False Hair Product Market Key Drivers, Market Research, and Insights for the US$ 13.5 Bn Market 2023-2031

Posted on 2024-03-29 by Transparency Market Research in Advertising // 0 Comments

Wilmington, United States, 2024-Mar-01 — /EPR Network/ — The global false hair product market has witnessed significant growth in recent years, driven by factors such as increasing awareness about personal grooming, growing demand for grooming products, and advancements in product innovation. According to recent research, the market size was valued at US$ 7.5 billion in 2022, with projections indicating a robust expansion at a CAGR of 6.8% from 2023 to 2031, reaching a value of US$ 13.5 billion by the end of the forecast period.

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Key Players and Market Developments

The global false hair product market is consolidated with a few large-scale vendors controlling a majority share. Most of the firms are spending significantly on comprehensive research to develop quality false hair products. Furthermore, expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key market players. Hair Visions International, Aderans Co., Ltd, Evergreen Products Group Limited., HairUWear, Midway International, Inc., Paula Young, Perfect Locks LLC, Rebecca, Ruimei Hair Products CO., LTD, and Shake-n-Go Fashion, Inc., are prominent false hair product companies operating in the market.

Factors Driving Market Growth

One of the primary drivers of this growth trajectory is the escalating focus on product innovation and design, coupled with enhanced after-sales services offered by companies operating in the synthetic wigs and human hair wigs business. The COVID-19 pandemic has underscored the importance of adaptability and resilience, prompting manufacturers to invest in organic growth strategies and tap into evolving consumer trends. Additionally, the rise in the rate of hair fall globally and the increasing popularity of personal grooming and beauty products have further fueled the demand for false hair products.

Consumer Trends and Market Dynamics

The false hair product market is witnessing a surge in demand, particularly among millennial and Generation Z women, who are increasingly conscious of their appearance. Influencers and celebrities leveraging social media platforms to promote these products have significantly contributed to market expansion. Moreover, the proliferation of DIY tutorials and the growing expertise in personal grooming among salon professionals have propelled the adoption of false hair products, including wigs, extensions, and eyelashes.

Innovation and Entertainment Industry

Manufacturers are actively investing in research and development to introduce cutting-edge technologies and features such as color-changing hair and organic materials. The expansion of the entertainment industry has emerged as another significant growth driver, with films, TV series, and shows influencing hairstyle trends and prompting consumers to emulate celebrity looks. This trend, coupled with the increasing emphasis on professional appearance on social media platforms, has fueled innovation in synthetic and human hair wigs.

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Market Segmentation and Regional Outlook

The false hair product market is segmented into wigs and extensions, with the wig segment expected to dominate due to the high demand among individuals with medical conditions such as cancer patients or alopecia areata sufferers. Regionally, Asia Pacific is poised to capture a notable share of the market, driven by the widespread usage of wigs and hair extensions across all age groups. China, in particular, stands out as a dominant player in the global market, with significant exports of false hair products.

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