Hair Accessories Industry Overview
The global hair accessories market size is expected to reach USD 31.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. The market growth is attributed to a rising preference for fashionable products that serve the purpose of utility as well as give a trendy look to the hairdo is expected to drive the market throughout the forecasted period.
Well-styled hair can enhance the overall physical appearance of a person. Over the past few years, people have been paying significant attention to their hair care and styling routines as hair play a crucial role in self-perception. Lately, hair accessories have become popular among all ages and income groups, and styles can range from schoolgirl staples to runway fashion. The availability of both premium and budget-friendly hair accessories has also boosted product demand and uptake.
Hair Accessories Market Segmentation
Grand View Research has segmented the global hair accessories market on the basis of product, distribution channel, and region:
Based on the Product Insights, the market is segmented into Clips & Pins, Headbands, Wigs & Extensions, Elastics & Ties, and Others.
- The elastics and ties segment held the largest revenue share of 32.3% in 2020 and is expected to maintain its dominance over the forecast period.
- The growth of the elastics and ties segment is attributed to the availability of a wide range of products in terms of design, shape, and material.
- The wigs and extensions segment is anticipated to be the second-fastest-growing product segment with a CAGR of 8.0% from 2021 to 2028.
- The wigs and extensions segment has been witnessing significant popularity owing to the introduction of human hair-based wigs and extensions, which are of superior quality compared to those made from synthetic materials.
Based on the Distribution Channel Insights, the market is segmented into Hypermarkets & Supermarkets, General Stores, and Online.
- The general stores segment accounted for a revenue share of 47.8% in 2020.
- The segment is projected to retain its market dominance throughout the forecast period owing to the high consumer inclination toward purchasing hair accessories from general stores as these places enjoy high customer preferences.
- The online platform is expected to register a CAGR of 8.2% from 2021 to 2028. The shift in consumers’ shopping behavior is one of the major factors driving the sales through the online channel.
- Growing consumer preference for the online platform has prompted companies to offer products through this channel.
- Benefits of online shopping, such as wide availability of products, the convenience of shopping anytime and anywhere, doorstep delivery, safe payment getaways, and discount offers, have been encouraging consumers to opt for the online distribution channel.
Hair Accessories Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of a few well-established players and several small and medium players. Due to the increased demand, manufacturers have been launching new products around the globe. For instance, in June 2021, Invisibobble, announced its partnership with the worldwide leader in innovative children's creative products, Crayola to manufacture limited edition accessories.
This ongoing partnership falls in line with Invisibobbles' focus on expanding their business in the kids' segment. Similarly, in November 2020, Flair announced that it had added Fromm to its portfolio of brands, and will stock Fromm’s range of color accessories, scissors, and combs. This product line features modern, sophisticated finishes, in addition to enhancing the experience of every consumer.
Some of the prominent players in the hair accessories market include:
- Goody Products Inc.
- Claire’s
- Conair Corporation
- H&M
- Forever 21
- Fromm International
- Annie International Inc.
- ERICKSON
- Silke London
Order a free sample PDF of the Hair Accessories Market Intelligence Study, published by Grand View Research.
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