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Hair Wigs And Extensions Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hair wigs and extensions products market was valued at USD 15.5 billion in 2022 and is projected to register a CAGR of 8.3% from 2023 to 2030. The growing demand for human hair extensions is anticipated to be a major factor driving the market growth. The surging usage of human hair extensions is attributed to the rising trend of protective styling among women, which is further supported by the increasing number of beauty salons and stylists across the world. The growing popularity of salons and hairstyling parlors, coupled with the increasing prevalence of hair-related disorders, is anticipated to drive the demand for wigs and extensions.
In addition, the increasing number of celebrities and influencers, who are using wigs and extensions to style their hair, is expected to spur product demand. Furthermore, technological advancements such as the launch of new products with advanced features are expected to positively impact the market growth. For instance, in February 2021, Great Lengths launched its new collection, called PURE XPRESSION, which is available in four shades. The collection offers a natural look with virgin hair and is a perfect solution for those looking for a protective style.
The increasing focus on personal grooming and grooming-related activities has further propelled the demand for hair wigs and extensions. Furthermore, the rising number of product launches, such as hair fibers, hair extensions, and synthetic wigs, is expected to support the market growth in the coming years. For instance, in March 2021, Hairfree launched its new product, an instant hair extension, which is made from 100% human hair and is available in various colors and lengths. The product is said to be made from Remy hair and has been treated with natural oils and minerals to maintain its natural shine and texture.
Moreover, the growing popularity of hair extensions among celebrities and influencers is expected to propel the market growth. Celebrities have set the trend for hair extensions, which is further supported by the rising demand for hair styling services. For instance, in February 2021, Kim Kardashian launched her own line of hair extensions, called SKIMS Hair Extensions. The hair extensions are made from 100% human hair and are available in various lengths and colors.
Furthermore, the increasing demand for hair wigs and extensions from the African-American population is expected to fuel market growth. According to the National Health Interview Survey conducted by the Centers for Disease Control and Prevention, in 2020, approximately 66% of African-American women used hair weaving and extensions, which is significantly higher than the rate of other ethnic groups. Additionally, the increasing demand for hair wigs and extensions from the transgender population is expected to supplement the market growth.
Product Insights
The human hair segment accounted for the largest share of the market in 2020. Human hair wigs and extensions are preferred by various consumers due to their natural look and feel. Furthermore, various factors such as the increasing preference for natural hair products and the increasing availability of human hair wigs and extensions, especially in the online retail sector, are driving the growth of the segment.
The synthetic hair segment is expected to register the highest CAGR of 6.9% over the forecast period. The growing demand for synthetic hair wigs and extensions in various countries such as India, China, and Brazil, owing to their low prices and easy availability, is driving the growth of the segment. Furthermore, the introduction of innovative products such as hair extensions and wigs with natural-looking and heat-resistant fibers, is further propelling the growth of the segment.
Distribution Channel Insights
The hair salons segment is expected to register the highest CAGR of 11.7% during the forecast period. The segment is mainly driven by the increasing number of hair salons that offer hair wigs and extensions services. According to a study by Statista in 2020, the number of hair salons in the United States increased from around 110,000 in 2018 to around 130,000 in 2020. Moreover, hair salons provide a wide range of services such as chemical treatments, hair coloring, hair styling, and hair wigs and extensions. This has resulted in the increasing popularity of hair salons as the preferred destination to purchase hair wigs and extensions.
The online segment is expected to register the second highest CAGR during the forecast period. This is mainly driven by the increasing number of e-commerce websites that offer a wide variety of hair wigs and extensions. Consumers can easily compare prices and have access to a large selection of hair wigs and extensions on e-commerce websites. Furthermore, the convenience of online shopping has resulted in the increasing popularity of e-commerce websites as a preferred source to purchase hair wigs and extensions.
Type Insights
The permanent hair wigs and extensions segment is expected to account for the largest revenue share of approximately 68.5% in the year 2022. The increased availability of permanent hair wigs and extensions at lower prices has increased its demand. Moreover, the availability of a wide range of colors, textures, and lengths is also driving the market for the segment. For instance, in April 2021, DONGKUN Hair, a manufacturer of hair products, launched a new collection of permanent hair wigs and extensions that are available in various colors, textures, and sizes.
