Hair Accessories Market Driver, Restraint, Challenges and Opportunities Study

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.

Hair Accessories Market Recent Developments and Sales/Retail Channel Analysis by 2028

Hair Accessories Industry Overview

The global hair accessories market size to be valued at USD 31.6 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% during the forecast period. 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. The COVID-19 pandemic has had an adverse effect on the market. The early onslaught of the pandemic disrupted the market in worst-hit countries such as India, Brazil, and Italy. China has historically been one of the major suppliers of key raw materials and ingredients for manufacturing various types of hair accessories and many global manufacturers have been relying on China for the same.

Gather more insights about the market drivers, restraints, and growth of the Global Hair Accessories market

Rapid development in production technologies, evolving fashion trends, and hairstyles, and the availability of various attractive accessories have driven consumers to purchase hair accessories. The introduction of products such as clips, barrettes, ties, and headbands in trendy designs, materials, and shapes that are functional, and fashionable has also been spurring the growth of the market.

Healthy, glossy, and well-groomed hairdos have become crucial in the routine among consumers in the U.S. to enhance their appearance. Thus, individuals take care of their hair, experiment with different haircuts, and do not shy away from trying trendy and innovative accessories as per their desire, which is fueling the demand among consumers. The rising preference for grooming products is expected to boost the market.

The internet has played a key role in making consumers more familiar with hair accessories through social media influencers, bloggers, and vloggers. A significant number of millennials are following internet celebrities and influencers to understand and enhance their skills in personal grooming, makeup, and fashion. Over the last few years, consumers have also been showing a preference for products that are easy to use.

Consumer demand has been increasing over the last few years, and this trend is likely to continue in the upcoming years. An increasing number of consumers are gaining access to the internet, and, consequently, to multiple platforms that offer beauty products including hair accessories. People are also becoming increasingly aware of new beauty and grooming trends.

Browse through Grand View Research's Beauty & Personal Care Industry Research Reports

Hair Wigs And Extensions Market - The global hair wigs and extensions market size was valued at USD 6.13 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.0% over the forecast period.

Hair And Scalp Care Market - The global hair and scalp care market size was valued at USD 80.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

Hair Accessories Market Segmentation

Grand View Research has segmented the global hair accessories market on the basis of product, distribution channel, and region:

Hair Accessories Product Outlook (Revenue, USD Billion, 2016 - 2028)

• Clips & Pins
• Headbands
• Wigs & Extensions
• Elastics & Ties
• Others

Hair Accessories Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2028)

• Hypermarkets & Supermarkets
• General Stores
• Online

Hair Accessories Regional Outlook (Revenue, USD Billion, 2016 - 2028)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Market Share Insights:

May 2022: H&M Group tested tech-enabled shopping experience for customers in its U.S. locations

January 2022: Claire's Introduced same-day click & collect in the United Kingdom and the United States

Key Companies profiled:

Some prominent players in the global Hair Accessories market include

• Goody Products Inc.
• Claire’s
• Conair Corporation
• H&M
• Forever 21
• Fromm International
• Annie International Inc.
• ERICKSON
• Silke London
• Invisibobble
• Hair Drama Company
• Bunzee Bands
• Riot Accessories LTD
• SwirlyCurly Hair
• SOQ Jewelry
• Creative Findings
• Good Hair Days
• Jennifer Behr

Order a free sample PDF of the Hair Accessories Market Intelligence Study, published by Grand View Research.