LONDON--(BUSINESS WIRE)--The global hair wigs and extension market is expected to post a CAGR of close to 10% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for premium human hair goods. There has been increasing consumer demand for premium human hair wigs and extensions, especially in developed economies such as the US, the UK, and France. Owing to factors such as durability, ease of styling and maintenance, and better quality, consumers primarily prefer human hair goods rather than synthetic composites. Additionally, the high per capita income of consumers in these regions is expected to boost the demand for premium hair goods during the forecast period. Therefore, rising consumer awareness about the quality and life cycle of hair wigs and extensions is driving the demand for superior quality human hair wigs and extensions globally.
As per Technavio, the growing prominence of celebrity and social media influencers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global hair wigs and extension market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global hair wigs and extension market: Growing prominence of celebrity and social media influencers
The rapid global penetration of Internet-enabled smartphones has facilitated the rising prominence of digital media as a key communication and marketing channel for vendors in the global hair wigs and extension market. Several manufacturers of hair goods are increasingly investing in social media campaigns in developed counties such as the US for product promotions and wider marketing reach. Also, micro-influencers are increasingly replacing media advertisements as the preferred promotional platform owing to factors such as highly engaged fanbase, lower price point, higher authenticity, and ease of marketing. The growing adoption of hair wigs by popular Hollywood and social media celebrities is expected to extend to growing markets such as India and China and, thereby, boost the growth of the global hair wigs and extension market during the forecast period.
“Technological advances in production and design of synthetic hair wigs is another factor that is boosting the growth of the market globally over the last few years. Synthetic hair wigs and extensions have witnessed vast improvements in terms of aesthetics and design. Synthetic wigs are available in a vast range of colors and offer easy maintenance and high versatility and are offered at cost effective prices. Thus, such advances are expected to boost the growth of the market during the forecast period,” says a senior analyst at Technavio.
Global hair wigs and extension market: Segmentation analysis
This market research report segments the global hair wigs and extension market by product (human hair wigs and extensions and synthetic hair wigs and extension) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of key end-user industries such as healthcare and entertainment sectors in the region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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