Hair Wigs and Extensions Market size was valued at USD 6.5 Billion in 2023 and is poised to exceed USD 13.5 Billion by the end of 2036, registering over 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hair wigs and extensions is estimated at USD 6.82 Billion.
These days, wigs play a significant role in boosting self-esteem and improving appearance, allowing for amazing changes. A wave of wig-related material has been sparked by the rise of social media platforms like Instagram and TikTok, where famous hairstylists are sharing their styling secrets. As per the data quoted in “Social Media Use and Mental Health: A Global Analysis’ by National Library of Medicine; Facebook reported 2.5 billion monthly active users as of December 2019, Twitter reported 330 million monthly active users as of January 2020, while Instagram reported over 1 billion monthly active users globally as of January 2020.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
5.8% |
Base Year Market Size (2023) |
USD 6.5 Billion |
Forecast Year Market Size (2036) |
USD 13.5 Billion |
Regional Scope |
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Product (Wigs, Extensions, Toupee)
Wigs segment is estimated to hold over 60% hair wigs and extensions market share by the end of 2036. The market is expanding because wigs are easy to dress and are regarded as stylish. As a result, people are starting to favor human hair wigs. Many men and women are influenced to pick between these options instead of hair transplants and surgery by the availability of high-quality wigs.
Technology advancements and digitalization have increased as a result of the rising demand for hair wigs and the variety of issues consumers face when selecting the best solution. For example, in April 2021, the distributor of wigs and extensions Evergreen Products Group Limited said that it will use non-fungible tokens (NFTs) to create and invest in digital wigs. The business collaborated with Hong Kong-based XR content and software provider Shadow Factory Limited to develop an augmented reality-driven e-commerce platform that allows users to try on wigs prior to purchase.
Hair Type (Human Hair, Synthetic, Hair Wigs)
The human hair segment in the hair wigs and extensions market is poised to surpass USD 5 billion in revenue, which may be attributed to the natural appearance they offer to customers. The human hair industry consists of several types, most prominently Remy hair, which has cuticles oriented in the same direction to provide the appearance of natural hair. Conversely, non-Remy hair provides an alternative because its strands have cuticles pointing in opposite directions.
Genuine people are drawn to virgin hair because it is highly valued for being unprocessed and in its original state. Processed hair comes in colored, bleached, or curled varieties, offering a variety of customizable styles. Furthermore, the International Society of Hair Restoration Surgery (ISHRS) reports that, in 2021, 396 individuals on average per member had non-surgical hair restoration treatments performed by ISHRS doctors. This statistic indicates the surging demand for market, especially in this segment.
Distribution Channel (Offline Stores, Online Stores)
By 2036, online stores segment is set to capture over 70% hair wigs and extensions market share due to increase more quickly in the upcoming years due to consumers' propensity to physically try on and compare products. A greater variety of products, competitive price, ease of online retail, and rising internet usage are some of the factors driving this increase.
At 5.3 billion, about two thirds of the world's population were online as of 2023. This represents the total number of internet users globally. The rise in popularity of direct-to-consumer companies and online marketplaces is also contributing to the online segment's increase in market.
Our in-depth analysis of the market includes the following segments:
Product |
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Hair Type |
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Fitting Type |
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Cap Type |
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End-User |
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Distribution Channel |
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North America Market Statistics
North America in hair wigs and extensions market is expected to account for around 40% revenue share by 2036 This dominance is a result of customers' growing disposable income in North America, which leads to higher expenditure on beauty products and personal care products including hair wigs and extensions. The average annual expenditure of American women on cosmetic goods and services is USD 3,756.
In response to the expanding market for a wide variety of wigs and extensions, new supply outlets are opening up across the United States. An example of this will be the May 2023 opening of Charlene's Beauty Supply in Elk Grove, California. With its emphasis on providing a selection of hair care products together with premium medical-grade wigs and extensions, this new business hopes to further enhance the area's standing as a major player in the sector.
APAC Market Analysis
Asia Pacific hair wigs and extensions market is expected to observe over 10.1% growth between 2024 and 2036. The abundance of small and large competitors in this industry have made it a profitable place to buy hair goods and accessories, such as wigs and extensions, to meet the varied needs of consumers.
Furthermore, a 2023 article published by Scandinavian Biolabs states that India (14.3%) and Hong Kong (44.4%) are two of the top exporters of human hair to other countries, underscoring the Asia Pacific region's importance in the world's hair market.
The use of e-commerce sites and China's explosive growth have both contributed significantly to the rise in demand. According to information provided by UN Trade & Development, Chinese business-to-consumer e-commerce sales in 2018 were valued at USD 163 billion and USD 1,361 billion, respectively.
The popularity of social media and influencers in Japan has led to an increase in demand for hair extensions. Japan is expected to have 101.9 million active social media users by 2022. This represents about 81.1% of the addressable demographic.
In Korea, the demand for toupees and other hairpieces may grow as more people learn about the options available for hiding thinning or hair loss. A survey on men's beauty trends in South Korea in 2022 found that almost 36% of participants said they had experienced hair thinning.
The hair wig and extension market is a mash-up of established firms, creative upstarts, developing technologies, and shifting customer preferences. These businesses have made enhancing operations, partnerships, product launches, and acquisitions a top priority.
Author Credits: Parul Atri
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