The temporary hair wigs and extensions segment is anticipated to expand at the highest CAGR of 8.2% over the forecast period. The increasing trend of experimenting with hair, especially among the young population, is acting as a key driver for the segment. Moreover, the growing popularity of temporary hair wigs and extensions in theatres, movies, and the fashion industry is propelling the segment. For instance, in May 2021, Dream Girl, a brand of hair products, launched a range of temporary hair wigs and extensions, which are trending in theatres, movies, and the fashion industry.
Regional Insights
North America held the largest share in the hair wigs and extensions market in 2020 owing to the presence of a large number of manufacturers and consumers who are willing to spend on premium quality products. Moreover, factors such as the increasing number of working women, rising trend of celebrity endorsement, and increasing availability of products through e-commerce websites are expected to drive the growth of the regional market.
Europe is expected to witness significant growth over the forecast period due to the presence of well-established companies in the region. The growing awareness of personal grooming and the increasing trend of using hair products to enhance beauty are expected to drive the demand for hair wigs and extensions in the region.
Asia Pacific is anticipated to experience the fastest growth in the coming years. The presence of a large consumer base, rising disposable incomes, and increasing number of working women are some of the major factors driving the demand for hair wigs and extensions in the region. Additionally, the increasing trend of celebrity endorsement and introduction of innovative products are further anticipated to fuel the market growth.
Financial Projections
In this part of the hair wigs and extensions products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your hair wigs and extensions products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a hair wigs and extensions products business come from sales of products, services, and sponsorships. Here you will find a list with a description of each of them and other possible sources of profit such as wholesale sales, online sales, and franchising.
Projecting Expenses
In this section, all the regular expenses related to keeping the hair wigs and extensions products business running will be described. The list of operating expenses includes advertising, marketing, product materials, taxes, rent, payroll, and other administrative costs.
Key companies & market share insights
Some of the key companies operating in the hair wigs and extensions market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Lace Wigs launched a range of human hair wigs, extensions, and accessories in order to meet the growing demand for wigs and extensions.
– In August 2022, Rapunzel Hair launched a range of synthetic and human hair extensions to provide a variety of options for consumers.
– In October 2022, Hairuwear launched a range of wigs and extensions made from 100% human hair.
Some of the prominent players in the hair wigs and extensions market include:
– Hairuwear
– Lace Wigs
– Rapunzel Hair
– EvaWigs
– Lady Godiva Wigs
– Hair Club
– Hair Care USA
– Hair Toppers
– Hair Extensions Plus
– Hair Extensionz
Global Hair Wigs And Extensions Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hair wigs and extensions products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Synthetic Wigs
– Human Hair Wigs
– Hair Extensions
– Hairpieces
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Growth Prospects of the Hair Wigs and Extensions Market?
[A]: The hair wigs and extensions market is expected to grow at a steady rate during the forecast period. This is attributed to the rising demand for hair wigs and extensions from fashion-conscious consumers. Furthermore, the increasing awareness about hair loss, thinning, and baldness, along with the growing popularity of synthetic hair wigs, is likely to contribute to the growth of the hair wigs and extensions market during the forecast period.
[Q]: Who are the Key Players in the Hair Wigs and Extensions Market?
[A]: Key players in the global hair wigs and extensions market include Godrej Consumer Products Limited, The Hair Shop, Inc., Human Hair Wigs, Inc., Hair Extension Plus, Haircuttery, Great Lengths International, Hairtrade, and HairDo.
[Q]: What are the Factors Driving Growth in the Hair Wigs and Extensions Market?
[A]: The rising availability of synthetic hair wigs and extensions, increasing demand from fashion-conscious consumers, growth in the beauty and fashion industry, and the increasing awareness about hair loss, thinning, and baldness are some of the factors driving growth in the hair wigs and extensions market.
[Q]: What are the Major Segments of the Hair Wigs and Extensions Market?
[A]: The hair wigs and extensions market is segmented into type, material, and end user. By type, the market is divided into human hair and synthetic hair. By material, the market is divided into short, medium, and long. By end user, the market is divided into women and men.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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