Wigs and Hairpieces

Wigs and Hairpieces

Hair wigs and hairpieces are supplemental accessories for a person's natural hair, or for post-operative purposes. These hairpieces help people boost confidence and enhance self-esteem by covering bald spots on the scalp. Additionally, it also provides an attractive look without causing any discomfort of wearing ordinary wigs every day due to sweat, high humidity levels, etc. Hair Wigs And Hairpieces are available in a variety of materials, styles, and colors. The demand for wigs and hairpieces is growing at a tremendous rate owing to the surge in the incidence of hair-related disorders such as alopecia. As per a recent study by the National Library of Medicine US in April 2020, around 70,000 people in the US have alopecia areata, out of which half are women.

The Wigs And Hairpieces Market is expected to grow at a strong CAGR of 8% during the forecast period owing to the increase in investments by companies and rising consumer demand. The key players in the market are rapidly launching enhanced products, which is having a positive impact on the market’s growth. For instance, in September 2022, Nadula Hair launched a brand new collection of Autumn style wigs for its customers. Moreover, in March 2023, Daniel Alain launched a new edition of the wig collection called the Purely Neutral.

• Based on product, the market is segmented into full wigs, toupee, fringe, and extensions. The full wigs held a dominant share of the market in 2021 mainly due to the rising popularity and surge in demand for wigs among consumers. Wigs are majorly used to deal with baldness or to change the style of hair. In addition to this, it also protect the natural hair against harm caused by the use of heat and chemicals to style the hair and achieve the desired look, thus resulting in its increased use and hence contributing to the growth of the segment during the forecast period.
• By hair type, the market is bifurcated into synthetic hair and human hair. The synthetic hair segment is expected to grow with a significant CAGR during the forecast period. It is mainly due to the rising utilization of synthetic wigs and extensions among all consumer groups. Moreover, the synthetic hair wigs and extensions offer a price advantage as they are comparatively less expensive than human hair goods. The segment growth is also boosted by the rising use of improving and innovative technology used for the production of synthetic hair goods of enhanced quality. For instance, Hi-MO LLC uses advanced technology to manufacture Nexart hair that replicates the human hair structure to provide a natural feel.
• On the basis of end user, the market is bifurcated into men and women. The men segment dominated the market in 2021 as large number of men experienced hair loss issues. For instance, according to the data by the Japan Today, demonstrated that during the COVID-19 pandemic, the demand for wigs and accessories by men has increased by 275.4% from that of October 2019.
• Based on sales channel, the market is bifurcated into online and offline. The online sales channel is anticipated to grow with high CAGR during the forecast period as it helps to reduce the time spent on searching and browsing the exact product from a wide range of stores. Apart from this, the ability to purchase a product available from different countries or states also aids the adoption of online stores.
• For a better understanding of the market adoption of the wigs and hairpieces industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held a dominant share of the market in 2021 owing to the rising penetration of wigs and hairpieces in all age groups. In addition, the rising disposable income will also boost the demand of premium wigs in the regional market. Moreover, US is one of the largest importer of hair goods across the globe. For instrance, as per the stats from the Observatory of Economic Complexity (OEC), in 2020, the US held a share of 53.6% as the largest importer of wigs, false beards, and other such products. Thus, the above mentioned factors are driving the regional market growth during the forthcoming years.
• Some of the major players operating in the market include Evergreen Products Group Limited; Artnature Co., Ltd.; Luxy Hair Co.; DARLING; GREAT LENGTHS; Donna Bella Hair; Klix Hair Extensions; Indique Hair; Paula Young; and HairUWear.