One of the key factors boosting the growth of the hair wigs and extension market is technological advancements in the production and design of synthetic hair wigs.

Market Dynamics: Rising prevalence of head diseases is expected to increase the demand for the product

To hide hair breakage, hair extensions are frequently used. The market for hair extensions and wigs is anticipated to expand as a result of the rising prevalence of hair loss, alopecia, casts, and other conditions. According to the US National Library of Health, a genetically predetermined disorder called androgenetic alopecia results from an excessive androgen response. This condition, which affects up to 50% of both sexes, is characterized by the progressive loss of the scalp's terminal hair at any point after puberty. To hide this disease people are using hair wigs and extensions which leads to market growth in the forecast period. On 26th September 2022, Nadula hair manufacturer launched a “New Collection of Wigs for Autumn Style” for its customers. The wigs are available in different colors, styles and finest quality to look people great.

On the other hand, the growing significance of celebrities and social media influencers is a major factor promoting the growth of the hair wigs and extension market. The rapid global uptake of Internet-enabled smartphones has contributed to the growing acceptance of digital media as a significant channel for vendor communication and marketing in the global hair extension and wigs market.

However, according to some studies, the market for hair wigs and extensions, is expected to experience slower growth during the forecast period due to increased competition and the rigidity of the product. On the other hand, the market for hair wigs and extensions may face challenges in the near future due to the availability of raw materials and the expanding use and upkeep of hair extensions.

Market Segmentation: Wigs segment accounted for the highest share in global hair wigs and extension market

The segment is estimated to remain in the lead in the coming years growing at a considerable CAGR from 2022 to 2029. The dominance of the segment is attributed to the growing popularity and high usage of wigs among consumers. Wigs are primarily worn to conceal baldness or to alter hairstyles. Furthermore, wigs shield natural hair from damage brought on by the use of heat and chemicals to style it and achieve the desired look, promoting increased use and thereby boosting revenue.

The hair extension segment is estimated to register a significant. The growth of the segment is attributed to the increasing popularity and use of hair extensions by female consumers across the globe to increase the volume of their hair. Additionally, the growth is attributed to an increase in the use of hair extensions because they are readily available and can be attached using a variety of techniques that cause less harm to natural hair. This industry is expanding as a result of the rising demand for premium hair extension products made from human hair.

Geographical Penetration: North America is the dominating region during the forecast period

North America is projected to be the dominating region due to the increase in the use of wigs and extensions among the age groups. The hair accessories in the area are used as both functional and decorative items. The U.S. imports more hair products than any other country in the world. The Observatory of Economic Complexity (OEC) estimates that in 2020, the United States accounted for 54.7% of global imports of wigs, fake beards, and similar goods. Human hair wig sales have increased as a result of how natural-looking they seem. In addition, more and more women are choosing natural human-textured hair. Age demographics have a significant impact on the market in the United States. Customers under the age of 25 are typically the ones who use hair extensions and wigs because they are more practical. The majority of the market consists of consumers between the ages of 35 and 44. As a result, these are the factors that influence this North America revenue share of the global market for hair wigs and extensions.

However, the Asia Pacific hair wigs and extensions market is anticipated to experience the fastest CAGR growth. As the demand for high-quality hair products rises, producers are increasingly locating their production facilities in Asian nations, particularly China and India. Additionally, rising per capita disposable incomes have led to an increase in discretionary spending, which is advantageous for businesses that make wigs and extensions. The prevalence of personal grooming and beauty products, as well as rising hair loss rates globally, are other significant factors that are likely to have an impact on market growth. The market for hair wigs and extensions worldwide is thus being driven by these factors in this region.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players like Evergreen Products Group Ltd., Godrej Consumer Products Ltd., Artnature Inc, F.N. Longlocks, Shake-N-Go, Inc, Indique Hair, Klix Hair Extensions, Aderans Co., Ltd., Donna Bella Hair and Racoon International Ltd. started launching new products to expand their business. To increase its selection, Ellen Wille introduced seven new handcrafted wig styles in January 2019 in the United States. On the Other hand, Evergreen Products Group Ltd. made an investment in a brand-new line of digital wigs in April 2021 using the non-fungible tokens technology. The team is working to launch a direct-to-consumer (D2C) e-commerce platform that will allow people to try on wigs before buying them which is a new strategy to increase the sales. By using this tactic, players can maintain their current customer base while attracting a new one. All of these actions suggest that the businesses operating in the international hair wig market hold significant growth opportunities in the upcoming years.

COVID-19 Impact:

Negative impact on the global hair wigs and extension market

In 2020, the global hair wigs and extensions market had a difficult time because of the unprecedented COVID-19 worldwide. Because of the global pandemic, there was less demand for hair extension products. According to South China morning, the coronavirus has created supply disruptions that are affecting buyers and sellers of hair products from India to China, North Korea, and the United States. Due to supply chain disruption the market also lost its investors.

However, market vendors are concentrating more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments in order to take advantage of the opportunities and recover from the post-COVID-19 impact.

The global hair wigs and extensions market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages