Wigs have been a subject of discussion in many fashion circles globally, but in Nigeria particularly, the conversations have been striking. From wig vendors being called out for allegedly scamming customers to the pricing of said wigs, the market has taken on a life of its own. Now, according to a recent study, the global market size for hair wigs and extensions is expected to reach $11.8 billion by 2030. As such, prices of wigs and hair extensions will yet soar and if you’re in the market for a new hair extension or wig, now may be a great time to buy.
The potential growth of the wig and hair extension industry shows just how demand for these products has risen significantly in recent years.
According to the study, one of the main reasons for this increase in demand is the growing popularity of wigs and extensions among millennials and Gen-Z population. With busy and fast-paced lifestyles, more and more people are turning to convenient solutions even in the area of hairdo. Additionally, with disposable incomes on the rise, consumers are more willing to invest tons of cash in products that will improve their appearance.
According to the study, extensions are expected to account for a major share of revenue by 2030. This is because they offer the ability to customize customers’ hairstyles, giving them the flexibility to achieve the look they want. The study also said human hair is is expected to dominate the market, particularly in North America and Europe. Looking at how many African (Nigerian) wig vendors there are and how the number of women who buy wigs doesn’t compare to their American and European counterparts is telling.
The study indicates that there is higher and rising demand for human hair wigs among younger populations in the American and European regions.
While synthetic or human hair used to produce wigs or extensions have seen some advancements and trends causing their pricing to increase, manufacturers have begun infusing animal hair, Futura, or a mixture of these materials in making some hairs, for variety.
Another driving factor for the wig industry market growth is the increasing number of people suffering from hair-related problems like alopecia. According to the US National Library of Medicine, over 70,000 people in the U.S. alone have alopecia areata, with most cases being reported in women. Alopecia was also hot in the news last year when comedian Chris Rock teased Jada Pinkett Smith about her shaved hair. He would receive a much talked about slap from Will Smith after that.
The industry is not without its fair share of challenges. The report goes ahead to state that the hair transplantation industry could hamper market growth in the wig industry. According to a The Turkish health tourism association, around 1 million people came to Turkey and spent approximately $2 billion on hair transplants last year. Dr Servet Terziler of the association also said robotic hair transplantation has started to take place in Turkey, adding that Turkish clinics can increase the quality of health services with technology and innovation.