Originally published on Technavio:Hair Wigs and Extension Market Analysis APAC, North America, Middle East and Africa, Europe, South America - US, Canada, Japan, China, South Korea - Size and Forecast 2023-2027**

The hair wigs and extension market is poised to witness a substantial increase, projected to grow by USD 5,892.01 million, with a Compound Annual Growth Rate (CAGR) of 9.34% between 2022 and 2027.

Market Dynamics

Trends - The key trend influencing the global market is the growing prominence of celebrities and social media influencers. The widespread use of Internet-enabled smartphones globally has amplified the demand for digital media as a crucial communication and marketing channel for market players. Hair goods vendors have significantly invested in social media campaigns in developed countries, like the US, leveraging the influence of social media influencers and celebrities. This shift towards micro-influencers as a preferred promotional platform, attributed to factors like an engaged fanbase, lower cost, higher authenticity, and ease of marketing, is expected to impact market growth and trends positively during the forecast period.

Market Segmentation

The offline segment is expected to witness significant market share growth during the forecast period. This channel encompasses specialty stores such as hypermarkets, supermarkets, convenience stores, clubhouse stores, and others (department stores, salons and spas, and drugstores). The surge in store numbers and business expansions by retailers has fueled demand. Salons and spas, gaining popularity among consumers with hectic schedules, offer rejuvenation treatments and grooming alongside hair wig and extension products.

By Product

Human hair wigs and extensions are anticipated to witness substantial growth during the forecast period. These products, compared to synthetic alternatives, are highly popular for their natural resemblance, superior quality, and longer lifespan. The higher production cost and procurement challenges associated with human hair contribute to its premium pricing compared to synthetic counterparts. China and India serve as major suppliers of raw materials for human hair extensions. The demand for high-end human hair extensions is on the rise in countries like the US, the UK, and France, driven by the influence of celebrities and social media influencers. The human wigs and extensions segment is expected to exhibit rapid growth during the forecast period.

Regional Analysis

Technavio’s analysts have provided detailed explanations of regional trends and drivers shaping the market during the forecast period. In APAC, key contributors to the hair wig and extension market include China, India, and Japan. China and India, acting as major exporters of human hair, cater to the US and European countries like France, the UK, and Germany. There is a significant demand for affordable synthetic extensions compared to human hair extensions. With production facilities established in countries like China, India, Vietnam, and Bangladesh due to low labor costs, vendors like Aderans, Shandong Elite, and Evergreen Products Group enhance proximity to human hair sourcing. The growth of end-user industries like healthcare and entertainment in the region continues to drive demand for both human and synthetic hair extensions. China, in particular, exhibits a growing focus on personal care and beauty products, contributing to the adoption of wigs and extensions. The adoption rate is expected to rise in APAC, driven by international players and evolving product differentiation concepts.

Major Market Companies

Key Offering - **Artnature Inc.:** The company provides high-quality, fashionable custom-made wigs, along with hair care and scalp care products and services.

The market trends and analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies.

Market Overview

The hair wigs and extensions market has undergone a transformative shift, influenced by the presence of social media platforms such as Instagram and TikTok. These platforms play a crucial role in shaping consumer preferences and trends. The National Library of Medicine notes an increasing demand for wigs for medical reasons, supported by the Government of Ireland's initiatives through the Treatment Benefit Scheme under the Department of Social Protection.

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Subscription-based models like Superhairpieces and Rebundle's ReGen Hair Fiber have gained traction. Innovations like banana fibers and 'futura' fiber cater to environmentally conscious consumers. The men's hair wigs and extensions market is expanding, with Medihair addressing specific needs, including androgenetic alopecia. The International Society of Hair Restoration Surgery (ISHRS) guides industry standards, while companies like Evergreen Products Group Limited explore non-fungible tokens (NFTs) and augmented reality-powered e-commerce platforms, as seen with Shadow Factory Limited.

The market growth analysis report forecasts market growth by revenue at global, regional & country levels, providing an analysis of the latest trends and growth opportunities from 2017 to 2027.

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