The global hair wig market size is expected to gain momentum by reaching USD 3.0 billion by 2028 while exhibiting a CAGR of 4.0% between 2021 to 2028. In its report titled “Hair Wig Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 1.94 billion in 2020 and is expected to be USD 2.28 billion in 2021.
In recent times, people are aware about how using a hair wig can enhance their look and boost the confidence of a person, who is dealing with excessive hair loss problems. Using these wigs are easy and companies are coming up with custom made and personalized designs to fulfill the demand of the consumers. Additionally, high spending by the population to keep with trends is amplifying the demand for a wig as a fashion product.
The COVID-19 pandemic positively impacted the market. As amid pandemic, saloons were shut, this influenced people to use a wig as an alternate option to achieve their desired look. Additionally, a large number of people infected by the virus are witnessing hair loss issues, this is likely to fuel the product’s demand. For instance, the data released by the National Public Radio.Org in March 2021, states that 22% of hospitalized COVID-19 patients in China were reported to experience hair loss after six months.
List of Key Players Profiled in the Report
- Evergreen Products Grouped Limited (Hong Kong)
- Donna Bella Hair (Utah, U.S.)
- Ruimei Hair Products co.,Ltd (Xuchang, China)
- Aderans Co., Ltd. (Shinjuku, Japan)
- Shake-n-Go Fashion, Inc. (New York, U.S.)
- Henan Rebecca Hair Products Co., Ltd. (Xuchang, China)
- HairUWear(Kansas, U.S.)
- Paula Young(Massachusetts, U.S.)
- Lord hair(Qingdao, China)
- Anhui Jinruixiang Hair Product CO.,LTD (Anhui, China)
The research report concentrates on evaluating the hair wig industry by taking into contemplation all the contributions, opportunities, as well as growth trends. It offers thorough profiles of vital players present in the market to determine their capabilities in each segment. Besides, it guarantees to aid our clientele with better understanding of competitive landscapes, such as collaborations & acquisitions, novel product launches, joint ventures, and partnerships.
Usage of Wig in Mannequin and Modeling Industry to Fuel Demand
The increasing trend of using mannequins in fashion outlets is expected to drive the hair wig market growth. For instance, the data issued by Business Insider in June 2019, mentioned that Nike’s new mannequin has increased the search for plus size and Nike by 387%, and clicks on the mannequin’s tights were amplified by 200% on British fashion retailer Love the Sales. Furthermore, the rising demand for synthetic hair in modeling industry, by models to get their desired look is uplifting the demand of these wigs.
Key Players to Focus on Launches & Collaborations to Strengthen their Market Prospectus
The global market holds a large number of noticeable companies that are incessantly trying to innovate exclusive devices to satisfy the demand from patients across the world. To do so, they are teaming up with domestic or international and renowned firms, presenting novel solutions, doing partnerships and collaborations to reinforce their portfolio in the market.
- By product type, the market is bifurcated into human hair and synthetic hair.
- Based on type, the human hair segment held the market share of 66.28% in 2020. This is attributable to the product’s ability to appear and feel incredibly natural.
- By end-user it is divided into men and women. By distribution channel, it is segmented into offline and online. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America and the Middle East & Africa.
North America to Lead Stoked by Rising Expenditure on Wigs in Region
North America is projected to stay at the vanguard position and hold the highest hair wig market shares during the forecast period. This is attributable to the rising spending by consumers on festive events such as Halloween is accelerating the product’s demand in the region. For instance, as per the data issued by the National Retail Federation, in 2019, the Halloween spending in the U.S. had reached USD 8.8 billion. The regional market stood at USD 0.74 billion in 2020.
Europe is anticipated to hold substantial market share owing to the growing geriatric population in the region. As per the data released by the Europea.Eu, in 2020, stated that, more than one-fifth of the European population is assessed to be aged 65 years and over, and are suffering with hair problems. This is expected to positively impact the market.
Below are two industry developments:
- June 2021: Waeve announced the launch of its set of six different wig styles 4 times a year.
- October 2020 – BELLAMI made a partnership with Kristen Hancher for the launch of bold, colorful wigs.
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