Global Hair Wigs and Extensions Market Outlook and ForecastsThe "Hair Wigs and Extensions Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
Hair manufacturersThe global hair wigs and extension market is expected to grow at a CAGR of over 8% during the period 2018-2024
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.
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.
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.
