Wigs and Hairpieces Market: Current Analysis and Forecast (2022-2030)
Emphasis on Product (Full Wigs, Toupee, Fringe, and Extensions); Hair Type (Synthetic Hair and Human Hair); End User (Men, and Women); Sales Channel (Online, and Offline); Region/Country
The wigs and hairpieces market is expected to grow at a strong CAGR of around 8% during the forecast period. The market is growing with an increase in demand for wigs and hairpieces by the geriatric population to manage several hair loss-related disorders. For instance, according to the World Health Organization (WHO), in 2020, the population aged 60 years and above was at 1.4 billion, which is expected to double and reach 2.1 billion by 2050. In addition, as per the stats from the American Hair Loss Association, androgenetic alopecia I associated with 95% of hair loss in men. Furthermore, according to the article issued by the National Center for Biotechnology Information declares in November 2021, around 50% of men and women get affected by androgenetic alopecia. Similarly, data published by the International Society of Hair Restoration Surgery suggested that some degree of hair loss is experienced by approximately 40% of men aged 35 years. Thus, these above mentioned factors is driving the growth of wigs and hairpieces market during the forecast period.
Some of the major players operating in the market include Evergreen Products Group Limited; Artnature Co., Ltd.; Luxy Hair Co.; DARLING; GREAT LENGTHS; Donna Bella Hair; Klix Hair Extensions; Indique Hair; Paula Young; and HairUWear. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the extensions segment to grow with high CAGR during the forecast period”
Based on product, the market is segmented into full wigs, toupee, fringe, and extensions. The extensions category is expected to grow with significant CAGR during the forecast period. It is mainly due to the surge in the demand for hair extensions by the female population to enhance the volume of their hair. Furthermore, the growth is attributed to the rising utilization of hair extensions due to their availability in diverse attaching techniques that causes less damage to the hair. Further, increasing investment by companies is also driving the growth of the market. For instance, in May 2022, L Catterton partnered with Bellami to increase their product portfolio, thus offering human hair extensions.
“Amongst hair type, the human hair category held a significant share of the market in 2021”
By hair type, the market is bifurcated into synthetic hair and human hair. The human hair category held a significant share of the market in 2021 as they are made from real human hair, and thus prevents tangling and ensures that the extensions remain smooth and silky for the duration of their use. Moreover, the presence of a large number of companies including Ellen Wille, RENE OF PARIS, JON RENAU COLLECTION, and others offering human hair wigs and extensions is also boosting the demand for the segment during the coming years.
Wigs And Hairpieces Market Report Coverage
“Amongst sales channel, the offline category held a significant share of the market in 2021”
By sales channel, the market is bifurcated into online and offline. The offline channel held a significant share of the market in 2021 as the majority customers possess the desire to compare the product physically. Further, the offline stores helps to minimize the complications in delivery time, counterfeit, and inaccurate judgment, thus driving the segment growth. Thus, due to these factors several companies are launching their offline stores, to increase their sales. For instance, in October 2022, Hair Originals launched their offline stores in India, starting with Gurugram and Bengaluru.
“Asia Pacific to grow with high CAGR during the forecast period”
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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global wigs and hairpieces market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Wigs And Hairpieces Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global wigs and hairpieces market were the three major steps undertaken to create and analyze the adoption of wigs and hairpieces in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wigs and hairpieces market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the wigs and hairpieces market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the wigs and hairpieces market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, hair type, end user, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the wigs and hairpieces market. Further, we conducted factor analysis using dependent and independent variables such as product, hair type, end user, and sales channel of the wigs and hairpieces market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the wigs and hairpieces market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wigs and hairpieces market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the wigs and hairpieces market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global wigs and hairpieces market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global wigs and hairpieces market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, hair type, end user, and sales channel in the global wigs and hairpieces market.
The main objective of the Global Wigs And Hairpieces Market Study
The current & future market trends of the global wigs and hairpieces market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the wigs and hairpieces market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, hair type, end user, and sales channel
- Define and analysis of the regulatory framework for the wigs and hairpieces industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the wigs and hairpieces market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the wigs and hairpieces market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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