Global Hair Extensions & Wigs Market Set to Expand to 2028 as Hair-Related Solutions Gain Momentum - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Hair Extension & Wigs Market Outlook, 2028" report has been added to ResearchAndMarkets.com's offering.

The global hair extensions and wigs market is on a growth trajectory, projected to reach a valuation exceeding USD 14 billion by 2028, up from USD 8.82 billion in 2022, as per the report. The market is expected to achieve a robust CAGR of 8.90% between 2023 and 2028.

Rising Hair-Related Issues Propel Market Growth

The prevalence of hair-related problems like alopecia is driving the growth of the hair extensions and wigs industry. The report highlights that more than 70,000 people in the United States were diagnosed with alopecia areata in 2020, with half of them being women. This rising concern about hair-related issues is fueling the industry's expansion. The growing trend of using hair wigs and extensions among millennials and youth to enhance aesthetic appearance is expected to further boost the market. Additionally, the influence of social media and celebrity endorsements in promoting the use of wigs and extensions is a key factor driving industry growth.

Convenience and Changing Lifestyles Drive Demand

The rapid growth of the global grooming industry is attributed to the fast-paced lifestyles of consumers worldwide. The convenience and accessibility offered by hair wigs and extensions are appealing to people seeking efficient grooming solutions. The report points out that increasing disposable incomes have led to higher discretionary spending on products like wigs and hair extensions, contributing to market growth. This trend is particularly evident in emerging economies where demand for grooming products is increasing.

Segmentation and Regional Trends

The report categorizes the market into three primary product types: extensions, wigs, and toupees. Among these, wigs held the largest market share in 2022, accounting for over 45%. Wigs offer users the ability to achieve their desired look without causing damage to their natural hair through chemical treatments or heat styling. Their versatility and protective benefits are driving their widespread usage.

Geographically, North America led the market in terms of revenue share in 2022 and is projected to maintain substantial growth due to increased awareness of medical conditions like alopecia and changing consumer behavior. Europe is expected to witness growth driven by the increasing number of cancer patients seeking hair solutions, while Asia-Pacific is anticipated to be a key market due to the rise of e-commerce in the region. South America and the Middle East and Africa are also expected to experience healthy growth rates.

Human Hair Dominates the Market

The human hair segment accounted for over USD 4.5 billion in revenue in 2022, dominating the industry. The use of wigs by celebrities and the fashion and entertainment industries is contributing to the normalization of wearing wigs, reducing stigma. Companies like Ellen Wille, Rene of Paris, Jon Renau Collection, and others are prominent in providing human hair wigs, catering to various preferences through online and offline distribution channels.

Distribution Channels: Offline Dominates, Online Gains Momentum

In 2022, the offline segment held over 70% of the market, with hair extensions and wigs available through various retailers, beauty supply stores, salons, and more. However, the online segment is predicted to grow rapidly due to increased technology adoption and convenience. Online stores offer a wide range of options, and the use of social media influencers for promotion is driving demand.

Challenges and Trends

Counterfeit products, lack of industry regulations, and the increasing focus on sustainability are challenges faced by the market. Additionally, the report highlights the growth of hair extensions and wigs for medical purposes and changing fashion trends as key trends in the industry.

Company Profiles

• 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
• HairUWear, Inc.
• Aleriana Wigs
• Rio Brazil Salon
• Black Diamond Hair Company
• Diva Divine India
• Natural Hair Argentina
• 931 Beauty
• Nish Hair
• Paulistaladiessalon
• Natalhen
• Balmain Hair Couture BV

For more information about this report visit https://www.researchandmarkets.com/r/6mwcrr

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