USD 6.13 billion
Report ID: SQSG25K2004 | Region: Global | Published Date: November, 2022 | Pages: 270 | Tables: 88 | Figures: 76
Hair Wig Market size was valued at USD 6.13 billion in 2021 and is poised to grow from USD 6.46 billion in 2022 to USD 12.27 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
The main driver of industry growth is the increasing frequency of hair-related issues, such as alopecia, over the world. Alopecia areata affects over 70,000 Americans, half of whom are women, according to a report released by the National Library of Medicine in April 2020. The public's growing concern over these ailments is contributing to the industry's expansion.
Additionally, a lack of raw materials like human and synthetic hair stemmed from supply delays caused by various restrictions enforced by regional governments to impede the virus's spread.
Shipments of raw materials and completed goods were slowed down or stopped during this time, which had a substantial influence on global product demand. The use of hair wigs by young people and millennials to enhance their physical appearance is predicted to fuel the industry's expansion. The growing impact of social media in encouraging the usage of wigs and extensions as well as celebrity endorsements are some of the other major drivers of the industry's expansion.
Additionally, the geriatric population's increasing usage of wigs to conceal the problem of alopecia is anticipated to support business growth. The population of people 60 and over was 1.4 billion in 2020, and the World Health Organization (WHO) predicts that number will quadruple to 2.1 billion by 2050. Additionally, major players are releasing specially made hair-related products that best meet consumer demand. For instance, Hi-MO LLC offers individualised items including hair wigs, hair colour, hair care, and others for each customer. Consumer usage of wigs has been prompted by the rising prevalence of androgenetic alopecia, or baldness as it is more widely called.
US Hair Wig Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.13 billion
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The Global Hair Wig Market segmentation is based on Product Type, End Use, Distribution Channel and Region. Based on Product Type the market is segmented into Human Hair, and Synthetic Hair. Based on End Use the Hair Wig Market is segmented into Men, Women, and Other. Based on Distribution Channel the Hair Wig Market is segmented into Online, and Offline. Based on Region the global hir wig market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hair Wig Market Analysis by Product Type
The Human hair segment has dominated the market by providing real natural and harvested human hair. As these wigs are made of real human hair, they provide natural look and lasts longer. Synthetic hair segment is also on a sturdy growth but due to synthetic hair wigs are made up of man-made fibres that last significantly longer than real hair their price are quite cheaper and accordingly based on consumer prefereance the market is escalating the usage among users.
Hair Wig Market Analysis by End Use
Men segment accounted for major market share due to increasing hair loss cases causing them to buy these products frequently for regular use. The women's market, on the other hand, has seen a significant increase as many ladies have used the product to showcase or compliment their preferred style.
Hair Wig Market Analysis by Distribution Channel
The key distribution methods for hair wigs and extensions around the world are online platforms, physical stores, and middlemen such as hair salons and hair stylists. Vendors in nations like the United States and the United Kingdom offer their goods mostly through specialty and beauty stores, hypermarkets, and online general marketplace platforms. Hair clinics, beauty stores, specialty stores, and fashion stores have also been important sales partners for hair wigs and extensions. Specialty stores and salons are attractive to vendors because they provide specialised client service, which typically translates into higher sales prices. Manufacturers and resellers provide a variety of products through online storefronts. Because of the ease of access and convenience, many people are looking for e-tailing services to purchase wigs or extensions online. Furthermore, internet channels use social media to promote their items, which is a major driver of market growth.
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With a hair wig market share of over 40% in 2020, North America dominated the worldwide hair wigs market. Consumers are aiming to cut back on harsh chemicals such as peroxide serums. Human hair wigs are becoming increasingly popular due to their natural appearance. Over the forecast period, the Asia Pacific Hair Wigs Market is anticipated to develop at the quickest rate. As demand for high-quality hair products develops, manufacturers are increasingly locating manufacturing facilities in Asia-Pacific, particularly China and India. Every year, around thirty and forty million pilgrims visit the temple, and 10% to 25% of them, both men and women, shave their heads as a sign of humility and sacrifice. Temples like Tirumala holds a auction which is part of a multi-billion dollar market for human hair. Based on supply, China leads the human hair market.
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Hair Wig Market Driver
Increase in Hair Loss Individuals Drive The Global Hair Wig Market
R&D of Synthetic Hair Wig likely to Drive Hair Wig Market Growth
Hair Wig Market Restraint
Awareness of Anti-Hair loss treatments to hinder the growth of Global Hair Wig market
The High Expenses of Human Hair Wig are A Major Deterrent to The Global Hair WigMarket
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The key players in the Hair Wig market are working on continuous innovation and research & development in order to provide hair wig as per the preferences of the consumer. For example, In 2021, Donna Bella introduced an hair extension app for Iphone users providing different options like client tracker shopping and more.
Hair Wig Market Top Players Company Profiles
Hair Wig Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product type, human hair segment held the largest share,by End Use, the men segment dominated the global hair wig market and is anticipated to maintain its dominace throughout the forecast period. By distribution channel, offline segment was responsible for major market share. In 2021, North America dominated the global hair wig market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 6.13 billion|
|Market size value in 2030||USD 6.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Hair Wig Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hair Wig Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hair Wig Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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