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The global hair wig market size was USD 1.94 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the industry witnessing a positive demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 30.35% in 2020. The market is projected to grow from USD 2.28 billion in 2021 to USD 3.0 billion in 2028 at a CAGR of 4.0% in the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
People around the world are progressively aware of how hair wigs could help improve the appeal of a person who is dealing with hair loss issues. The easy customizability for meeting the specific desire of the user, helping to achieve multiple types of hairstyle without damaging the hair, and its ability to help achieve realistic looks boosted the utilization. The global female consumer’s high spending is assisting in amplifying the demand owing to the popularity of the use of a wig as a fashion product. As per the data issued by the Catalyst. Org in April 2020, the global female consumer's expenditure of various countries and regions in 2019 are Asia USD 13.4 trillion, the U.S. USD 6.4 trillion, India USD 2.6 trillion, and Europe USD 5.38 trillion.
Closedown of Hair Salon is Assisting Growth amid COVID-19 Pandemic
The lockdown implementation in countries all over the world has played a significant role in paving a way to escalate the consumption rate. This is due to the closed down of salons amid pandemic. This is propelling people to use a wig as an alternative to help achieve their desired look. In addition, a large number of people infected by the virus suffering from hair loss is likely to fuel the demand. For instance, the data released by the National Public Radio.Org in March 2021, states that 22% of hospitalized COVID-19 patients in China were reported to experience hair loss after six months.
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Increasing Production of Relatable Wigs to Surge Demand
The rising trend among key companies to produce wigs which are made based on popular movie characters that are easily relatable to consumers is helping to drive the usage. Therefore, this is helping to strengthen the consumption of the product, especially among children and the youth population. For instance, the data released by Good Morning America in October 2020, mentions the launch of the Disney Princess wig line, which includes characters such as Snow White, Ariel, Esmeralda, and Merida.
Medical Treatment and Air Pollution to Aid Market Growth
The increasing number of cancer patients escalates the use of medical treatment such as chemotherapy which often results in the loss of hair. This has created a significant opportunity for hair wig market growth. For instance, according to the data released by the Union for International Cancer Control.Org, mentions that the number of cancer cases rose to 19.3 million in 2020. In addition to this, the increasing air pollution around the world contributing to hair loss issues among the global population is acting as one of the fostering factors that is surging the demand. For instance, the data released by the American Association for the Advancement of Science in October 2019, states that exposure to a common air pollutant which is commonly known as Particulate Matter (PM) is contributing to hair loss.
Usage of Wig in Mannequin and Modeling Industry to Fuel Demand
The growing popularity of the usage of mannequins, especially among fashion outlets, to help drive their sales is creating a path in surging the consumption of wigs. For instance, the data issued by Business Insider in June 2019, states 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 escalating demand for the product in the modeling industry to help models achieve certain looks and feel to help represent their outfits better is anticipated to have a positive impact in uplifting the demand of wig.
Negative Reaction due to the Change of Weather Restraint its Growth
Wig, especially human hair wig being reactive to the climate change which leads to frizzy, limp or dry depending on the weather, thus creates a discomfort among a large number of consumers. Likewise, most wigs available in the market often require regular maintenance, thus resulting in repelling consumers to use the products. Therefore, these are few of the major factors which may hamper the market growth.
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Human Hair Segment to Hold Larger Market Share
On the basis of product type, the hair wig market is divided into human hair and synthetic hair.
Human Hair is estimated to be the prominent market shareholder owing to the offerings of multiple textures, which could resemble the specific desire of consumers. Likewise, the product's ability to appear and feel incredibly natural boosted to preference rate.
The synthetic hair segment also holds a sturdy market presence due to the product being available in an affordable price range. Also, its easy maintenance and possessing a wonderful styling memory is assisting in escalating the usage among consumers.
Men Segment to Remain at the Forefront
Based on end-user, the market is segmented into men and women.
The men’s segment is anticipated to be the dominant segment on account of a larger number of men experiencing hair loss issues, which is thus propelling them to purchase the product for regular use. As per the data issued by Japan Today, states that during the Covid-19 pandemic, men segment demand has reached 275.4% from that of October 2019.
On the other hand, the women segment has also exhibited an up surging growth as many women utilized the product to showcase or complement their fashion of choice.
Offline Segment to Hold the Greater Share
Based on the distribution channel, the market is segmented into online and offline.
