DUBLIN--(BUSINESS WIRE)--The "Hair Wigs and Extensions Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global hair wigs and extension market is expected to grow at a CAGR of over 8% during the period 2018-2024.
- This analysis of the hair wigs and extensions market provides market sizing and growth opportunities for the forecast period 2019-2024.
- Offers market sizing and growth prospects of the hair wigs and extension market for the forecast period 2019-2024.
- Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the hair wigs and extensions market.
- Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of market segments and the regional outlook of the hair wigs and extensions market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the hair wigs and extensions market.
The urge to improve the physical appearance is another major factor driving the hair wigs and extensions market worldwide. The rise in income levels has pushed people to increase spend on personal grooming and beauty products, which, in turn, is boosting the end-user confidence to invest in personal grooming, including hairs wigs and extensions. The hair care segment accounted for 18% of the total revenue of the global beauty market in 2017 and was the second-largest segment after skincare.
There is a visible shift in middle-class spending patterns, which is likely to affect the global hair wigs and extensions market. In China and India, the middle-class population accounts for a major share of the hair wigs and extensions market and is growing faster in the European and North American regions, where the population of the middle class has stagnated, but their median income has increased significantly. Therefore, with the rise in the disposable income in the middle-class population, their standard of living and shopping modes are rapidly changing, thereby affecting the grooming market.
The following factors are likely to contribute to the growth of the hair wigs and extension market during the forecast period:
- Growing Demand from Consumers of African Descent
- Middle-Class Population to Lead Market Demand
- Rising demand for Beauty and Lifestyle Accessories
Increased Demand with Social Media as Enabler
Hair Wigs and Extension Market: Segmentation
This market research report includes detailed market segmentation by Type, Material, End-user, Distribution Channel, and Geography. The global hair extensions market is expected to reach over $5 billion by 2024. The increasing acceptance of hair extensions among global celebrities and actors is a key driver for the growth of the segment. In terms of revenue, hair wigs have found the highest adoption in the entertainment and fashion industry. The growth in traction alopecia, especially in the African-originated population, is a major factor driving the wigs market.
The price of hair wigs and extensions made from synthetic hair is less than human hair, hence increases the affordability among consumers. China is the leading manufacturer of human hairs wigs and extensions. The human hair wigs and extensions market is expected to grow due to the decrease in the cost of human hair. However, this is also beneficial for manufacturers as they can source human hair at better prices.
Hair wigs and extensions are mainly sold through online channels and retail distribution channels. The products are also available to end-users through online shopping websites as well as online direct-to-consumer stores. There is an emerging trend of promoting wigs and hair extensions on social media platforms. These platforms have also integrated shopping capabilities, which allow several influencers and hairstylists to sell wigs and extensions online. 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. The sale of hair wigs and extensions through retail stores, hypermarkets, and fashion stores has always been the norm across the globe. Although the trend of selling online has been increasing in recent years, a significant share of hair wigs and extensions distribution takes place through specialty stores, hair salon and beauty stores, and hair clinics.
The entertainment and fashion industry has become crucial for hair wigs and extensions products both in terms of revenue and adoption. Production and fashion houses require to stock several wigs for actors and models as they are performing different roles and characters. In regions such as Africa, Latin America, and several emerging countries, hair wigs account for a larger share than hair extensions. The rise in hair ailments among people is aiding the market to grow at a steady pace. The number of people suffering from hair loss at some level is increasing. With the growing number of people with hair loss and baldness, many people are choosing surgical or non-surgical options to regain hair.
Hair Wigs and Extensions Market: Geography
The availability of high-quality wigs and toupees is encouraging consumers, especially males, across the world to try them as an alternative to surgical procedures for hair transplant. The global hair extensions market is expanding at an incredible rate due to the growing trend among consumers to imitate celebrity hairstyles. North America dominates the global hair wigs and extension market because the adoption of wigs and hair extensions is the highest in the US. Increased disposable incomes and high spend have increased the demand for high-end hair extensions. The US accounted for the largest share of the global haircare market in 2018.
The APAC region is the largest supplier of human hair for manufacturing wigs and extensions. The increasing demand for hair products in the APAC market is influencing manufacturers to establish production facilities in Asian countries, such as China and India. The European hair wigs and extensions market is largely made up of human hair. The high per capita income of European consumers allows them to spend on hair extensions and wigs produced from human hair. The penetration and adoption of hair wigs and extensions is relatively higher in Africa than the Middle East. As the demand increases in Africa, the number of start-ups manufacturing these hair substitutes has also increased in the region.
Key Vendor Analysis
The customer demand has steered the global hair wigs and extensions market. Manufacturers have been introducing new products according to the prevailing fashion trends. However, this has not been able to increase the demand for wigs and hair extensions among customers over time. The market demand is primarily driven by new trends showcased by celebrities on social media. India is the largest supplier of human hair, and the business is highly concentrated on the supply side.
As of now, the global hair wigs and extensions market is dominated by domestic players, including small-scale proprietorship firms. Several local players are expected to expand their presence worldwide during the forecast period, especially in APAC and Latin America, which are the fast-developing economies. Besides, improving global economic conditions are likely to fuel the growth of the market, making it an attractive time for the launch of new products.
An intensely competitive environment is expected to emerge during the forecast period because of the immensely growing popularity of hair wigs and extensions across the globe, thereby driving the demand for global hair wigs and extensions market.
Market Growth Enablers
- Increasing Hair Loss Among Men and Women
- Rising demand for beauty and lifestyle accessories
- Increased Demand with Social Media as Enabler
- Rising Demand from Consumers of African Descent
Market Growth Restraints
- Highly Fragmented Market Hindering Profit Scalability
- Increasing branding and manufacturing expenses
- Controversies over Hair Sourcing Posing Adoption Issues
Opportunities and Trends
- Middle-Class Population to Lead Market Demand
- Urban Settlements Forcing Image Makeovers
- Rising Adoption of Wigs in Fashion and Entertainment
- Evergreen Product Group
- Great Lengths
- Aleriana Wigs
- Anhui Jinruixiang Hair Product Co. Ltd.
- AY Hair
- Balmain Hair
- Bellami Hair
- Bloomsbury Wigs
- Charm Hair
- Diamond Hair Company
- Diva Divine India
- Donna Bella
- Easihair Pro
- FN LongLocks
- Glam Seamless
- Hair Zone
- Hair Life India
- Hair Visions International
- His & Her Hair Goods
- Human Hair Argentina
- India Hair International (IHI)
- Indo Hair
- Just Extensions
- Lush Wigs
- Omg Queen
- Remy New York
- Ruimei Hair Products
- Shake-n-Go (SNG) Fashion
- The Hair Shop
- True Indian Hair
- TSD Hair
- Wigs and Plus
- Woven Hair
- YH Hair
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