The global hair accessories market size is projected to touch USD 53.6 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 15.2% from 2019 to 2025. The market growth is driven by rising consciousness for hair grooming and growing inclination towards fashionable and trendy hair accessories that provides a classy look to hairs.
The growing influence of magazines and fashion media has supplemented the growth of the market. Moreover, growing popularity, celebrity endorsements and accessibility of fashionable videos, pictures and tutorials of trendy hairstyles and fashionable hair accessories have developed a new fashion taste in the customers. Also, increasing the online sales of several hair accessories such as ornamented and sequenced pins, clips and bands which are generally not sold through offline channels are projected to accelerate the demand for the product.
Wigs and extensions are one of the most demanded accessories among African customers residing in Europe and the U.S. The growth is augmented by customer’s preference to give hairs a crinkled and curly look and growing popularity of celebrations like Halloween. Wigs are generally used by customers in Asia pacific to prevent hair loss. However, factors such as innovation in the manufacturing technology, availability of attractive hair accessories, and growing trends and fashionable hairstyles are also driving the market.
Elastics and ties held the largest share of 30.0%, in the year 2018. Continuous product innovation on account of design, materials and shapes are proliferating the market growth. Earlier elastics were made up of rubber or leather, but the innovation in manufacturing technology, which has allowed producers to use different textures to provide a bulkier effect that suits the outfit and supports the hair as well. On the other hand, wigs and extensions are projected to ascend with the fastest CAGR of 15.5% from 2019 to 2025. The market growth is boosted by African customers residing in South Africa as well as other regions who use these products daily to knot their hairs.
General stores let the distribution channel by a share of 39.7%, in the year 2018. People prefer using this segment due to several benefits like prior scanning of the product before purchase, availability of wide ranges, instant buying option and availability of associate that guides customers in the selection of the right product. Further, general stores have tie-ups with various retail outlets and beauty shops that provide a wide range of hair accessories to make a purchase decision.
The market is projected to grow significantly owing to increasing demand in regions such as Europe, MEA and Asia Pacific. Growing trends and changing fashionable hairstyles have surged the demand for stylish hair accessories that goes well with the outfit. This trend is projected to support market growth in the coming years.
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Further key findings from the report suggest:
• The global hair accessories market is projected to grow with a CAGR of 15.2% over the forecast period, thereby touching USD 53.6 billion by the end of 2025.
• Elastics and ties held the largest market share of 30.0% in the year 2018 owing to continuous product innovation in terms of shapes, materials and designs.
• Wigs and extensions are anticipated to ascend with the fastest CAGR of 15.5% from 2019 to 2025.
• North America was the largest market with a share of 30.0% in the year 2018 due to rising demand from the African customers residing in the region.
• Key players in this industry include LATADA; Goody Products Inc.; Hairline Illusions; Claires; Diana Enterprise North America Inc.; Conair Corporation; and J&D Beauty Products.
Million Insights has segmented the global hair accessories market based on product, distribution channel, and region:
Hair Accessories Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Clips & Pins
• Head Bands
• Wigs & Extensions
• Elastics & Ties
Hair Accessories Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Supermarkets & Hypermarkets
• General Stores
Hair Accessories Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• South Africa