Rising Investment by Pharmaceutical Giants and a Surge in the Incidence of Rare Genetic Diseases has Propelled the Growth of the Wigs and Hairpieces Market in the Asia Pacific Region!

The Asia Pacific region is anticipated to grow with a significant CAGR during the forecast period with the rising beauty standards in the region. The younger generations in Asia-Pacific are becoming more fashion-conscious, thus boosting the demand for wigs and hairpieces in the region. Moreover, with the increase in social media, people are exposed to different fashion trends from around the world, which has contributed to the growing demand for hair extensions and wigs. Moreover, large imports from countries like India, are also driving the growth of the market. For instance, India is one of the major suppliers of human hair to the world’s largest wig production base in Xuchang City in Central China.

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Further, the Asia Pacific Wigs and Hairpieces Market is expected to grow at a strong CAGR of 10% during the forecast period (2022-20230). Several countries in Asia Pacific region, including China, Japan, and India are the largest exporter of human hair, thus having a positive impact on the market growth during the forecast period. For instance, according to the Observatory of Economic Complexity, India exported human hair worth USD 14.3 million in 2020, making it the second-largest exporter after Hong Kong, which exported hair worth USD 44.4 million. Moreover, domestic companies are also expanding, thus having a positive impact on the market’s growth. For instance, in January 2022, Hair Original’s hair extension and wigs platform raised USD 0.73 million at the Shark Tank India. Moreover, in December 2022, the company raised USD 1.25 million will be used to scale the business operations by 4 times and expand to 25 cities in pan India.

FIG. 1 APAC Wigs and Hairpieces Market Revenue (2020-2030)- USD Mn

Based product, the market is segmented into full wigs, toupee, fringe, and extensions. The full wigs held a dominant share of the market in 2021 mainly due to the rising popularity and surge in demand for wigs among consumers. Wigs are majorly used to deal with baldness or to change the style of hair. In addition to this, it also protect the natural hair against harm caused by the use of heat and chemicals to style the hair and achieve the desired look, thus resulting in its increased use and hence contributing to the growth of the segment during the forecast period.

By hair type, the market is bifurcated into synthetic hair and human hair. The synthetic hair segment is expected to grow with a significant CAGR during the forecast period. It is mainly due to the rising utilization of synthetic wigs and extensions among all consumer groups. Moreover, the synthetic hair wigs and extensions offer a price advantage as they are comparatively less expensive than human hair goods. The segment growth is also boosted by the rising use of improving and innovative technology used for the production of synthetic hair goods of enhanced quality. For instance, Hi-MO LLC uses advanced technology to manufacture Nexart hair that replicates the human hair structure to provide a natural feel.

On the basis of end user, the market is bifurcated into men and women. The men segment dominated the market in 2021 as large number of men experienced hair loss issues. For instance, according to the data by the Japan Today, demonstrated that during the COVID-19 pandemic, the demand for wigs and accessories by men has increased by 275.4% from that of October 2019.

Based on sales channel, the market is bifurcated into online and offline. The online sales channel is anticipated to grow with high CAGR during the forecast period as it helps to reduce the time spent on searching and browsing the exact product from a wide range of stores. Apart from this, the ability to purchase a product available from different countries or states also aids the adoption of online stores.

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Global Wigs and Hairpieces Market Segmentation

Market Insight, by Product

• Full Wigs
• Toupee
• Fringe
• Extensions

Market Insights, by Hair Type

• Human Hair
• Synthetic Hair

Market Insights, by End User

• Men
• Women

Market Insights, by Sales Channel

• Online
• Offline

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Evergreen Products Group Limited
• Artnature Co., Ltd.
• Luxy Hair Co.
• DARLING
• GREAT LENGTHS
• Donna Bella Hair
• Klix Hair Extensions
• Indique Hair
• Paula Young
• HairUWear