Originally published on Technavio: Global 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

Summary:

This comprehensive report analyzes the Hair Wigs and Extension Market, focusing on regions such as APAC, North America, Middle East and Africa, Europe, and South America, with a detailed forecast for the period 2023-2027. The market is projected to witness a substantial increase of USD 5,892.01 million, growing at a Compound Annual Growth Rate (CAGR) of 9.34% between 2022 and 2027.

Market Dynamics:

Technological advancements in synthetic wig production are driving market growth, with significant improvements in aesthetics and design globally. Synthetic wigs offer easy maintenance, high versatility, and cost-sensitive pricing, contributing to their popularity. Key vendors like Godrej Consumer Products and Aderans focus on superior comfort and customization, utilizing technology to provide a natural hair look with cost efficiency and low maintenance.

Trends:

The market is influenced by the growing prominence of celebrities and social media influencers. Internet-enabled smartphones facilitate digital media's role as a key communication and marketing channel. Social media campaigns, particularly by hair goods vendors, are gaining traction, leveraging the popularity of influencers and celebrities for brand exposure.

Challenges:

High labor costs associated with handwoven wigs pose a challenge to market growth, leading to a decline in handwoven wig manufacturers in countries like the UK and the US. Handwoven wigs, while offering superior quality, require skilled craftsmanship and involve a time-consuming production process. This challenges the market, especially as synthetic alternatives with shorter production times gain traction.

Market Segmentation:

By Distribution Channel, the offline segment, including specialty stores like hypermarkets, supermarkets, and convenience stores, is anticipated to grow significantly. The offline segment, valued at USD 6,088.45 million in 2017, is driven by the preference for specialty stores among consumers for their wide variety of wigs and extensions. The online segment is expected to show rapid growth, driven by increasing Internet penetration and smartphone users.

By Product, human hair wigs and extensions are poised for significant growth due to their resemblance to natural hair and superior quality. Human wigs and extensions, although priced higher than synthetic alternatives, are in high demand, particularly in countries like the US, the UK, and France, driven by the influence of celebrities and social media.

Regional Analysis:

APAC is estimated to contribute 45% to the global market's growth during the forecast period, with key countries like China, India, and Japan playing a crucial role. China and India are major exporters of human hair, meeting demand in the US and European countries. The growth of industries like healthcare and entertainment in the region continues to drive demand for both human and synthetic hair extensions.

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Market players are implementing various strategies, including alliances, partnerships, mergers, acquisitions, and geographical expansion. Key offering examples include Artnature Inc., offering fashionable custom-made wigs and hair care products. The report includes detailed analyses of the competitive landscape, featuring information about 15 market companies.

The market growth and forecasting report provides revenue analysis at global, regional, and country levels, offering insights into the latest trends and growth opportunities from 2017 to 2027. The report emphasizes the transformative shift in the market, influenced by social media platforms, subscription-based models, and innovations catering to diverse consumer needs.

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