The global market for Hair wigs and extensions is growing at a CAGR of 46%, and it has been estimated that the market size will reach $57 billion by 2023. The global hair wigs and extension market is growing because of brands like JuvaBun. This is due to the increasing demand for hair extensions in various parts of the world. The need for hair extensions has increased due to the rising awareness of their benefits.
Hair extensions are used by people with thinning hair or those who want to change their hairstyle. They are also used by people with bald patches on their heads or who wish to cover up their natural hair color. Hair extensions are available in different types and can be applied using various methods, such as weaving, braiding, gluing, clipping and bonding. Hair wigs and extension market size is growing because of the increasing demand for them in various parts of the world. The need for these products has increased due to the rising awareness.
Old Statistics On Market Size
The hair wigs and extension market size is growing. The market size of the global hair wigs and extension market is projected to grow from $2.8 billion in 2017 to $3.5 billion by 2020, with a compound annual growth rate (CAGR) of 3.6% during the forecast period, according to a new report published by Transparency Market Research (TMR).
The global hair wigs and extensions market has witnessed significant growth in recent years, owing to the increasing demand for natural-looking and long-lasting hair extensions among women across the globe. The rising awareness about the importance of maintaining healthy hair has also led to an increase in demand for these products among consumers.
Current Statistics On Market Growth
Many current catalogs provide industry research reports for hair wigs and extensions.
According to the reports, the market might increase by a different amount between 2021 and 2026, reaching USD 5.26 billion. During the projection period in 2022, the market is also predicted to have accelerated growth at a CAGR of 9.82 percent.
Applying new hair manufacturing and wig organizational innovations is one of the primary growth factors for this industry. The hair wig and extension industry is concentrating on securing financing from partners to provide clients with a real-time trial buying experience utilizing AI.
In addition, one of the foremost hair wigs and extension industry trends fostering market expansion is the rising importance of celebrities and social media influencers.
Additionally, because of their higher levels of engagement, fan bases, cheaper price points, greater levels of genuineness, and simplicity of advertising, segments, and sub are gradually displacing mainstream commercials as the favored marketing channel. This will accelerate market expansion during the anticipated term.
43% Growth Is Generated From The APAC Region
The APAC region is the fastest-growing region in the world. It is expected to grow at a rate of 6.2% in 2018, higher than any other region.
The APAC region has a population of 4.4 billion people and will be the most populous region by 2050. The growth in this region will be driven by India and China, which are expected to contribute to more than half of the change in this region with the increasing demand for smartphones and internet access, as well as an increase in spending on infrastructure and construction. The APAC region is home to many emerging economies, which are seeing rapid economic growth.
The population in this region is also increasing rapidly, which means that more people need jobs and more people with disposable income to spend on consumer goods. The APAC region is also home to some of the most populous countries in the world, such as China and India.
This means that there are a lot of people who are going to be entering the workforce and will need jobs. This is why it's so essential for companies to start looking at this region as a potential market for their products and services.
The Asia Pacific region is expected to grow at a rate of 1.6% annually through 2050. The region's growth will be driven by its large population, rapid urbanization, and increasing per capita income levels, with brands focused on hair extensions such as JuvaBun.
Current Largest Market For Hair Wigs In The World
Japan is the largest market for hair wigs and extensions in APAC. The country has a population of 127 million people, and the market size is estimated to be worth $1.5 billion.
China is the second-largest market for hair wigs and extensions in APAC. The country has a population of 1.4 billion, and the market size is $1 billion. South Korea is the third-largest market for hair wigs and extensions in APAC. The country has a population of 50 million people, and the market size is $500 million.
- In Japan, the hair wig market is worth ¥1.2 billion, and the extension market is worth ¥1.6 billion.
- In China, the hair wig market is worth ¥3.5 billion, and the extension market is worth ¥4.8 billion.
- South Korea's hair wig market is worth $2 billion, and the extension market is worth $2.5 billion.
Japan, China, and South Korea are important markets for hair wigs and extensions in the APAC region because of their large population size and high demand for these products.
Major Points On Market Sector Insights For Hair Wigs And Extensions
- Human hair extensions and extensions and hairpiece wigs and extensions are the two categories of products that make up the hair wigs and extensions market.
- The goods sector with human hair wigs and extensions had the leading market share in 2021. The category will continue to have the highest percentage during the projected period.
- Due to their likeness to natural hair and superior product durability and lifespan compared to commercial hair wigs and additions, hair extensions wigs and extensions are trendy.
- Since the hair received from donors in these remote regions is of excellent quality and has mainly not been exposed to harsh chemicals and colors, it is in a growing market. This market growth will fuel the section's expansion with multiple authentic brands such as JuvaBun.