Hair wigs and extension market size to grow by USD 5.90 billion from 2022 to 2027, APAC accounts for 45% of market growth, Technavio
NEW YORK, Feb. 28, 2024 /PRNewswire/ -- The hair wigs and extension market size is expected to grow by USD 5.90 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 9.34% during the forecast period. Technological advances in the production and design of synthetic hair wigs are notably driving the hair wigs and extension market. However, factors such as high labor costs associated with handwoven wigs may impede market growth. The market is segmented by distribution channel (Offline and Online ), product (Human hair wigs and extensions, and Synthetic hair wigs and extension), and geography (APAC, North America, Middle East and Africa, Europe, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format
Key Segment Analysis
The market share growth by the offline segment will be significant during the forecast period. This distribution channel contains specialty stores like hypermarkets, supermarkets, convenience stores, clubhouse stores, and others. In addition, salons and spas are rapidly gaining popularity and demand among consumers with hectic work schedules. Hence, such factors are expected to continue during the forecast period and drive the offline segment. The adoption rate of hair wigs and extensions is anticipated to rise in APAC owing to the emergence of international players and evolving concepts of product differentiation during the forecast period. To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report.
Geographical Market Analysis
The main contributors to the market in APAC are countries such as China, India, and Japan. In particular, for the US and Europe countries such as France, the UK or Germany, China, and India are major exporters of human hair. Furthermore, several market players 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 the sourcing of human hair.
Company Insights
The hair wigs and extension market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
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. View PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
Analyst Review
The hair wigs and extension market is a vibrant and diverse industry catering to individuals seeking solutions for various hair-related concerns, including hair loss and styling preferences. Confidence plays a pivotal role in one's self-image, and for many, aesthetics, especially in the realm of hair, is a crucial component. In today's digital age, social media platforms like Instagram and TikTok have become influential in showcasing diverse styles and providing styling tips and tricks.
Hair loss affects a significant portion of the population, with conditions such as alopecia affecting approximately 700,000 individuals in the U.S. alone, predominantly women. Fortunately, there are solutions available, ranging from traditional human hair wigs to innovative hair systems, catering to different needs and preferences.
For individuals undergoing chemotherapy due to cancer treatment, hair loss can be a distressing side effect. Initiatives like the Department of Social Protection's Treatment Benefit Scheme in Ireland, overseen by Minister Heather Humphreys, offer financial assistance, such as the USD 546.21 grant, to alleviate the burden of obtaining hair loss solutions.
In the market, subscription-based models like those offered by Superhairpieces.com provide convenience and affordability, offering different plans for human hair wigs and extensions. These subscriptions cater to the diverse needs of customers, providing access to quality products on a regular basis.
In conclusion, the hair wigs and extension market is not only about aesthetics but also about empowering individuals to feel confident and comfortable in their own skin, despite challenges like hair loss. With innovative solutions and supportive initiatives, this market continues to evolve, catering to the diverse needs of its consumers. View PDF Sample Report
Related Reports:
The Hair Products Market size is estimated to grow at a CAGR of 4.12% between 2022 and 2027. The market size is forecast to increase by USD 19,431.34 million.
The hair styling products market in Europe is expected to rise to USD 1.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.87%.
ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor 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 provide 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: [email protected]
Website: www.technavio.com
SOURCE Technavio
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