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CHICAGO , March 10, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global hair wigs and extensions market report.

The hair wigs and extensions market is expected to grow at a CAGR of over 13% during the period 2020−2026.

Key Highlights Offered in the Report:  

1.  The top 10 manufacturers of hair wigs and extensions accounted for a share of approximately 27% of the global hair wigs and extensions market. Interestingly, eight of the top ten manufacturers have a share of less than 3% each, thereby making the market highly fragmented.

2.  According to the International Society of Hair Restoration Surgery (ISHRS), more than 2 million patients sought treatment for hair loss in 2019, a 14% increase from 2016.

3.  In 2020, the global hair extensions market by end-use was dominated by the lengthening and volumizing segment, followed by the coloring and styling segment.

4.  In 2020, the global hair wigs and extensions market was dominated by North America with a share of over 41%. North America was followed by APAC with a share of around 32%.

5.  China exports around 70% of the global supply of wigs and hair – this supply was impacted in Q1 and Q2 2020 due to the pandemic. The export volume decreased in the first few months, but the prices kept increasing due to raw material shortage.

6.  The urban population base is the major factor contributing to the growth of the beauty industry. The development of infrastructure and access to better amenities are further helping this segment become a major consumer base, driving the retail demand for beauty and hair care products.

7.  Men with hair problems, such as alopecia and receding hairlines are increasingly choosing toupees and hair pieces to cover hair loss.

8.  In 2020, the hair wigs and extensions market in APAC was dominated by hair extensions, which accounted for a share of around 58%, while hair wigs and extensions made from human hair accounted for a share of over 54%.

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Hair Wigs and Extensions Market – Segmentation

Hair Wigs and Extensions Market by Products

Hair Wigs and Extensions Market by Hair Type

Hair Wigs and Extensions Market by Distribution Channel

Hair Wigs and Extensions Market – Dynamics

The global middle-class population, which is the next potential customer segment for the beauty and prestige beauty industry, has surged significantly. With the rise in disposable income among middle-class consumers, their standard of living and shopping modes are rapidly changing. Currently, the number of customers visiting branded salons is greater than ever before. This is because these customers proactively seek branded products, including skin cosmetics and hair products. Middle-class consumers are often the primary targets for consumer-focused businesses because of their large size and discretionary spending power. However, for reaching out to middle-class consumers, companies need a deep understanding of not only their income and expenditure levels, but also their spending priorities, values, and attitudes. While these differ significantly between the developed and emerging countries, middle-class consumers in the emerging economies can be extremely diverse.

Key Drivers and Trends fueling Market Growth:

Hair Wigs and Extensions Market – Geography

In 2020, North America dominated the global hair wigs and extensions market with a share of over 40% with US being the largest market for wigs and hair extensions worldwide. US-based manufacturers have always experienced high demand for hair wigs and extensions of both human hair and synthetic fibers. Historically, the demand for hair wigs and extensions has been influenced by hair salons and beauty centers. At present, the primary demand for hair wigs comes from recommendations by hairstylists. Earlier although, some consumers, especially men, were secretive about using hair extensions.

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Hair Wigs and Extensions Market by Geography

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