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The top four hair wigs market trends are: the rising demand for luxury hair pieces, the increasing awareness about various hair loss treatments, the high prevalence of baldness among men, and the rapid advancements in technology.
Wig-related market revenue was estimated at $2.1 billion in 2014, registering a CAGR of 8% between 2015 and 2019. Wholesale wig distributors and online beauty marketplaces like BeautySourcing and GlobalSources have benefited immensely from this.
By 2020, the global wig market size is expected to reach approximately US $2.8 billion, registering a significant CAGR. Increasing preference towards premium products and rising adoption of advanced technologies are likely to fuel the wig market. However, factors such as stringent regulatory policies governing the marketing of wigs may hamper the market growth over the forecast period.
That said, let’s take a look at some of the biggest trends in the wig industry now.
1. Rising Demand for Luxury Hair Pieces
In recent years, numerous fashion magazines have published fashion articles featuring celebrities wearing luxurious wigs. These publications not only showcase celebrities’ fashion choices; they also show how people can successfully re-create their looks using stylish wigs.
As consumers become aware of the advantages of having long-flowing locks, they begin to seek out wigs that look almost identical to human hair. Such luxuries have been highly sought after even before the advent of synthetic materials for making wigs.
According to the Global Cosmetic Ingredient Review (2017), the global cosmetic ingredient market is currently valued at around US$ 1.7 trillion. In 2017, the global cosmetics market generated revenues of nearly US$ 400 billion, indicating that consumers are willing to spend money on beauty items, including wigs.
Furthermore, according to the American Hair Loss Association (AHLA) (2018), an estimated 25 million Americans suffer from hair loss. Due to these figures, the need for quality wigs is sure to increase.
2. Increasing Awareness About Various Hair Loss Treatments
As mentioned above, there are many different reasons leading to male pattern baldness and female hair thinning. There are several treatment options available to address these conditions.
Male pattern baldness is generally treated with topical minoxidil, oral finasteride, or both. Female hair loss is often treated with Minoxidil or Propecia.
Other methods include surgery, laser therapy, or hair transplantation. In addition, some people choose to wear wigs instead of treating their condition directly. To maintain the aesthetic appeal of wigs, it is imperative that they possess similar characteristics to human hair. Therefore, manufacturers are working hard to develop innovative solutions that mimic real hair.
3. Higher Prevalence Of Baldness Among Men Leading to Higher Demand for Wigs
Although women experience hair-shedding patterns differently than males, both sexes frequently lose hair due to illness, stress, or aging. On average, 30 percent of men experience some degree of hair loss by age 50.
More than half of men who have gone completely bald have had chemotherapy or radiation treatment. While those undergoing treatment for cancer or other serious illnesses should consult with their physician prior to beginning any regimen involving chemo or radiation, it is possible to treat hair loss caused by these therapies.
Chemotherapy drugs that cause hair loss include alopecia areata, cyclophosphamide, doxorubicin, and fluorouracil. Radiation causes hair loss via direct damage to cells and indirectly through inflammation and immune system dysregulation. Patients receiving radiotherapy are advised to apply creams containing cortisone or vitamin E to help prevent further hair loss.
With this in mind, the demand for wigs is expected to soar in the coming years.
4. Rapid Adoption of Advanced Technology
Manufacturers are developing new techniques to make wigs last longer and provide greater styling versatility. New wig designs are being introduced into the marketplace that features lace front wigs, micro-modified wigs, textured wigs, and layered wigs. These types of wigs allow users to style them in ways that were previously impossible.
Additionally, improvements in fabrication processes have led to the production of more durable wigs. A number of companies now offer wigs that are water-resistant. Companies are also incorporating LEDs into wigs to reduce fading effects.
And there you have it! These are the latest trends in the wig industry. It’s crazy to see how far wig businesses have come. Who knows what will await us in the future? But we’re excited to see it nonetheless