Offline is anticipated to be the prominent market due to a large number of consumers possessing the desire to make a comparison between products physically. Besides, offline stores' ability to help avoid purchasing complications in terms of delay of delivery, counterfeit products, and inaccurate judgment made on the product increases the utilization of this channel.
Nevertheless, the online sales channel has witnessed an escalating growth as it helps to eliminate the time spent on searching and browsing the exact product from multiple stores. Similarly, the ability to purchase a product available from different countries or states assist to advance the use of the online stores.
North America Hair Wig Market Size, 2020 (USD Billion)
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North America is holding the dominant share in the market, boasting a size of USD 0.74 billion in 2020. The high expenses made by consumers on festive events such as Halloween is spiking the need for wig products and is thus helping to strengthen the market growth. According to the data issued by the National Retail Federation, in 2019, the Halloween spending in the U.S. had reached USD 8.8 billion. Likewise, the rising popularity of people participating in costume-based gatherings, including Zombie Walk, West Hollywood Carnival, Haunted Fest, and others, are assisting in heightened the consumption rate. As per the data released by the Courier-Journal, mentions that in 2018 42,000 people attended Zombie Walk.
Europe is expected to show substantial hair wig market share, owing to the increasing number of aging population propelling the need for a wig, as this age group is considered to be more prone to hair loss. As per the data released by the Europea.Eu, in 2020, stated that, more than one-fifth of the European population is assessed to be aged 65 years and over. Similarly, the high female employment rate among countries of this region has a vital contribution in elevating the usage of the product as women are more motivated to use a wig for fashion purposes. The data released by the World Bank.Org, in 2019, the female labor force participation rate in the European Union was 45.87 % which is a rise from 45.84 % in 2018.
Asia Pacific is estimated to have a strong presence in the global market. The escalating growth of the urban population influencing a large number of people to use a wig for enhancement of their appeal is paving a path to surge the adoption of the product. For instance, the data pre by the World Bank.Org, states that the urban population of East Asia & Pacific in 2020 was 60.70% which is a rise from 59.89% from its prior year. Besides, the up surging development and the utilization of e-commerce stores among countries has played a significant role in increasing the demand. As per the data presented by the UNCTAD.Org, in 2018, the Chinese and Japanese business to consumer’s e-commerce sales were USD 1,361 billion and USD 163 billion, respectively.
South Korean industry is mainly driven by prominent companies such as Han Woo Corp., Dai Hwa Co. Ltd., and others. Additionally, South Koreans mostly use hair styling items because of their cultural and social norms. This resulted in the strong consumer demand for such items in the country.
South America is evaluated to exhibit considerable growth due to the escalating import of wigs by countries of this region. This has thus helped to surge the presence of the product in the marketplace, and in turn assist in elevating the spending made on wigs. For instance, the data published by the World Bank, declares that in 2019 Brazil and Argentina have made an import of false beards, wigs, eyebrows and eyelashes, switches, and other articles of 19,581 Kilogram and 3,326 Kilogram respectively.
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The Middle East & Africa region is evaluated to have a significant presence in the market. The rising smartphone penetration resulting in giving awareness and influence on the usage of wigs is likely to have a positive impact in bolstering the market growth. The data released by Connecting Africa, declares that smartphone penetration in South Africa in 2019 was 91.2% which is an increase from 81.7% in 2018.
Key Players Are Drifting towards Premium Quality Products
The key players of the market are gradually shifting their focus towards the production of luxury hair wigs, which are designed to target consumers who are quality conscious to help maintain the standard of quality which they desire. For instance, in January 2020, VIP Luxury Hair announced the launch of LVCED Superior Quality Lace Wigs.
An Infographic Representation of Hair Wig Market
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The global hair wig market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, the report offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
By Product Type
By Distribution Channel
Fortune Business Insights states that the global market size was USD 1.94 billion in 2020 and is projected to reach USD 3.0 billion by 2028.
In 2020, the North American market value stood at USD 0.74 billion.
Growing at a CAGR of 4.0%, the market will exhibit moderate growth in the forecast period (2021-2028).
The human hair segment is projected to be the leading segment in this market during the forecast period.
The increasing embracement of fashion trends is the major factor driving the growth of the market.
Evergreen Products Grouped Limited, Donna Bella Hair, Ruimei Hair Products co.,ltd, Aderans Holdings Co., Ltd. are a few of the major players in the global market.
North America dominated the market share in 2020.
The rising growth of hair issues across the globe is expected to drive the adoption of this product.
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