Hair Wig Market Size, Share, Growth Analysis, By Product Type(Human Hair, Synthetic Hair), By End Use(Men, Women, Other), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Hair Wig Market size was valued at USD 6.13 billion in 2022 and is poised to grow from USD 6.46 billion in 2023 to USD 12.27 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).

The main driver of industry growth is the increasing frequency of hair-related issues, such as alopecia, over the world. Alopecia areata affects over 70,000 Americans, half of whom are women, according to a report released by the National Library of Medicine in April 2020. The public's growing concern over these ailments is contributing to the industry's expansion.

Additionally, a lack of raw materials like human and synthetic hair stemmed from supply delays caused by various restrictions enforced by regional governments to impede the virus's spread.

Shipments of raw materials and completed goods were slowed down or stopped during this time, which had a substantial influence on global product demand. The use of hair wigs by young people and millennials to enhance their physical appearance is predicted to fuel the industry's expansion. The growing impact of social media in encouraging the usage of wigs and extensions as well as celebrity endorsements are some of the other major drivers of the industry's expansion.

Additionally, the geriatric population's increasing usage of wigs to conceal the problem of alopecia is anticipated to support business growth. The population of people 60 and over was 1.4 billion in 2019, and the World Health Organization (WHO) predicts that number will quadruple to 2.1 billion by 2031. Additionally, major players are releasing specially made hair-related products that best meet consumer demand. For instance, Hi-MO LLC offers individualised items including hair wigs, hair colour, hair care, and others for each customer. Consumer usage of wigs has been prompted by the rising prevalence of androgenetic alopecia, or baldness as it is more widely called.

US Hair Wig Market  is poised to grow at a sustainable CAGR for the next forecast year.