The global hair wig market was valued at USD 2.57 billion in 2023 and is projected to grow from USD 2.73 billion in 2024 and reach USD 4.57 billion by 2032, exhibiting a CAGR of 6.7% during the forecast period. North America dominated the hair wig market with a market share of 38.52% in 2023.
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.
Market Segmentation:
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.
Top Key Players in the Hair Wig Market
- 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)
Information Source: https://www.fortunebusinessinsights.com/hair-wig-market-106241
Report Coverage-
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.
Driving Factor
Usage of Wig in Mannequin and Modeling Industry to Fuel Demand
The hair wig industry is anticipated to develop as a result of the growing practice of using mannequins in fashion stores. Nike's new mannequin, for example, has boosted searches for plus size and Nike by 387%, while clicks on the mannequin's tights have climbed by 200% on British fashion shop Love the Sales, according to statistics released by Business Insider in June 2019. Additionally, the need for artificial wigs is being boosted by the growing demand for synthetic hair in the modeling profession, which models use to achieve the look they want.
Regional Insights
North America to Lead Stoked by Rising Expenditure on Wigs in Region
Throughout the projection period, North America is anticipated to maintain its leading position and hold the largest market shares for hair wigs. This is because people are spending more money on holiday celebrations like Halloween, which is driving up demand for the goods in the area. For example, according to figures released by the National Retail Federation, Halloween expenditure in the United States hit USD 8.8 billion in 2019. In 2020, the regional market was valued at USD 0.74 billion.
Due to the region's aging population, Europe is expected to hold a sizable portion of the market. according to the information made public by Europea.According to the European Union in 2020, approximately one-fifth of the European population is estimated to be 65 years of age or older and has hair issues. The market is anticipated to benefit from this.
Competitive Landscape
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.
Industry Developments:
- March 2024: UNice Hair, a California, U.S.-based hair wig company, launched its new collection of UNice Pre-everything frontal wigs. According to the company, the new wig is made using human remy hair.
- February 2024: Luvme Hair, a California, U.S.-based hair wig company, launched its new natural hair wig collection, Go Natural Ease. According to the company, the new collection features soft, bouncy curls and a full 3D shape.
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