The global hair wigs and extension market is estimated to reach revenues of more than $10 billion by 2023, growing at a CAGR of approx 9% during 2017-2023.
CHICAGO, IL, UNITED STATES, August 8, 2018 /EINPresswire.com/ — Arizton’s recent market research report on the global hair wigs and extension market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by type (wig and extension), by material (human hair and synthetic hair), by geography (North America, Europe, APAC, and ROW), and offers detailed competitive analysis.
The growing demand for multi-colored and themed wigs for special events such as Halloween and cosplays are driving the growth of the global hair wigs and extension market. The increasing requirement for high-quality wigs, preferably made of high-quality human hair, to cover their areas affected by male pattern baldness will augment the development of the global market.
The hair wigs and extension market are divided into three major segments that consist of by type, material, and geography.
Extensions segment dominated the largest market share in 2017
The extensive use of these products for grooming and functional purposes that also help increase the length and volume of the hair is one of the primary factors attributing to the growth of the hair extension segment in the global market.
The wigs segment dominated a portion of the market share in 2017, growing at a CAGR of more than 7% during the forecast period.The growing demand for human hair wigs that has a higher longevity than synthetic hair products will create lucrative opportunities for leading vendors in the global market. The introduction of multicolored and theme-based wigs for occasions like concerts, games, Halloween, and theme parties will help boost revenues in the hair wigs and extension market.
Human hair segment will occupy the majority of global hair wigs and extension market share
The introduction of hair from Peru, Russia, and Brazil is gaining popularity in the global market and creating lucrative opportunities for leading vendors. The growing demand for superior quality human hair products across regions in the market will boost sales over the next few years.
Synthetic hair segment occupied a section of the market share in 2017, growing at a CAGR of around 8% during the forecast period.The affordability of these synthetic products is one of the primary factors attributing to the growth of this segment in the global market. The products are easier to handle and tend to retain its memory style in different weather conditions. Such benefits will boost the revenues of these products in the hair wigs and extension market.
North America will remain the largest market
North America dominated the market share in 2017, growing at a CAGR of more than 12% during the forecast period.The growing popularity of hair stylists and style recommendations is contributing to the growth of North America in the global market.
APAC dominated the second largest market share in 2017, growing at a CAGR of more than 5% during the forecast period. Rapid urbanization and increasing purchasing power across APAC are augmenting the growth of this region in the global market. The APAC region is the largest supplier of human hair which is used in the manufacture of products in the hair wigs and extension market. India followed by China is among the largest suppliers in the APAC region. The increasing demand for these products is encouraging manufacturers to set up production facilities across various countries in the APAC region.
The top 3 drivers and trends contributing to the transformation of global hair wigs and extension market are discussed below:
Increased Income Raising Demand for Beauty Accessories and Lifestyle Improvements
The rapid improvements in per capita GDP are strengthening the purchasing power parity of consumers and propelling the growth of the global hair wigs and extension market. The growing focus on premium quality products with the ability to purchase these products will transform the global hair wigs and extension market during the forecast period.
Social Media, Halloween, and Theme Parties
The use of various social media platforms is boosting the increase in designer products in the global hair wigs and extension market.The growing number of celebrities and models including Kim Kardashian, Beyoncé, Brittney Spears, Kylie Jenner, and Rihanna speaking about using these products will have a positive impact on this market segment during the forecast period. The demand for synthetic and multi-colored wigs used for Halloween, carnivals, theme parties, comic-con, and cosplays is one of the major revenue contributors in the global hair wigs and extension market.
Urban Settlements Forcing Image Makeovers
The urban population is the major driving force for the beauty industry and the primary end-user in the global hair wigs and extension market. The access to better amenities and superior infrastructure facilities are boosting the retail demand for beautiful looking hair and radiating skin in the global market. The advent of the concept of image makeovers is gaining traction and augmenting the growth of the global hair wigs and extension market.
The major vendors in the global market are:
Evergreen Products Group Limited
Other prominent vendors include Indique, India Hair International (IHI), Indo Hair, FN LONGLOCKS, Diamond Hair Company, Charm Hair, AY Hair Products, Diva Divine India, Aderans, Artnature, Hair Zone, Inc., Shake-n-Go (SNG) Fashion, Rebecca, and Anhui Jinruixiang Hair Product Co. Ltd.
For more details order a report here: https://www.arizton.com/market-reports/hair-wigs-and-extension-market
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Source: EIN Presswire