Home Business Hair Wig Market to Hit USD 3.0 Billion by 2028; Increasing Hair...

Hair Wig Market to Hit USD 3.0 Billion by 2028; Increasing Hair Loss Problems to Augment Market Growth, Fortune Business Insights™

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The global hair wig market size is expected to gain momentum by reaching USD 3.0 billion by 2028 while exhibiting a CAGR of 4.0% between 2021 to 2028. In its report titled “Hair Wig Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 1.94 billion in 2020 and is expected to be USD 2.28 billion in 2021.

In recent times, people are aware about how using a hair wig can enhance their look and boost the confidence of a person, who is dealing with excessive hair loss problems. Using these wigs are easy and companies are coming up with custom made and personalized designs to fulfill the demand of the consumers. Additionally, high spending by the population to keep with trends is amplifying the demand for a wig as a fashion product.

COVID-19 Impact

The COVID-19 pandemic positively impacted the market. Additionally, a large number of people infected by the virus are witnessing hair loss issues, this is likely to fuel the product’s demand.

List of Key Players Profiled in the Report

  • 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)

Report Coverage-

The research report concentrates on evaluating the hair wig industry by taking into contemplation all the contributions, opportunities, as well as growth trends. It offers thorough profiles of vital players present in the market to determine their capabilities in each segment. Besides, it guarantees to aid our clientele with better understanding of competitive landscapes, such as collaborations & acquisitions, novel product launches, joint ventures, and partnerships.

Driving Factor

Usage of Wig in Mannequin and Modeling Industry to Fuel Demand

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.

Competitive Landscape

Key Players to Focus on Launches & Collaborations to Strengthen their Market Prospectus

The global market holds a large number of noticeable companies that are incessantly trying to innovate exclusive devices to satisfy the demand from patients across the world. To do so, they are teaming up with domestic or international and renowned firms, presenting novel solutions, doing partnerships and collaborations to reinforce their portfolio in the market.

Market Segmentation:

  • Based on type, the human hair segment held the market share of 66.28% in 2020. This is attributable to the product’s ability to appear and feel incredibly natural. Halal cosmetics are produced or obtained from halal ingredients, comprising oils, vitamins, organic solvents, proteins, plant, and botanical extractions, as well as antioxidants. They are created utilizing a complex combination of all these components under halal standards. Manufacturers carefully monitor the products to match the halal grade. The safety and quality of halal cosmetic principles are difficult in comparison with normal cosmetics products that are available in market for sale. This factor also contributes to the heightened popularity of halal-certified cosmetics worldwide. Therefore, this is estimated to boost the halal cosmetics market growth during the forthcoming era.

Regional Insights

North America to Lead Stoked by Rising Expenditure on Wigs in Region

This is attributable to the rising spending by consumers on festive events such as 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 market stood at USD 0.74 billion in 2020.

Russia appeared as a notable market in Europe in 2020 with 28.60% market share. The country is projected to preserve its considerable position through the forecast period.

The U.S. led the North America market in 2020. In recent years, it has been observed a substantial rise in the number of novel participants capitalizing on the business prospects in the country.

Asia Pacific held the most significant halal cosmetics market share in 2020 and is expected to witness sturdy growth over the forecast period.

Below are two industry developments:

  • June 2021: Waeve announced the launch of its set of six different wig styles 4 times a year.
  • October 2020 – BELLAMI made a partnership with Kristen Hancher for the launch of bold, colorful wigs.

Browse Detailed Overview of This Research:

https://www.fortunebusinessinsights.com/hair-wig-market-106241

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