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Hair Wigs and Extensions Market - Global Outlook and Forecast 2021-2026

Hair Wigs and Extensions Market - Global Outlook and Forecast 2021-2026

  • March 2021
  • 274 pages
  • ID: 5822878
  • Format: PDF
  • Arizton

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In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Hair Wigs and Extension Market Report

The global hair wigs and extensions market by revenue is expected to grow at a CAGR of over 13% during the period 2021–2026.

An increasing number of customers demanding hair extensions or wigs for beauty or functional purposes has been driving the market over the last few years. Native Africans and people of African descent are the largest consumers of hair wigs and extensions. Interestingly, the demand from these customers has always been nearly inelastic. They spend substantially on chemical hair care products such as relaxers to smoothen and straighten their hair. The availability of high-quality wigs and toupees is encouraging a higher number of men from across the world to opt for these alternatives than for surgical procedures or hair transplants. The increased demand for premium-quality hair products is influencing manufacturers to set up production facilities in Asian countries, especially in China and India. Moreover, the growth in per capita disposable incomes has increased discretionary spending, which has boded well for wigs and extensions manufacturers. The increase in hair fall rates across the world and the popularity of personal grooming and beauty products are other major factors likely to influence the market growth.

The following factors are likely to contribute to the growth of the hair wigs and extensions market during the forecast period:
• Growing Potential in Middle Income Consumers
• Urban Community Imposing Image Makeovers
• Increasing Use of Wigs in Fashion and Entertainment Industry
• Growing Hair Fall Rate among Men and Women

The study considers the present scenario of the hair wigs and extensions market and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Global Hair Wigs and Extensions Market Segmentation
The global hair wigs and extensions market research report includes a detailed segmentation by product, hair types, end-users, distribution channels, geography. North America is expected to contribute approx. USD 2 billion by 2026 to the global hair wigs and extension market. Consumers of African descent constitute one of the largest end-user of wigs. Consumers are trying to limit the use of harsh chemical products such as peroxide serums. Moreover, an increasing number of women are preferring natural afro-textured hair. Although most consumers are not ready to embrace natural hair, they are increasingly buying hair wigs of human hair as they feel natural. The market is witnessing high demand for human hair from customers in Japan. Europe is also observing high adoption of hair wigs, especially manufactured from human hair, on account of high per capita incomes.

In terms of supply, China leads the human hair wigs and extensions market. Several companies in the country manufacture hair wigs and extensions and source them from domestic suppliers. However, counterfeiting remains a major challenge for the growth of the market as several processing centers in China often mix comb, ground hair, and weft leftovers to make extensions and wigs. Cuticles are chemically stripped off and silicone is applied to offer a natural shine and texture. The demand for Peruvian hair has also increased in recent years. Peruvian hair is sourced mainly from Peruvian women and are considered to blend well with the African-American texture. The retail market for human hair products is relatively inelastic, while the demand for wigs and extensions made of high-quality human hair remains high. Cost efficiency of synthetic hair is a major factor responsible for market growth. The average price of synthetic wigs and extensions is lower than a human hair.

The film industry constitutes the largest end-users for wigs and extensions. The growing popularity of wearing hair wigs among celebrities, models, and social media influencers has a ripple effect among individual consumers. New and evolving fashion trends in the industry have also always influenced the market growth among individual consumers and entertainers.

Online platforms, physical stores, including intermediaries - hair salons and hair stylists- are the major distribution channels for hair wigs and extensions across the world. Vendors in countries such as the US and the UK primarily sell their products in dedicated and beauty stores, hypermarkets, and online general marketplace platforms. Moreover, retail stores such as hair clinics, beauty stores, specialty stores, and fashion stores have been the major sales partners for the sale of hair wigs and extensions. Vendors harness specialty stores and salons due to personalized customer services, which often translate into higher sales prices. In 2020, the online sale of hair wigs and extensions accounted for a share of 63% of the global market. Online stores offer a variety of options from manufacturers and resellers. Several consumers are seeking e-tailing services to buy wigs or extensions online because of the ease of accessibility and convenience. Moreover, online channels promote their products via social media, which serves as a major impetus for the market growth.

