Pune, India, Aug. 08, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Hair Wig Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, End User, Distribution Channel, and Geography,” the hair wig market is expected to grow from US$ 3.66 billion in 2022 to US$ 5.11 billion by 2030; it is estimated to grow at a CAGR of 4.3% from 2022 to 2030. The emerging trend of hair wigs among youth and millennials to improve their aesthetic appearance would drive the global hair wig market growth in the coming years. The growing influence of social media publicizing the use of wigs and celebrity endorsements is also propelling the hair wig market growth during the forecast period.
Download PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00028480/
Hair Wig Market: Competitive Landscape and Key Developments
Evergreen Products Group Ltd, HairUWear Inc, Henan Ruimei, products Co Ltd, Artnature Co Ltd, Shake-N-Go Inc, Aleriana SRL, Lordhair Co Ltd, Papillon Hair World, UniWigs Inc, and Indique Hair LLC are a few leading players operating in the hair wig market. These players are focused on developing innovative products to meet the changing requirements of consumers.
Hair loss in men and women can lead to complete or partial baldness due to various medical disorders and hormone changes, leaving people self-conscious concerning their appearance. As a result, the demand for hair wigs has risen dramatically. Hair wigs are made from animal hair, human hair, synthetic fiber, or a combination of these materials. All these factors drive the hair wig market growth.
Rising Incidence of Hair Loss Among Patients Undergoing Cancer Treatment Propels Hair Wig Market Growth
Chemotherapy, radiation therapy, and some other medical treatments for cancer are designed to target 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, dietary habits, alcohol, smoking, etc. 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 hair wigs has significantly increased due to the prevalent hair loss caused by cancer treatments. Wigs 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, hair wig market players are offering a wide range of products, including natural hair wigs, synthetic wigs, and personalized designs. Wig manufacturers have improved the quality and comfort of their products, ensuring that cancer patients have access to comfortable and realistic-looking wigs that help boost their confidence during a challenging period.
The wig market growth is also driven by increasing awareness and understanding of cancer and its effects on patients. Support organizations, medical centers, and community initiatives have actively promoted the availability and benefits of wigs for cancer patients, encouraging them to embrace wigs as an empowering option. The Cherian Foundation (TCF), a private charitable trust based out of Chennai, India, started a campaign called "Gift Hair Gift Confidence." In this campaign, the trust joined hands with Dabur Amla Hair Oil to conduct a hair donation and wig donation drive on World Cancer Day 2022. The campaign aimed to eradicate the stigma around cancer and encourage early cancer detection among women. This campaign is committed to provide 150 wigs free of cost to underprivileged cancer patients to help them face life with renewed confidence. Therefore, the increasing hair loss cases due to cancer treatments drive the hair wig market growth.
Hair Wig Market: Segmental Overview
Based on type, the hair wig market is bifurcated into human hair and synthetic hair. The synthetic hair segment accounted for a larger market share in 2022. Synthetic hair wigs are made from numerous synthetic and blended fibers, such as plastic or acrylic. The synthetic fibers used for hair wigs are manufactured to closely resemble the look and tendency of human hair. They cannot be colored as most dyes contain ammonia or bleach, which can destroy synthetic hair. Synthetic hair wigs are easy to take care of; they are called "style retention," and they never have to be styled. The wigs carry their style regardless of the weather. They are available in an array of natural colors and several fantasy colors. Thus, the demand for synthetic hair is increasing.
Based on end user, the hair wig market is segmented into men and women. The women segment accounted for a larger market share in 2022. Hair loss is a common concern among women due to the factors such as aging, hormonal changes, medical conditions, and stressful lifestyle. Wigs offer a solution for women seeking to address hair loss and enhance their appearance. Hair wigs are popular among women as they provide a versatile way to change hairstyles, colors, and lengths, allowing them to keep up with ever-changing fashion trends. Ongoing fashion and style trends also drive demand for hair wigs among women. Further, women having PCOS, thyroid, childbirth, menopause, and pregnancy may experience hair loss, and hair wigs offer a way to maintain a sense of normalcy and confidence.
Based on distribution channel, the hair wig market is segmented into specialty stores, online retail, and others. The specialty stores segment accounted for the largest share in 2022. Specialty stores that sell wigs have a knowledgeable staff with expertise in various aspects, such as materials, styles, and care. The expert staff provides personalized recommendations and guidance to customers based on their specific requirements, including suitable products and professional installation and maintenance services. This level of expertise instills customer confidence, ensuring a better outcome and reducing the risk of damage or incorrect application. Also, specialty stores typically offer hair wigs with several styles, lengths, colors, and materials. This comprehensive product range allows customers to find the perfect wig that suits their preferences, hair type, and desired look.
Purchase Premium Copy of Hair Wig Market Growth Report (2022-2030) at: https://www.theinsightpartners.com/buy/TIPRE00028480/
Impact of COVID-19 Pandemic on Hair Wig Market
Before the COVID-19 pandemic, hair wigs were popular among people who wanted to experiment with different hairstyles without altering their natural hair, as wigs offered a quick and convenient way to change hair color, length, and style. Consumers were used to trying different hair styling products in the global hair wig industry. Hair wigs were also commonly used by an individual undergoing medical treatment, such as chemotherapy, which often caused hair loss. Wigs allowed these individuals to maintain their confidence and appearance during treatment.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Hair Extension Market Forecast to 2030 - COVID-19 Impact and Global Analysis
Hair Loss Prevention Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Hair Care Appliances Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Hair Styling Mousses Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Hair Trimmers Market Forecast to 2028 - COVID-19 Impact and Global Analysis
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/hair-wig-market
