Wig : Increasing demand for the beauty products will encourage the growth of the market
Market Overview According to a new report published by Reports Monitor titled, “Wig Market by Type and End-User: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the wig market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
In recent years, the demand for wig products has increased owing to advancement in technology. The wig is a head covering made from human hair, animal hair or synthetic fiber used for various purposes. Half of the time wigs are fake extra hair extensions applied to clock baldness. These hair extensions add up to natural beauty as it has many appealing features such as smooth, shiny, fluffy, glossiness giving required length. Some of the benefits include no experimentation on natural hair, less worry about height and characteristics of hair and less damage to real hair.
Surging demand for beautification practices, rising demand from hair product and cosmetic industry, exploring fashions sense in entertainment sector such as films, theatre and television are major driving factors for the global wig market. Furthermore, rising population around the globe, modernized society, an adaption of high living standards, increasing disposable income and proving a better substitute for hair treatment surgeries propels the market growth further. Besides, manufacturers doing extensive R&D to refine manufacturing technology and focusing on upgrading quality with high productivity lead the market to grow further. Nevertheless, the unaffordable price of human hair wig and some of the disadvantages such as time-consuming process, need for extreme care and suffocation caused by often use of wigs might constrain the market growth.
The global wig industry market has been segmented majorly on the basis of type and end user. On the basis of type, the market is segmented into covered hair wig, hair extension, and others. Based on the end user, the market is segmented into men and women. Regional Overview
Wig market is flourishing expeditiously in Asia-Pacific region. The region has substantial potential to surpass the growth of the regions owing to well established existing key players, high demand from end-use customers, rising disposable income and growing fashion trend. Other factors leveraging the growth of the market includes penetrating film and television industry in the region and rising concerns regarding embellishment. China and South Korea are majorly contributing to the growth of Asia-Pacific region as these are high end producing countries with low labour cost.
Competitive Landscape Prominent key players in the market are constantly introducing innovating new products to maintain their position in the market. The major key players operating in the market includes: Anhui Fortune Fashion Culture Co., Ltd., Henan Ruimei Hair Products Co., Ltd, JRX Hair Products Company, Moonwish, Qingdao Jifa Imp&Exp Co. LTD, Rebecca, Shake-N-Go Fashion, Inc., WIGS – Qingdao Seaforest Hair Products Co., Ltd, Xuchang Dadi Industries Co., Ltd. and Yuzhou Shenlong Hair Products Co., Ltd.
Rebecca fashion is online chain working on wigs in china currently have global presenace with sales branches in U.K., Brazil, Nigeria and South Africa. The company has been spending huge amount on R&D to hold on with changing trends around the globe as a result of which it has been able to cater to a diverse market. In current scenario Rebecca produces 20 brands of weaves and wigs and export to more than 40 countries.
About Garner Insights:
We at Garner Insights.com provide a comprehensive analysis by providing in-depth reports of the various market verticals. Our Mission is to provide a detailed analysis of the vast markets worldwide backed by rich data. Decision makers can now rely on our well-defined data gathering methods to get the correct and accurate market forecasting along with detailed analysis.