Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “False Hair Products Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Material, End User, Distribution Channel, and Geography,” the false hair products market is expected to grow from $8.48 billion in 2022 to $12.12 billion by 2030; it is estimated to grow at a CAGR of 4.6% from 2022 to 2030. The report highlights key factors driving the false hair products market growth and prominent players along with their developments in the market.
Evergreen Products Group Ltd, Hairuwear Inc, Henan Ruimei Products Co Ltd, Artnature Co Ltd, Shake-N-Go Inc, Papillon Hair World, Locks & Bonds, Klix Hair Inc, Easihair Pro, and Balmain Hair Group BV are among the major players operating in the global false hair products market. The global false hair products market players focus on providing high-quality products to fulfill customer demand. They also adopt strategies such as investments in research and development activities, new product launches, and expanding production capacities.
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The false hair products market in North America is segmented into the US, Canada, and Mexico. The market is growing due to the increasing demand for trending hair products such as wigs, extensions, etc. and the rising prevalence of hair loss issues due to aging, stressful schedules, and medical conditions. According to the American Academy of Dermatology Association, the common cause of hair loss is hereditary-patterned baldness, also known as androgenetic alopecia. In this type of hair loss, hair thinning occurs first, and then total hair loss develops on some areas of the scalp. This condition has affected ~80 million Americans—50 million men and 30 million women. Rising hair loss issues among Americans have driven the demand for false hair products across North America. Therefore, the region accounted for a remarkable share of the global false hair products market in 2022.
Many domestic and international false hair products companies have a strong foothold in North America. HairUWear Inc, Shake-N-Go Inc, UniWigs Inc, and Indique Hair LLC are among the key players operating in the North American false hair products market. Key participants operating in the regional market continuously enhance their overall business processes to meet the rising customer demands. Also, key manufacturers in the region focus on developing innovative and stylish false hair products to attract new consumers. This gives them a huge opportunity to expand their business in North American countries such as the US, Canada, and Mexico. Consumers in the region mainly prefer advanced forms of false hair products. Manufacturers in the region are investing heavily in the research and development of false hair products, which is expected to boost its market in North America. In March 2023, HairUWear Inc launched 'Textured Hair Wigs' in the US. Celebrity Hairstylist Kim Kimble has joined forces with HairUWear Inc to create the wig collection, designed specifically for those with textured hair. The collection has eight styles in 14 shades, ranging in price from US$ 299 to US$ 479. Hair wigs and extensions have gained popularity as a fashion accessory, allowing North Americans to experiment with different hairstyles and colors without committing to permanent changes. Additionally, demand for false hair products has upsurged across North America due to growing celebrity fashion trends and elevated grooming and beauty activities. Caucasian consumers from North America generally hold higher incomes than customers in other regions. They also pay more attention to the quality of their hair products, which propels the demand for human false hair products. These above-mentioned factors boost the false hair products market in North America.
Rising Incidence of Hair Loss Among Patients Undergoing Cancer Treatment
Chemotherapy, radiation therapy, and other medical treatments for cancer are designed to eliminate rapidly dividing cells, which unfortunately include hair follicles. As a result, patients undergoing cancer treatment often experience significant hair loss, which can be emotionally distressing and affect their self-esteem.
According to estimates from the International Agency for Research on Cancer (IARC), in 2018, 17.0 million new cancer cases and 9.5 million cancer deaths were reported across the world. By 2040, the new cancer cases and deaths are expected to grow to 27.5 million and 16.3 million, respectively, due to the changing lifestyles and dietary habits, alcohol consumption, and smoking. The burden will probably be even more significant in economically transitioning countries in the future due to the increasing consumption of unhealthy diets, rising addiction to smoking, and physical inactivity.
The demand for false hair products has significantly increased due to the prevalent hair loss caused by cancer treatments. False hair products such as wigs, extensions, etc. provide an effective solution for patients looking to maintain their appearance and regain some sense of normalcy amidst their battle with cancer. To meet the needs of cancer patients, false hair products market players are offering a wide range of products, including natural hair wigs, synthetic wigs, synthetic hair pieces, natural hair pieces, and personalized designs. False hair products manufacturers have improved the quality and comfort of their products, ensuring that cancer patients have access to comfortable and realistic-looking false hair products that help boost their confidence during a challenging period.
Hair Extension Market: Segmental Overview
The global false hair products market is segmented on the basis of product type, material, end user, distribution channel, and geography.
Based on product type, the false hair products market is segmented into hair extension, hair wig, and hair pieces. The hair extension segment is expected to register the highest CAGR during the forecast period. Hair extensions have become a revolutionary solution in the beauty and fashion world. With the ability to instantly add length, volume, and even highlights to natural hair, they offer a versatile way to achieve a variety of looks. The market for the hair extensions segment is experiencing rapid growth due to the increasing demand for quick and temporary hairstyle changes. Social media platforms, beauty influencers, and celebrities regularly showcase different hairstyles, inspiring individuals to experiment with their appearance. Moreover, hair extensions cater to those with shorter hair and to people with fine or thin hair seeking additional volume. As the quality and variety of extensions continue to improve and people embrace the idea of using extensions as a means of creative expression, the false hair products market for the hair extensions segment is expected to expand in the coming years.
Based on material, the false hair products market is bifurcated into human hair and synthetic hair. By end user, the market is segmented into men, women, and kids. Based on distribution channel, the false hair products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global false hair products market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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Impact of COVID-19 Pandemic on False Hair Products Market
The COVID-19 pandemic adversely affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The false hair products industry reported severe disruptions in supply chains and shutdowns of many processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The pandemic hindered the supply chains, manufacturing activities, delivery schedules, and goods sales. Due to the imposition of lockdown measures to curb the spread of SARS-CoV-2, consumers stayed inside their homes and were unable to visit salons. which declined the sales of false hair products. However, after some relaxation in restrictions during the lockdown, false hair products sales upsurged.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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