Hair Wigs And Extensions Market Size, Share & Trends Analysis Report By Hair Type (Human, Synthetic), By Product (Wigs, Extensions), By Region, And Segment Forecasts, 2022 - 2030

Hair Wigs And Extensions Market Size, Share & Trends Analysis Report By Hair Type (Human, Synthetic), By Product (Wigs, Extensions), By Region, And Segment Forecasts, 2022 - 2030

Hair Wigs And Extensions Market Growth & Trends

The global hair wigs and extensions market size is estimated to be USD 12.27 billion in 2030 and is anticipated to grow at a CAGR of 8.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. The use of hair wigs and extensions protects the natural hair against the damage caused by heating and the use of chemicals. Furthermore, these products are also used for styling as they are highly convenient. In addition, the increasing incidence of diseases related to hair including alopecia is another factor expected to contribute to the growth of the industry over the forecast period. The COVID-19 pandemic had a negative impact on the global industry due to the shortage of human hair as a result of the closure of salons to stop the spread of the virus.

The industry was also heavily impacted due to restrictions on the export and import of the products. The businesses operating in the industry suffered a major loss due to delays in the shipment of products across the globe. The wigs segment held a higher share of the overall revenue in 2021 and is expected to expand at a substantial CAGR over the forecast period. The high adoption of wigs is the primary factor expected to contribute to the growth of the segment. Wigs enable the user to achieve the desired look by styling it without causing any damage to the natural hair while using chemicals and heat, which is increasing the adoption of wigs.

North America accounted for the largest revenue share in 2021 and is estimated to grow at a considerable CAGR over the forecast period. The increasing adoption of hair extensions & wigs by consumers in the region as a fashion accessory is a key factor contributing to its growth. Moreover, high product usage by all types of age groups as a part of their costume during the Halloween season. Major players are undertaking various strategies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain a higher share of the industry.

Hair Wigs And Extensions Market Report Highlights

• Asia Pacific is expected to grow with the fastest CAGR over the forecast period due to the rising product adoption among the millennials and gen z population as a fashion accessory
• The extensions segment is estimated to register the fastest growth rate during the forecast period
• This growth is attributed to the factors, such as the growing demand for high-quality extensions coupled with their availability in different attaching techniques
• The synthetic hair type segment is projected to register the fastest growth rate during the forecast period
• This growth is attributed to the increasing adoption of synthetic hair goods as these are cheaper than human hair