2022 Update: A Market Analysis of Hair Wigs and Extensions Shows A Spike in Demand
This market research report on hair wigs and extensions provides unique insights into the market's post-COVID-19 impact, which will aid organizations in evaluating their business strategies.
The market for hair wigs and extensions is also segmented by product (human hair wigs and extensions vs. synthetic hair wigs and extensions) and geography in this report (APAC, North America, Middle East, and Africa, Europe, and South America).
Although obstacles such as high labor costs associated with handwoven wigs may restrict market expansion, technological advances in the production and design of synthetic hair wigs are notably boosting the hair wigs and extension market growth. Our analysts analyzed historical data to determine the key market drivers and the impact of the COVID-19 pandemic on the hair wigs and extension sector. To achieve a competitive edge, a holistic examination of the drivers will aid in determining end goals and refining marketing strategies
Highlights From the Hair Wigs and Extensions Market
- Human hair wigs and extensions are separated from synthetic hair wigs and extensions in the hair wigs and extensions industry.
- In 2021, the human hair wigs and extension product segment dominated the market. Throughout the forecast period, the segment will continue to have the greatest share.
- Human hair wigs and extensions are more popular than synthetic hair wigs and extensions because they look more like natural hair and have superior product quality and longevity.
- Hair from donors in these countries' rural areas is in high demand since the hair is of good quality and has not been exposed to harsh chemicals or colors. During the projection period, this rising need will propel the segment forward.
Market Trends Are Skyrocketing
Although obstacles such as high labor costs associated with handwoven wigs may restrict market expansion, technological advances in the production and design of synthetic hair wigs are notably boosting the hair wigs and extension market growth.
Our analysts analyzed historical data to determine the key market drivers and the impact of the COVID-19 pandemic on the hair wigs and extension sector. To achieve a competitive edge, a holistic examination of the drivers will aid in determining end goals and refining marketing strategies.
The rising popularity of celebs and social media influencers is one of the key market trends fueling growth in hair wigs and extensions. Because celebrities and social media influencers are so popular with customers, major firms like Godrej Consumer Products are focusing on brand exposure through fashion events like Soweto Fashion Week. Furthermore, due to features such as a highly engaged fanbase, cheaper price point, increased authenticity, and simplicity of marketing, micro-influencers are gradually replacing media commercials as the preferred promotional channel.
As a result, the rising popularity of hair wigs among celebrities in Hollywood and on social media, such as Kylie Jenner, Kim Kardashian, and Ariana Grande, is likely to spread to emerging markets like India and China, boosting the worldwide hair wigs and extension market during the forecast period.
There Might Be a Few Challenges to Look Out For!
One of the challenges impeding the expansion of the hair wigs and extension market is the high labor expenses involved with handwoven wigs. Preparing raw hair, segregating and removing white and red hair, and washing and drying non-black hair all take time and effort in the creation of human hair wigs.
Synthetic lace front wigs, which are constructed using lace frontals and hair bundles, are partially hand-tied and mostly machine-made, which means they take less time to make than human hair wigs. A synthetic full lace wig, on the other hand, can take anywhere from 40 to 120 hours to make, depending on the wig's complexity. Furthermore, because more hair is knotted on the lace cap, greater density wigs take longer to make. As a result, high labor expenses for handwoven wig production are likely to limit market growth throughout the projection period.
Which are the Key Regions for the Hair Wigs and Extension Market?
During the forecast period, APAC will account for 43 percent of market growth. Hair wigs and extension markets in APAC are dominated by Japan, China, and South Korea. The market in this region will grow more slowly than the market in the Middle East and Africa.
Over the projection period, the rise of key end-user industries such as healthcare and entertainment will aid the hair wigs and extension market in APAC. This market research report includes thorough information on competitor intelligence, marketing gaps, and geographical prospects for suppliers, all of which will aid in the development of effective business plans.
Analysis of COVID's Impact and Recovery on The Demand For Wigs & Extensions
The COVID-19 epidemic has a significant influence on APAC retailers' operations. Vendors, on the other hand, are encouraging online sales through third-party e-commerce companies like Amazon.com and eBay Inc. to stay competitive. As a result, the market for hair wigs and extensions in APAC is expected to develop significantly throughout the forecast period.