The Global and Chinese wigs and hairpiece industry are anticipated to grow significantly over the forecast period. Rapidly increasing consumer spending on wigs and hairpieces rebounds and rising innovation in this segment is expected to propel the demand for the hair wigs industry. Continuing this trend, over the near future, the industry is projected to achieve continued growth owing to the rapidly rising disposable income, especially in the Asia-Pacific market.
Rising uses for hair extensions and hairpieces for aesthetic purposes is translating into high industry revenues. Furthermore, rising applications in the medical industry mainly by the chemotherapy patients is expected to open new avenues for growth. Advancing technologies have significantly improved synthetic-hair capabilities leading to a high demand shortly.
Wigs & Weaves provide hair versatility about the aesthetic and cultural needs. Allowing large pool of hairstyle options, wigs can also provide relief from hair breakage caused due to excessive hair styling. Wigs & hair pieces Industry mainly specializes in wigs, hair extensions and hairpieces for aesthetic and medical purposes. High demand for wigs by the entertainment industry to enhance the visual appearance is the most promising market for this industry. Further, demand for cranial prostheses by the medical industry is expected to strengthen shortly. Rising medical conditions or treatments like cancer that result in hair loss are wide markets for the wigs & hairpiece industry. Growing population of older individuals is also expected to surge the demand for the global wigs industry.
The products for wigs & hairpiece industry are mainly segmented into those made of human hair and those made of synthetic materials. These products are further sub-segmented as per broad range of other key differentiators including color, style, price, and durability.
Over the recent past, changing consumer preferences& demands for new wigs, weaves, and extensions to keep up fashion and cultural trends has propelled higher product innovations, leading to a wide range of these product segments.
Globally, around three-fourths of wigs and hairpieces sold are made up of synthetic materials, mainly due to their variety and economical pricing. Human-hair wigs usually retail at a higher price, depending on the quality and texture of the hair utilized. These natural hair wigs have a higher revenue share as compared to the synthetic hair wigs.
Innovation in technology has significantly improved quality for synthetic hair leading to high demand for this product segment. Synthetic wigs are historically pre-styled and can get damaged by heat exposure. Emerging R&D in fiber technology is allowing consumers to style wigs as per the wearer's preference and can also withstand damaging done by styling and curling tools. While natural hair is still preferred over synthetic hair, human hair products have premium pricing as compared to that of synthetic hair wigs. The lower price and improved capabilities for synthetic hair wigs have consequently boosted their sales, making this segment constitute higher revenue over near future.
The Federal Trade Commission (FTC) came up with the guidelines related to the labeling, advertising and sale of wigs and hairpieces. As per the tariff act imposed by the FTC, wigs should be labeled as to country of origin, and whether they are derived from human, animal or synthetic sources.
Soaring demand for wigs and weaves in the beauty parlors is surging the application for this industry segment. Companies are investing heavily in machinery and structures to produce high-quality wigs, weaves, and human hair extensions.
Imported human hair wigs are sold for as much as 1000 – 2500 US dollars considering their wide demand. This industry is quite competitive, considering the large number of suppliers and manufacturers located mainly in China, India, and South Korea.
Geographically, China, Indonesia, Hong Kong, U.S.A., and Italy are the most important market for the wigs industry. High demand from the developing nations such as U.S, Japan, UK, and France for the aesthetic and medical purposes are soaring the demand for the hair extension and wigs.
Asia Pacific is one of the most promising regional markets for the wigs & weaves industry. China and India constitute important markets for the wigs industry. China being the largest hub for the manufacturers and suppliers for this industry while India is famous for the quality and texture of its hair wigs.
The wigs & weaves industry is highly concentrated mainly in the Chinese regional markets. China being the leading manufacturer and supplier for the global wigs & weaves industry is also one of the largest exporters worldwide. The Chinese wigs industry participants include Amigo, B-Trust, China Best Wigs, Diana, Tsingtao Hair, Eclace wigs, Dragon Proof, Double Leaf, Hair Graces, YunXiang, Wigsroyal, Simion, Rebecca, Mike & Mary, Linguini, Kingshowal, Meihe, and Hengyuan. Whereas the global industry players includeFriska hair, Hairline Illusions, Henry Margu, Motown Tress, Mrs. Hair, Ruimei, Vivica A. Fox, and Wig America.
Research Support Specialist, USA