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The hair wigs and extension market size is projected to increase by USD 5,892.01 million and the market size is estimated to grow at a CAGR of 9.34% between 2022 and 2027.
The technological advances in the production and design of synthetic hair wigs are the key driver for the growth of the global hair wigs and extension market. In the last few years, synthetic hair wigs and extensions have shown major improvements in terms of aesthetics and design worldwide. Synthetic wigs offer easy maintenance and high versatility and they are available in a wide range of colors. They are offered at cost-sensitive prices with advanced fibre selection and design. Besides, synthetic hair wigs and extensions offer natural texture and longevity to humans hair wigs and extensions. Moreover, several wig vendors, such as Godrej Consumer Products and Aderans, provide wigs that have superior comfort in use and can be customized as per requirements. In addition, Nadula Hair is the future brand of human hair wigs that have a wide product range. Technology is used to provide natural hair look with cost efficiency and less maintenance for hair wigs. Hence, the technological advancements and growth in the production and design of synthetic hair wigs and extensions are expected to drive the market during the forecast period.
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The significant entry of Internet-enabled smartphones globally has facilitated the increasing demand for digital media as a key communication and marketing channel for market players in the global hair wigs and extension market. Several vendors of hair goods have raised their investments in social media campaigns in developed counties such as the US for product promotions and large-scale marketing. Furthermore, social media influencers and the popularity of celebrities among consumers have resulted in major brands such as Godrej Consumer Products enlarging brand exposure through fashion events such as Soweto Fashion Week. Due to factors such as a highly engaged fanbase, lower price point, higher authenticity, and ease of marketing micro-influencers are rapidly replacing media advertisements as the preferred promotional platform. Therefore, these factors will grow the global hair wigs and extension market during the forecast period.
Countries such as the UK and the US have shown a decreasing number of handwoven wig manufacturers in the last few years due to the lack of experienced personnel and high labour costs. A high degree of craftsmanship is involved in the production process due to most custom-made wigs are hand-tied. Moreover, compared with machine-made wigs, handwoven wigs offer better quality and closely replicate natural hair features. The human hair wig production process is time-consuming and makes a very high effort in the preparation of raw hair. Synthetic lace front wigs, which are produced using lace frontals and hair bundles, are partially hand-tied and predominantly machine-made, Hence it takes less time for production time compared with human hair wigs. Although, based on wig complexity the production of a synthetic full lace wig takes anywhere between 40-120 working hours to complete, Hence, these factors are expected to impede the market growth during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. This distribution channel includes speciality stores such as hypermarkets, supermarkets, convenience stores, clubhouse stores, and others (department stores, salons and spas, and drugstores). A growing number of stores and business expansions by retailers have raised the demand for this equipment. Salons and spas are rapidly gaining popularity and demand among consumers with hectic work schedules. These outlets offer rejuvenation treatments along with grooming.
The offline segment was valued at USD 6,088.45 million in 2017 and continued to grow until 2021. The trend of hair styling among men and women has accelerated the market's growth further. Consumers prefer speciality stores for the retail purchasing of hair wigs and extensions. because of the wide variety of hair wigs and extensions, professionals prefer to buy hair wigs and extensions from speciality stores. For instance, Sephora is a prominent speciality store that sells hair wigs and extensions. market players are focusing on the online-to-offline (O2O) business strategy to grow sales through offline distribution channels while promoting their digital experience. Such strategies will help vendors to grow their market share and expand their consumer base. These factors are expected to continue during the forecast period and drive the offline segment.
The online segment is expected to show rapid growth during the forecast period due to the increasing penetration of the Internet and the rising number of smartphone users. Buyers have moved from conventional brick-and-mortar stores to online stores. Also, the strong presence of major retailers and the wide geographical reach have allowed customers to access a wide range of products. Such changing shopping preferences are increasing the sales of hair wigs and extensions through online distribution channels. Therefore, there is a rising demand for online purchases among consumers and end-users driving the growth of the market during the forecast period.
