Hair Wig Market : Opportunities and Forecast Assessment, 2021 to 2031

Posted on 2021-02-19 by Future Market Insights, Inc in Retail // 0 Comments

The recent past has witnessed a significant transformation in grooming industry which has been backed by increased per capita expenditure on fashion accessories. In the past half-decade, the market for hair wigs is seen to grow at a faster rate as compared to other grooming products. While demand for hair wigs has been observed to follow a steady path in the developed clusters, the developing economies are projected to lay a fertile ground for the industry growth.

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Emerging Regions Presents Fertile Ground for Hair Wigs Market Growth

Across the globe, steady developments in grooming sector is seen and the fast-paced lifestyle of the global population has compelled people to take easy and convenient options as far as routine personal grooming is concerned. Africa is the second-largest destination for Chinese wigs, making up 37% of the overall market, just behind the US’s market share of 39%.

As per the US International trade commission, China, Indonesia and India are significant exporters of hair wigs while the hair wig and extension market is forecasted to grow at a faster pace than other hair care products in industry owing to early hair loss and the recent rise in trend of hair experiments in the fashion industry.

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Hair Wigs Market Growing Amidst Availability of Potential Substitutes

There exists alternatives to hair wigs including surgical and non-surgical transplants, which is a permanent solution to cure hair loss though they are not guaranteed. Moreover, surgical method is more expensive and is limited to the donor’s hair availability, and results differ from case to case. When compared to these alternatives, demand for hair wigs have garnered higher revenues in the recent past because of its easy application and less expensive.

Demand for human hair extension is raising owing to its quality among Europeans and Americans, but the segment is likely to witness a lower growth as compared to wigs. According to a leading wig supplier of China, Chinese hair extensions are highly popular in the international market owing to its strand quality, though hair for them are not easy to obtain locally.

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To serve hair wig and extension demand, significant players like Rebecca, SNG, Hengyuan, Ruimei, Lord hair, Revlon, Raquel Welch, Paula young have introduced human hair wigs, which are also called as virgin hair, as they are not treated with chemicals and are untouched, sourced directly from the human head. Hair wigs are a category of grooming products, where the demand for former has been observed to grow at a faster pace as compared to the latter.

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