Global Hair Wigs and Extensions Market Size, Share, Growth Analysis, By Product Type(Wigs and extensions), By Hair Type(Human hair and synthetic hair) - Industry Forecast 2024-2031

Global hair wigs and extensions market size was valued at USD 6.77 billion in 2022 and is poised to grow from USD 7.35 billion in 2023 to USD 14.11 billion by 2031, at a CAGR of 8.5% during the forecast period (2024-2031).

In recent years, there has been a notable increase in the demand for hair extensions and wigs driven by aesthetic and practical considerations. This surge in demand is particularly pronounced among individuals of African descent, who represent a significant portion of the market. To meet this demand, manufacturers are strategically establishing production facilities in Asia, notably in China and India, where they can produce high-quality hair products at competitive prices for global distribution. Both men and women of African heritage commonly experience issues such as male pattern baldness, receding hairlines, and thinning hair, prompting them to seek out quality wigs and toupees as viable alternatives to surgical interventions or hair transplants. Additionally, emerging economies are increasingly embracing the use of hair wigs, contributing to market growth. While hair extensions dominate markets in countries like the US, the UK, France, and Italy, regions such as Southeast Asia and sub-Saharan Africa are poised for significant growth in the forecast period. Conversely, Latin America is expected to experience slower growth compared to other emerging markets. As GDP growth is projected to rise in both developed and developing nations, the demand for hair wigs and extensions is expected to see significant upticks, particularly in China and India.

Top-down and bottom-up approaches were used to estimate and validate the size of the global hair wigs and extensions market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Hair Wigs and Extensions Market Segmental Analysis

Global hair wigs and extensions market is segmented based on product type, hair type, and region. By product type, the market is segmented into wigs and extensions. By hair type, market is segmented into human hair and synthetic hair. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Hair Wigs and Extensions Market

One significant driver of the global hair wigs and extensions market is the evolving fashion landscape and heightened beauty awareness among consumers. Hair wigs and extensions have transitioned from being mere accessories to essential components of style, endorsed by celebrities and trendsetters alike. They serve various purposes, including enhancing hair appearance, adding volume, and refining hair texture, making them highly sought-after products. Furthermore, the increasing incidence of hair loss issues like alopecia and pattern baldness has contributed to the market's expansion. Individuals experiencing hair loss often turn to hair wigs and extensions to conceal bald spots and attain a more natural and fuller-looking hair aesthetic.

Restraints in the Global Hair Wigs and Extensions Market

Scientists are actively exploring inventive methods to regrow or revive lost hair, while individuals are increasingly turning to various medications and anti-hair loss treatments. As concerns regarding appearance continue to escalate, there is a projected increase in the demand for hair transplants, both on the scalp and in non-scalp areas. Minoxidil and finasteride are the two most commonly utilized drugs for addressing hair loss. Additionally, an expanding number of individuals are opting for hair transplants to counteract hair loss. These transplants involve the repositioning of hair follicles from donor regions on the sides and back of the scalp, which are resistant to dihydrotestosterone (DHT), to cover bald patches.

Market Trends of the Global Hair Wigs and Extensions Market

One notable trend in the hair wigs and extensions market is the rising preference for human hair wigs and extensions compared to synthetic alternatives. Human hair products provide a more authentic appearance and texture, allowing for styling and coloring similar to natural hair. Additionally, there is an increasing demand for sustainable and environmentally friendly hair wigs and extensions as consumers become increasingly conscious of the environmental consequences of fast fashion and opt for more eco-friendly options.