Hair Wig Market is expected to reach US$ 5,106.57 million by 2030
Rising Prevalence of Alopecia and Hair Damage Drives Hair Wig Market Growth
According to the new research study titled "Hair Wig Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, End User, and Distribution Channel," the market is expected to grow from US$ 3,656.20 million in 2022 to US$ 5,106.57 million by 2030; it is expected to register a CAGR of 4.3% from 2022 to 2030.
Autoimmune disorders, genetics, hormonal imbalances, stress, and other factors can cause alopecia, a condition characterized by partial or complete hair loss. It affects people of all ages and genders, leading to emotional distress and loss of confidence. Wigs offer a practical and aesthetically pleasing solution to individuals affected by alopecia, enabling them to restore their appearance and self-esteem. Due to increasing awareness about the benefits of hair wigs, people suffering from hair loss due to alopecia prefer hair wigs as a viable option to cope with the challenges posed by hair loss.
Hair Wig Market Breakdown – by Region
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Moreover, excessive heat styling, chemical treatments, environmental factors, or modern lifestyles are a few factors that lead to hair breakage, thinning, and overall deterioration in hair quality. As people become conscious of the importance of maintaining healthy hair, they use wigs to wear trendy hairstyles without damaging their natural hair.
Furthermore, the evolution of hair wig technology and materials has expanded the hair wig market. Advances in synthetic fibers and human hair processing have created natural-looking and comfortable wigs. Modern wigs are breathable, lightweight, and come in various styles and colors, allowing people suffering from alopecia or hair damage to choose from a wide range of wigs.
The growing use of wigs by geriatric residents to suppress the issue of alopecia promotes hair wig market growth. In 2020, according to the World Health Organization (WHO), the number of inhabitants aged 60 years and above was 1.4 billion, and it is anticipated to double and reach 2.1 billion by 2050. In addition, key industry participants are embarking on customized hair-related accessories, such as hair wigs that best fit the need of consumers. Hi-MO LLC offers personalized products, such as hair wigs, hair color, and hair care. The rising prevalence of androgenetic alopecia, known as baldness, has triggered use of wigs. According to the American Hair Loss Association, androgenetic alopecia induces 95% of hair loss in men. These factors boost the hair wig market growth.
Evergreen Products Group Ltd, HairUWear Inc, Henan Ruimei, products Co Ltd, Artnature Co Ltd, Shake-N-Go Inc, Aleriana SRL, Lordhair Co Ltd, Papillon Hair World, UniWigs Inc, and Indique Hair LLC are among the key players operating in the hair wig market. These key players are adopting product innovation strategies and investing in business expansions to meet consumers' rising demand for human hair wigs and synthetic hair wigs, further driving the hair wig market.
Impact of COVID-19 Pandemic on Hair Wig Market
North America, Asia Pacific, and Europe were among the most adversely affected regions by the COVID-19 pandemic. Due to the pandemic, hair wig manufacturers had to shut down their operations and manufacturing plants owing to the labor shortage. Additionally, numerous supermarkets and specialty stores were shut down to prevent the spread of SARS-CoV-2. With people staying at home and adhering to social distancing measures, there was a decline in demand for hair wigs, particularly those used for events, parties, or special occasions. Priorities of people shifted during the pandemic and spending on nonessential items such as hair wigs decreased drastically. Hair salons and beauty shops faced temporary closures or reduced footfall due to lockdown measures, which reduced the sales of hair wigs.
The report segments the hair wig market as follows:
The hair wig market is segmented on the basis of type, end user, and distribution channels. Based on type, the market is segmented into human hair and synthetic hair. Based on end user, the market is bifurcated into men and women. Based on distribution channel, the hair wig market is segmented into specialty stores, online retail, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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