NEW YORK, June 18, 2024 /PRNewswire/ -- The global hair wigs and extension market  size is estimated to grow by USD 7061.2 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.15%  during the forecast period.  Technological advances in production and design of synthetic hair wigs is driving market growth, with a trend towards growing prominence of celebrity and social media influencers. However, high labor costs associated with handwoven wigs  poses a challenge. Key market players include Aderans Co. Ltd., 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., and Shandong Elite Hair Products Co. Ltd..

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Key Market Trends Fueling Growth

The global hair wigs and extension market is experiencing significant growth due to the widespread use of Internet-enabled smartphones and the rise of digital media as a marketing channel. Brands are investing in social media campaigns in developed countries like the US for product promotion and wider reach. Fashion events, such as Soweto Fashion Week, sponsored by Godrej's DARLING subsidiary, create awareness about hair extension products among influencers and consumers in Africa. Micro-influencers are preferred over traditional media advertisements due to their engaged fanbase, authenticity, and ease of marketing. The popularity of hair wigs among celebrities like Kylie Jenner, Kim Kardashian, and Ariana Grande is driving market growth in emerging markets like India and China. 

The hair wigs and extensions market is currently experiencing significant growth. Consumers are increasingly seeking out high-quality wigs and extensions for various reasons, including hair loss, fashion, and styling. Hair types and textures, such as human hair and synthetic, are popular choices. Colors, lengths, and styles are also trending, with remy and non-remy hair being highly sought after. Customers look for durable and comfortable wigs and extensions, as well as easy application methods. The market offers a wide range of products, from basic wigs to advanced systems with clips, tape, or glue application. The industry continues to innovate, with new technologies and materials being introduced regularly. Overall, the hair wigs and extensions market is a thriving business sector that caters to diverse consumer needs and preferences. 

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Market Challenges

• The handwoven wig manufacturing industry in countries like the UK and US has faced a decline due to a shortage of skilled labor and high labor costs. Handwoven wigs, which offer superior quality and natural hair replication, require extensive craftsmanship and time-consuming production processes. In contrast, synthetic lace front wigs, which are partially hand-tied and machine-made, have shorter production times. However, the production of synthetic full lace wigs still requires significant labor hours, making handwoven wigs more costly. This high labor cost is expected to hinder the growth of the global hair wigs and extensions market.
• The hair wigs and extensions market face several challenges in the current business environment. Durability and maintenance are key concerns for consumers, requiring high-quality materials and careful handling. The use of synthetic wigs and extensions, such as those made from polyurethane and silicone, can pose challenges in terms of customization and natural appearance. Additionally, the trend towards remy human hair wigs and extensions necessitates sourcing and supply chain management expertise. Customization, including color and texture, adds complexity to production and inventory management. The market also faces competition from other beauty products and services, requiring effective marketing and pricing strategies. Overall, the hair wigs and extensions market requires a strategic approach to address these challenges and meet consumer demands for natural-looking, long-lasting options.

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Segment Overview 

This hair wigs and extension market report extensively covers market segmentation by

1. Distribution Channel
   • 1.1 Offline
   • 1.2 Online
2. Product 
   • 2.1 Human hair wigs and extension
   • 2.2 Synthetic hair wigs and extension
3. Geography 
   • 3.1 APAC
   • 3.2 North America
   • 3.3 Middle East and Africa
   • 3.4 Europe
   • 3.5 South America

1.1 Offline-  The hair wigs and extensions market encompasses specialty stores, hypermarkets, supermarkets, convenience stores, clubhouse stores, department stores, salons and spas, and drugstores. Hypermarkets, such as Walmart and Target, are significant retailers offering hair wigs and extensions. The market's growth is fueled by store expansions and the trend of hair styling among consumers. Specialty stores, like Sephora, cater to retail purchases due to their extensive selection. Vendors employ the online-to-offline (O2O) strategy to boost sales through offline channels while offering a digital shopping experience. The O2O channel benefits consumers with in-store pickups, online purchases at physical stores, and product returns. These initiatives will help vendors expand their market share and consumer base, driving the growth of the global hair wigs and extensions market.

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Research Analysis

The hair wigs and extensions market cater to individuals experiencing hair loss due to various reasons such as Alopecia, hair thinning, and Androgenetic alopecia. This market offers a wide range of styles, textures, and colors to suit the unique needs and preferences of men, women, and children. Social media platforms have become a significant platform for influencers to showcase their personal well-being journeys, promoting the use of beauty products like wigs and hair extensions. The entertainment industry also contributes to the growth of this market, with many celebrities opting for wigs and extensions for various roles and events. Retail stores and online platforms offer an extensive selection of wigs, hair extensions, and accessories such as wig caps and scissors with silicone grips and tweezers for easy application and maintenance. Black people also benefit from this market, with an increasing number of options available to cater to their unique hair textures and styles.

Market Research Overview

The Hair Wigs and Extensions market encompasses a wide range of products designed to enhance and alter the appearance of individuals. These offerings include wigs, weaves, and extensions made from various materials such as human hair and synthetic fibers. The market caters to diverse consumer needs, with offerings available in different textures, colors, and lengths. The industry is driven by factors such as increasing consumer awareness and acceptance of hair enhancement solutions, as well as the growing trend towards personalized and customized beauty solutions. Additionally, advancements in technology and manufacturing processes have led to the production of more realistic and natural-looking wigs and extensions. Overall, the Hair Wigs and Extensions market is a dynamic and evolving industry that continues to innovate and cater to the ever-changing beauty preferences of consumers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• • Offline
  • Online
• Product
• • Human Hair Wigs And Extension
  • Synthetic Hair Wigs And Extension
• Geography
• • APAC
  • North America
  • Middle East And Africa
  • Europe
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio