Hair plays an extremely vital role in enhancing the looks and confidence of a person, but with the increasingly detrimental lifestyles, consumption of unhealthy & nutrition lacking food, disorders related to hormones, medical complications, and environmental complications, the majority of the population, especially youth are facing severe issues related to hair such as hair thinning, hair fall, greying of hair, loss of volume in hair, baldness, alopecia, etc., compelling them to resort to wigs.
Furthermore, according to a recent report published by MarkNtel Advisors, the Hair Wig Market was valued at USD 7.1 billion in 2022 and is set to roll a CAGR of around 8.5% during the forecast period, i.e., 2024-29. Available in several versions, colors, styles, and hair types, wigs enable consumers to enhance their looks and instill confidence in them. The consumers are free to choose whatever style suits them the best among a variety of wigs.
Moreover, the adoption of wigs, majorly the ones made of human hair, has increased significantly owing to the rising disposable income among the youth, evolving lifestyles, and the urge to look highly presentable. Besides, the upsurging adoption of wigs among celebrities has also become increasingly prominent, leading to a striking growth of the Global Hair Wig Market.
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Unveiling the Segmentations of the Industry
The Human Hair segment to witness a soaring demand in the Global Hair Wig Market during the forecast period. Hair is a crucial component in enhancing the looks of a person irrespective of their gender, hence most people prefer wigs made of human hair rather than synthetic wigs as they provide a natural look, lasts longer, and is appropriate for long waves making it highly preferable, thus aiding to the rising demand, ultimately aiding in enhancing the market share.
North America is set to dominate the Global Hair Wig Market in the coming years owing primarily to the rising cases of alopecia in the region especially in the US. Moreover, the demand for hair wigs has accelerated in the country, due to other factors such as the urge to look good and presentable, an increase in disposable income, improved living standards, and the rising cases of problems related to hair such as hair loss, hair thinning, etc. consequently leading to the upsurge in the Global Hair Wig Market.
Companies Having an Upper Hand in the Global Hair Wig Market
Top companies acquiring a substantial share in the Global Hair Wig Market include Evergreen Products Group Limited., Godrej Consumer Products Limited, Aderans Co., Ltd., ALERIANA Wigs, Indique Hair, Artnature Inc., Ruimei Hair Products, Shake-N-Go, Inc., HairUWear, Paula Young, and others. The increasing usage of wigs have compelled the companies to innovate and evolve and beat their competitors.
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