Products
• Hair Extensions
• By End-user
o Lengthening and Volumizing
o Coloring
o Styling
• By Fitting Type
o Clip-in
o Micro Link
o Tape-in
o Glue-in
• By Hair Type
o Human
o Synthetic
• Hair Wigs
• By End-user
o Leisure
o Beautification
o Functional
• By Cap Type
o Monofilament
o Lace
• By Hair Type
o Human
o Synthetic
• Toupee
• By Gender
o Men
o Women
• By Hair Type
o Human
o Synthetic

Hair Type
• Hair Sourcing
• By Product
o Extensions
o Wigs
o Toupee
• Synthetic
• By Product
o Extensions
o Wigs
o Toupee
• End-users
o Individual Consumers
o Entertainment & Fashion Industry
• Distribution Channel
o Offline
o Online

INSIGHTS BY GEOGRAPHY
In 2020, North America dominated the global hair wigs and extensions market with a share of over 40%. The African and Caucasian descent population in the region is the major contributor to the sale of human and synthetic hair wigs. The US market is highly influenced by age groups. Customers that are less than 25 years use hair wigs and extensions mainly for functional purposes. Consumers in the age group of 35 to 44 years account for the largest market share. In 2020, consumers in the age group of between 45 and 54 years constituted 22% of the market share. However, customers in the age group of over 54 years of age were the second-highest contributor in North America, accounting for the market share of 23% in 2020. This age group has the potential to become the leading target segment for hair wigs.

By Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
o France
o Spain
o Italy
• APAC
o China
o Japan
o South Korea
o Australia
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
o UAE
o Nigeria

INSIGHTS BY VENDORS
The global hair wigs and extension market is highly competitive with increased competition, rapid advances in synthetic hair manufacturing technology, and evolving consumer preferences. At the regional level, the competition has intensified with innumerable vendors selling products with limited product differentiation. The market is dominated by global vendors with players expecting to expand their presence worldwide during the forecast period, especially in fast-developing countries of APAC and Latin America, to gain more market share.

Prominent Vendors
• Godrej
• Great Lengths
• Evergreen Product Group

Other Prominent Vendors
• Aderans
• Aleriana Wigs
• Anhui Jinruixiang Hair Product Co. Ltd.
• Artnature
• AY Hair Products
• Balmain Hair
• Beaudiva
• Bellami Hair
• Bloomsbury Wigs
• Bohyme
• Charm Hair
• CheapWigSales
• Cinderella
• Dan Choi’s Remy New York
• Diamond Hair Company
• Dini Wigs
• Diva Divine India
• Donna Bella
• Easihair Pro
• Femme Hair & Beauty
• FN LongLocks
• Glam Seamless
• Hair Life India
• Hair Visions International
• Hair Zone
• Hairdreams
• Hairlocs
• His and Her Hair Goods
• Human Hair Argentina
• India Hair International (IHI)
• Indique
• Indo Hair
• Just Extensions
• Klix Hair Extensions
• Locks & Bonds
• Lord Hair
• Lush Wigs
• Luxy Hair
• Madali
• Mayvenn
• OMG Queen
• Paula Young
• Racoon International
• Rebecca
• RichFeel
• Ruimei Hair Products
• Shake-n-Go Fashion (SNG)
• SO.CAP.
• THE HAIR SHOP
• True Indian Hair
• TSD Hair
• Woven Hair
• Xuchang Haoyuan
• Xuchang Penghui
• Xuchang Shengtai
• YH Hair
• Yinnuohair

KEY QUESTIONS ANSWERED
1. What are the key factors and trends enabling the growth of the hair wigs and extensions market?
2. What is the impact of the COVID-19 on the hair extensions industry?
3. Which regions are likely to generate the highest demand for hair wigs and extensions during the forecast period?
4. What is the hair wigs and extensions market size and growth rate during the forecast period?
5. Who are the key players in the wigs and hair extensions industry?

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