With rising demand for wigs and hairpieces over the past few years, the wig business has been expanding significantly. Wigs have evolved into a popular fashion accessory that individuals use to express themselves as well as a cure for hair loss brought on by various ailments and medical procedures. But how much is the wig market actually worth?
The global wig and hairpiece market, which was valued at $8.2 billion in 2019 and is anticipated to reach $10.6 billion by 2027, is expected to expand at a CAGR (compound annual growth rate) of 3.5% throughout the forecast period. The report credits this surge to the rise in hair loss brought on by aging and medical issues, as well as the rising demand for wigs and hairpieces in the entertainment industry.
IBISWorld estimates that the wig and hairpiece market in the United States alone was worth $1.2 billion in 2019. The aging population and the rise in disposable income are cited in the report as the main drivers of the industry’s predicted 2.5% CAGR development between 2020 and 2025.
Wigs and hairpieces are utilized for cosplay and other events in addition to the entertainment sector and hair loss, increasing the demand for these products. The convenience of buying wigs and hairpieces from the comfort of one’s home has also been made possible by the rising popularity of internet shopping, which has helped the business expand.
A hair salon may also be referred to as a beauty or hair salon. People go there to have their hair trimmed, styled, and treated. In addition to haircuts, hair salons also provide additional beauty treatments including cosmetics application, manicures, and pedicures. The word “salon” comes from the French word “salon,” which refers to a sizable space used for social events or a location where people can assemble and talk about various subjects. The phrase describes a setting where individuals can congregate to enhance their appearance and interact with others in the context of a hair salon.