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Human hair wigs and extensions are expected to witness a significant growth rate during the forecast period. Compared to synthetic hair wigs and extensions, human hair wigs and extensions are highly popular due to their resemblance to natural hair and better product quality and longevity. Due to the former's higher production cost and the difficulty in procuring human hair, human hair wigs and extensions are generally priced higher than synthetic hair wigs and extensions. Countries like China and India are the major providers of raw materials for human hair wigs and extensions. Hair donors are people under lower-income brackets selling hair for money in China, India consists of many donors who are tonsured as part of religious practices in temples. Additionally, In China and India hair from donors in rural areas is in high demand as the hair obtained is of high quality and large, and also they are unexposed to harsh chemicals and colors. There has been a rising demand for high-end human hair extensions in countries such as the US, the UK, and France. Moreover, the rising influence of celebrities and social media influencers has been a key factor in the growing adoption of hair extensions in these countries. Altogether, the human hair wigs and extensions segment is expected to show rapid growth during the forecast period.
Synthetic hair wigs and extensions are made from human hair alternatives such as synthetic fibers. These are majorly cheaper compared to human hair wigs and extensions. Technological advances have shown rapid improvements in manufacturers' processes as a range of synthetic hair wigs and extensions that closely replicate the texture and shine of natural hair. Consumers who face short-term medical hair loss are the major shareholders of synthetic hair wigs and extensions. Synthetic hair wigs are expected to find growing adoption in the coming years due to the lower price and maintenance required for synthetic hair wigs compared with human hair wigs. Hence, the segment is expected to show rapid growth during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, countries like China, India, and Japan are the key contributing countries to the hair wig and extension market. China and India are key exporters of human hair to the US and European countries such as France, the UK, and Germany. Compared to human hair wigs and extensions, there is a significant demand for cheaper synthetic hair wigs and extensions.
Several vendors such as Aderans, Shandong Elite, and Evergreen Products Group have established production facilities in countries such as China, India, Vietnam, and Bangladesh, owing to cheap labor costs and high proximity to sourcing of human hair. The growth of key end-user industries, such as the healthcare and entertainment sectors in the region, is expected to continue driving the demand for human as well as synthetic hair wigs and extensions during the forecast period. China is struggling with its growing population. The number of people aged above 60 years in China is significantly higher than that of other Asian countries. Owing to this, people in China are more focused on personal care and beauty products. The adoption rate of hair wigs and extensions is expected to rise in APAC due to the emergence of international players and evolving concepts of product differentiation during the forecast period.
In 2020, the market for hair wigs and extensions in APAC is negatively impacted due to the decline in demand due to the COVID-19 pandemic. However, the initiation of vaccination drives led to the reopening of manufacturing units and salons, and spas in 2021. This raised the demand for hair wigs and extensions from commercial end-users in the region. Hence, the hair wigs and extensions market in APAC is expected to witness considerable growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hair wigs and extension market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Hair Wigs And Extension Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.34% |
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Market growth 2023-2027 |
USD 5,892.01 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.5 |
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Regional analysis |
APAC, North America, Middle East and Africa, Europe, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
US, Canada, Japan, China, and South Korea |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Artnature Inc., Cha Cha Hair Products Ltd., Diva Divine Hair Extensions and Wigs, Donna Bella OpCo LLC, Evergreen Products Group Ltd., F.N. Longlocks, Godrej and Boyce Manufacturing Co. Ltd., Great Lengths Universal Hair Extensions Srl, Hair Visions International, Hairdreams Haarhandels GmbH, Hairlocs, India Hair International, Indique Hair LLC, Klix Hair Inc., Locks and Bonds, Racoon International Ltd., SalonLabs Exports India Pvt Ltd., Shake N Go Inc., Shandong Elite Hair Products Co. Ltd., and Aderans Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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