The growing demand for high-end human hair extensions and ultra-high-quality synthetic wigs and human hair wigs across the world has pushed the ‘Wig Industry to another level of success. It is said that the global Wigs and Wig Accessories market is estimated to reach revenues of more than $10 billion by 2023, which is a clear indication of the upcoming industrial boom in this sector that will create new opportunities for leading manufacturers in the global market and also for the small businesses in the local market. In order to understand each and every dimension of how this emerging industry can offer a bagful of opportunities, an in-depth and extensive study is important.
So let’s try to figure out those dimensions that are sure to prove a game-changer for this industry:
• Market Future Trends: the global consumption of wig products has risen up from 27416.6 k units in 2016 to 38934.9 k units in 2017, with an average annual growth rate of 9.10%, resulting in massive advancement in the wig industry. Technological advances in the production and design of synthetic hair wigs is a key factor that is boosting the growth of the market globally. Also, hair wigs and extensions have witnessed vast improvements in terms of their aesthetics and design, which makes it obvious to forecast an optimistic upward trend in the next 5 years.
• Key Drivers: It’s very important to know the factors that are contributing to the expansion of the ‘Wig’ Market. The key elements are the rising demand for premium human hair, hair extension, wig accessories, rising interest for hair care products among men and women, rising consumer awareness about the quality and life cycle of real wigs and extensions and prominence of celebrity influence. Yes, nowadays, people prefer to buy their favorite Celebrity wigs though they come under an expensive wig category, which dominates 80% of the market.
• Regional Overview: Wig market is flourishing phenomenally in the Asia-Pacific region and is well established in the regions of the UK, Canada, and the USA. The Asia-Pacific region has all the potential to surpass the growth because of well-established existing key players, high demand from customers, rising disposable income, and most importantly growing fashion trend. China, Canada, and South Korea are extensively contributing to the growth of the Asia-Pacific region as these are high-end wig producing countries with low labor cost.
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• Competitive Strategies: Prominent key players in the market are leaving no stone unturned in introducing innovating new wigs and Wig Accessories to maintain their position in the market. Players from China and South Korea are following the strategy of ‘Cost Leadership’ by providing wigs at the cheapest price possible due to low labor cost whereas countries like Canada and USA are leading in producing innovative and superior quality wigs. There are also some new players from South America who have entered the Rat-Race of wig industry.
• Key Players in the Wig market: There are various brands of the wig and its accessories in the market but the global players who dominate 60% of the market are the gigantic brands. China, India, Myanmar, and Bangladesh are the biggest exporter of processed and treated hair and the US is the largest importer. Brands such as Amore, Raquel Welch, Revlon, Jon Renau, Ellen Wille, and Forever Young are dominating the fascinating world of wigs and hair extensions!
Concluding Lines: There is a wide scope of Wig Industry and it is observed that during the forecast period, this industry is expected to register the highest incremental growth due to the growth of key end-user industries.