Surging Incidence of Alopecia to Drive Industry Progression- states a recent report description published by Markntel Advisors, a leading consulting, data analytics, and market research firm. As per the report, the increasing cases of hair loss condition across the globe is one of the primary factors propelling incredible demand for hair wigs. The rising number of alopecia cases is owing to inculcating medical conditions like androgenetic alopecia, alopecia areata, or due to the side effects of chemotherapy, etc. This growing adoption of wigs also facilitates incredible demand for hair wigs and therefore favors the lucrative growth of the global hair wig market.

The report further comprises “Global Hair Wig Market Research Report: By Type (Human hair, Synthetic hair), By Cape Type (Monofilament, Lace), By Fitting Type (Clip-in, Micro Link, Tape-in, Glue-in), By Distribution Channel (Online, Offline), By End User (Commercial Users, Individual Users), By Company (Revenue Shares, Competition Characteristics), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific) Forecast (2024-2029)”, According to the report, the Global Hair Wig Market is valued at USD 7.1 billion in 2022 and is estimated to grow at a CAGR of around 8.5% during the forecast period, i.e., 2024-29. The market growth is also driven by rising hair-related problems such as hair thinning, loss of volume, and rising alopecia across the globe.

Leading Segmentation Analysis Based On Type, End-user, and Region

The Hair Wig market is segmented into six segments based on Type, fitting type, cape type, distribution channel, end-users, and region.

Based on End-User, the market is segmented into Commercial Users and individual Users in 2024, The Commercial Users segment will dominate the Hair Wig Market

Based on Type, the market is segmented into Human hair and synthetic hair, in 2024, the Human Hair segment will dominate the Hair Wig Market

Based on region, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia-Pacific, in 2024, North America will dominate the Hair Wig Market

Key Takeaways

Study Period: The Hair Wig market report historical data – 2019-22, Base year – 2023, and Forecast Period- 2024-29.

Market Growth: The Hair Wig Market is estimated to grow at a CAGR of around 8.5% during the forecast period, i.e., 2024-29.

Growth Opportunity: The Hair Wig market is expected to expand with the rising mandate for hair-quality products.

Market Challenge: The Hair Wig Market is expected to be hampered by surging discomfort and high costs associated with hair wigs.

By Type: The Human Hair application dominates the market segment due to human hair provides a more natural look and feel to the individual.

By End User: The commercial segment dominates the Hair Wig market because of the ongoing trend of changing looks by numerous celebrities and social media influencers.

Regional Dominance: The North American region is expected to dominate the Hair Wig market, owing to rising incidence of alopecia across the region.

Major Market Players and Recent Updates: Strengthening the Industry Growth

Highlighting the recent update that demonstrates the further growth and market expansion:

Aderns Co. Ltd. in 2022 introduced an environmentally friendly hair wig ‘Toppiece’ using recycled nylon for its base net with attention to the SDGs at Swanee by Fontaine and Rene of Paris by Fontaine across Japan.

Additionally, to strengthen their market position, certain market players such as
Evergreen Products Group Limited., Godrej Consumer Products Limited, Aderans Co., Ltd., ALERIANA Wigs, Indique Hair, Artnature Inc., Ruimei Hair Products, Shake-N-Go, Inc., HairUWear, Paula Young, and others, are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward towards futuristic growth and betterment.