Hair Wigs And Extensions Market Size, Share & Trends Analysis Report By Hair Type (Human, Synthetic), By Product (Wigs, Extensions), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global hair wigs and extensions market size was valued at USD 6.13 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.0% over the forecast period. The growing prevalence of hair-related problems, such as alopecia, across the globe, is the key factor propelling industry growth. According to a study published by the National Library of Medicine U.S. in April 2020, approximately 70,000 people in the U.S. have alopecia areata, out of which half are women. Increasing concerns among people about such diseases are supplementing the industry’s growth. The COVID-19 pandemic significantly impacted the overall beauty and personal care industry including hair wigs and extensions due to the worldwide lockdown.

In addition, various restrictions imposed by regional governments to stop the spread of the virus resulted in supply disruptions, further resulting in a shortage of raw materials, such as human and synthetic hair. During this period, the shipments of raw materials and finished goods were delayed or were put on a halt, and, as a result, it significantly impacted product demand across the globe. The growing trend of hair wigs and extensions among youth and millennials to improve their aesthetic appearance is estimated to fuel the industry's growth. The increasing influence of social media promoting the use of wigs and extensions and endorsements by celebrities are also some of the key factors boosting the industry growth.

Moreover, the growing use of wigs and extensions by the geriatric population to hide the issue of alopecia is further expected to boost industry growth. According to the World Health Organization (WHO), in 2020, the population aged 60 years and above was at 1.4 billion, which is expected to double and reach 2.1 billion by 2050. Moreover, key players are launching customized hair-related products that best fit the need of consumers. For instance, Hi-MO LLC provides personalized products for each customer, such as hair wigs, hair color, hair care, and others. The increasing prevalence of androgenetic alopecia also commonly known as baldness has triggered the use of wigs and extensions among consumers.

According to the American Hair Loss Association, androgenetic alopecia causes 95% of hair loss in men. Moreover, one of the articles published by the National Center for Biotechnology Information states in November 2021, approximately 50% of men and women get affected by androgenetic alopecia. Likewise, data published by the International Society of Hair Restoration Surgery estimates that some degree of hair loss is experienced by approximately 40% of men aged 35 years. The hair extensions & wigs are highly expensive, which is a key factor expected to restrain the industry growth.

Moreover, their usage may result in discomfort and scalp problems, which is another factor hindering growth. In addition, these products require high maintenance, which is estimated to act as a challenge for the industry's growth. However, the growing demand for high-quality grooming products is expected to create lucrative opportunities for the industry. Furthermore, various product innovations are anticipated to provide growth opportunities to manufacturers.

Product Insights

The wigs segment dominated the industry in 2021 accounting for the largest share of more than 75.20%of the overall revenue. The segment is estimated to remain in the lead in the coming years growing at a considerable CAGR from 2022 to 2030. The dominance of the segment is attributed to the growing popularity and high usage of wigs among consumers. Wigs are majorly used to cope with baldness or to change the style of hair. Moreover, wigs protect the natural hair against harm caused by the use of heat and chemicals to style the hair and achieve the desired look, thus resulting in its increased use and hence contributing to the overall revenue generation.

The hair extension segment is estimated to register a significant CAGR from 2022 to 2030. The growth of the segment is attributed to the increasing popularity and use of hair extensions by female consumers across the globe to increase the volume of their hair. Furthermore, the growth is attributed to the increasing use of hair extensions due to their availability in diverse attaching techniques that causes less damage to the hair. In addition, the growing demand for high-quality hair extension products manufactured from human hair is boosting the growth of this segment.

Hair Type Insights

The human hair segment dominated the global industry with a revenue share of 66.10% in 2021. The high penetration of hair wigs in the regions including North America and Europe coupled with its growing demand among millennials is contributing to the segment growth. Various brands in these regions are providing these products through various offline and online distribution channels. These brands include Ellen Wille, RENE OF PARIS, JON RENAU COLLECTION, and others. The growth of the segment is also attributed to the growing per capita disposable income coupled with the development of the global economy.

The synthetic hair segment is anticipated to expand at a considerable CAGR from 2022 to 2030. The growth of the segment is attributed to the increasing use of synthetic wigs and extensions among all consumer groups. Wigs and extensions manufactured from synthetic hair provide a price advantage as they are comparatively less expensive than human hair goods. The segment growth is also driven by the growing use of improving and innovative technology used for the production of synthetic hair goods of enhanced quality. For instance, Hi-MO LLC uses advanced technology to manufacture Nexart hair that replicates the human hair structure to provide a natural feel.

Regional Insights

North America accounted for the highest share of more than 40.85% of the overall revenue in 2021 and is expected to grow at a significant CAGR over the forecast period. The growth in this region is attributed to the higher penetration and use of wigs and extensions among all age groups. The hair goods in the region are used for both functional as well as for fashion accessory purposes. The U.S. is the largest importer of hair goods across the globe. According to the Observatory of Economic Complexity (OEC), in 2020, the United States held a share of 53.6% as the largest importer of wigs, false beards, and other such products.

Moreover, the rising popularity of Halloween products in the region results in the high usage of hair goods as a part of various kinds of costumes, thus further contributing to the growth of the industry in the region. Asia Pacific is estimated to expand at the highest CAGR from 2022 to 2030. The rapid growth of the region is due to the increasing adoption of hair goods among consumers as fashion accessories. Hair goods were majorly used for functional purposes in the region; however, the ongoing fashion trends in the region have influenced the youth and millennials to try out such products. Furthermore, factors, such as developing lifestyles, evolving technology for the production of such goods, and the rising purchasing power of consumers are estimated to drive the region’s growth.

Key Companies & Market Share Insights

Key players are adopting various steps to increase their presence worldwide. These steps include strategies, such as partnerships, mergers & acquisitions, development & launch of new products, global expansion, and others. Some of the initiatives include:

• In April 2021, Evergreen Products Group Ltd. invested in a new product line of digital wigs with the use of non-fungible tokens technology. The group is working on the launch of an e-commerce platform i.e. direct-to-consumers (D2C), which enables them to try out the wigs before purchasing

• In January 2019, Ellen Wille launched seven new styles of handcrafted wigs in the U.S. to expand its offering

• In 2019, TWC (The WIg Company) was acquired by HairUWear, which enabled HairUWear to expand its customer base

Some of the prominent players in the global hair wigs and extensions market include:

• Evergreen Products Group Ltd. 

• Godrej Consumer Products Ltd.

• Artnature Inc.

• Aderans Co., Ltd. 

• Donna Bella Hair

• F.N. Longlocks

• ALERIANA Wigs 

• Klix Hair Extensions

• Indique Hair

• Shake-N-Go, Inc.

Hair Wigs And Extensions Market Report Scope

Global Hair Wigs And Extensions Market Segmentation

This report forecasts revenue 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 the purpose of this study, Grand View Research has segmented the global hair wigs and extensions market report based on product, hair type, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Wigs

  • Extensions

• Hair Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Human Hair

  • Synthetic Hair

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Indonesia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa