A new report by Zion Market Research predicts that the hair wigs and extensions market size will reach $12.25 billion by 2030, growing at a CAGR of 8.29%
The market was worth $6.48 billion in 2022 and the estimated boom is attributed to the increasing application of wigs and extensions in the creative arts.
Also impacting market expansion is the growing emphasis on physical appearance. States the Zio report: “This is especially driven by the massive impact of social media on the younger generation as they seek items or accessories that allow them to change their aesthetic. Moreover, the ever-evolving fashion industry plays a crucial role in generating higher revenue. As hairstyles continue to evolve or change across the globe with time, people seek measures to achieve new looks and experiment with different hair colours, lengths, or styles. Since wigs or extensions offer a convenient way to try such changes, their consumption rate is likely to grow at a steady rate.”
According to Zion, the hair wigs and extensions industry may come across certain growth restrictions due to the growing concerns over the ethical sourcing of natural hair to produce these products. Several concerned agencies have questioned brands on aspects such as the origin of the hair, fair labour practices, and environmental impact. “If the companies fail to deliver appropriate responses, they may have to face repercussions. Moreover, the complex and intensive process of maintaining wigs and extensions could further lead to limited adoption since proper maintenance is crucial to the longevity and appearance of such products.
“Providing customised solutions to consumers could lead to better growth opportunities, while higher susceptibility to damage from the sale of counterfeit products may create challenges against market growth.” Source: prnewswire.com