Hair Wig Market Size Report | Forecast & Analysis by 2030

[Research Report] The hair wig 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 grow at a CAGR of 4.3% from 2022 to 2030.

Market Insights and Analyst View:

Hair wigs offer a versatile and convenient way for women to experiment with different hairstyles and colors without changing their natural hair permanently. Women can easily switch from short to long hair with wigs and instantly achieve a different look. In addition, wigs offer a practical solution for women suffering from hair loss or thinning due to medical conditions such as hormonal changes, pregnancy, and other factors, age, or other factors. Wearing a wig can help boost their confidence and self-esteem, allowing them to maintain their desired appearance. Furthermore, hair wigs have become a popular fashion accessory and styling tool. Celebrities, social media influencers, and fashion icons frequently showcase various wig styles, influencing their fans and followers to try different looks and stay updated with the latest hair trends.

Growth Drivers and Challenges:

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.

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. Thus, the rising prevalence of alopecia and hair damage has been driving the global hair wig market growth.

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Hair Wig Market: Strategic Insights

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Report Segmentation and Scope:

The “Global Hair Wig Market” is segmented on the basis of type, end user, distribution channel, and geography. Based on type, the hair wig market is segmented into human hair and synthetic hair. By 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. The hair wig market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

Based on type, the hair wig market is segmented into human hair and synthetic hair. The synthetic hair segment held a larger share of the hair wig market, in 2022, and the market for this segment is expected to register a significant growth rate during the forecast period. Synthetic wigs are moderately inexpensive than human hair wigs, and having multiple hairpieces or replacing wigs when one gets tired of the current look is more affordable. They also require little maintenance. However, synthetic wigs cannot be straightened or curled with heated styling tools unless it is a precisely designed "heat friendly" synthetic wig. In addition, the availability of a wide variety of colors, styles, and lengths and less application time of synthetic hair wigs fuel the demand for synthetic hair wigs. All these factors positively influence the hair wig market growth for the synthetic hair segment.

Regional Analysis:

Based on geography, the hair wig market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global hair wig market was dominated by North America and was estimated to be around US$ 1000 million in 2022. Europe is a second major contributor holding more than 25% share of the market. The hair wig market in North America is segmented into the US, Canada, and Mexico. The market is growing due to the increasing demand for trending hair products such as wigs and the rising prevalence of hair loss issues due to aging, stressful schedules, and medical conditions. According to the American Academy of Dermatology Association, the common cause of hair loss is hereditary-patterned baldness, also known as androgenetic alopecia. In this type of hair loss, hair thinning occurs first, and then total hair loss develops on some areas of the scalp. This condition has affected ~80 million Americans—50 million men and 30 million women. Rising hair loss issues among Americans have driven the demand for hair wigs across North America. Therefore, the region accounted for a remarkable share of the global hair wig market in 2022.

Industry Developments and Future Opportunities: 

Various initiatives taken by the key players operating in the hair wig market are listed below:

1. In May 2023, Celebrity Hairstylist Kim Kimble joined forces with HairUWear to create the wig collection, which is designed specifically for those with textured hair, and spans eight styles in 14 shades, ranging in price from US$ 299 to US$ 479.
2. In May 2022, Artnature Co Ltd launched an automatic wig hair transplanter. This has allowed automation of the transplantation process through an automatic wig hair transplanter. This development has helped the company in stabilizing the supply structure by automating certain work processes.
3. In August 2022, Lordhair Co Ltd announced to expand its collection of afro hair wigs for African American men and women suffering from thinning and hair loss triggered by alopecia, heredity hair loss, hormonal changes, and medical conditions.
4. In November 2019, Indique Hair LLC opened stores in Africa with the launch of the brand in Ghana. Indique Hair LLC is available in three retail locations, exclusively selling products to discerning women in Ghana.

Hair Wig Market Regional Insights

The regional trends and factors influencing the Hair Wig Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hair Wig Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Hair Wig Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Hair Wig Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Hair Wig Market are:

1. Evergreen Products Group Ltd
2. HairUWear Inc
3. Henan Ruimei Products Co Ltd
4. Artnature Co Ltd
5. Shake-N-Go Inc

Disclaimer: The companies listed above are not ranked in any particular order.

COVID-19 Impact:

After the COVID-19 pandemic, the hair wig market started to recover gradually. During the pandemic, isolation and work-from-home measures led many to focus on self-care and personal grooming. In addition, stress and lifestyle changes during the pandemic led to increased hair loss or damage, which propelled the demand for hair wigs. Moreover, as the economic situation has improved, the demand for hair wigs and other beauty accessories increased, thereby positively influencing the hair wigs market outlook.

The increasing shift toward online shopping since the COVID-19 pandemic fueled the adoption of e-commerce as customers who became accustomed to the convenience of purchasing hair wigs online have continued to do so. Additionally, many influencers and celebrities openly endorsed the use of wigs, which sparked interest among their admirers and increased demand for hair wigs.

Competitive Landscape and Key Companies:

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 prominent players operating in the global hair wig market. These hair wig manufacturers offer cutting-edge hair wigs with innovative features to deliver a superior experience to the consumers.