In recent times, people have been aware of how using a hair wig can enhance their look and boost their confidence. This is for the person who is dealing with excessive hair loss problems. Using these wigs is easy, and companies are coming up with custom-made and personalized designs. This is to fulfill the demand of the consumers. Additionally, high spending by the population to keep with trends and amplifying the demand for a wig as a fashion product.
Based on type, the human hair segment held the industry share of 66.28% in 2020. This is attributable to the product’s ability to appear and feel incredibly natural. Finally, based on region, the industry is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The global hair wig industry size is expected to gain momentum by reaching USD 3.0 billion by 2028. At the same time, they are exhibiting a CAGR of 4.0% between 2021 to 2028. On the research titled “Hair Wig Market, 2021-2028,” the industry has stood at USD 1.94 billion in 2020 and is expected to be USD 2.28 billion in 2021.
The research concentrates on evaluating the hair wig industry by taking into contemplation all the contributions, opportunities. It offers thorough profiles of vital players present in the industry to determine their capabilities in each segment. Besides, it guarantees to aid our clientele with better understanding of competitive landscapes. Such as collaborations and acquisitions, novel product launches, joint ventures, and partnerships.
List of Key Players Profiled in the Research
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) & Others.
The Hair wig industry growth expected to drive by the increasing trend of using mannequins in fashion outlets. 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.
North America to Lead Stoked by Rising Expenditure on Wigs in Region
North America to stay at the vanguard position. Ihold the highest hair wig industry shares during the forecast period. This is attributable to the rising spending by consumers on festive events. This includes 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 industry stood at USD 0.74 billion in 2020.
Europe holds a substantial industry share owing to the growing geriatric population. Europea released a data on 2020. It states that More than one fifth of the European population are aged 65 years and more than that.