Over the last few years, and an overwhelmingly increasing number of customers are demanding hair extensions or wigs, especially wigs afterpay for styling or functional purposes. This factor has been driving the bundle hair market strongly. Currently, the global market of hair extensions and wigs stands at a whopping 5.8 billion US dollars. This market has been forecasted to reach 13.3 billion US dollars by 2026, growing at a firm CAGR of 13% during the forecast period of 2021–2026.
Studies and figures suggest that the natives of Africa and people belonging to African descent are the largest consumers of hair wigs and extensions. Captivatingly, the demand for hair extensions from these customers has always been nearly inelastic. They have been observed to spend considerably on chemical-based hair care products such as relaxers to figure and flatten their hair.
At the same time, the availability of premium quality 10a hair wigs is inspiring a greater number of men from around the world to use these alternatives than opting for complicated surgical procedures or hair transplants. The increased demand for premium-quality hair products is influencing manufacturers to set up production facilities in Asian countries, especially in China and India.
Moreover, the progression in per capita disposable incomes has improved discretionary spending, which has boded well for wigs and extensions manufacturers. The surge in hair fall rates across the world and the growing popularity of personal grooming and beauty products are other key factors likely to stimulate the market growth.
During the period of 2021 to 2026, considered as the forecast period by major statistical research firms, the following factors are most likely to drive the growth of the hair wigs and extensions market:
• Increasing Potential in Middle-Income Consumers
• Urban Population Imposing Image Makeovers
• Growing Use of Wigs in Fashion and Entertainment Industry
• The Rise in Hair Fall Rate among both Men and Women
Read more: Types and Uses of Synthetic Hair