Hair Accessories Market: School-Going Girls Is Expected To Drive Their Demand During The Forecast Period

 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.

The elastics and ties segment led the market and accounted for the leading share of the total revenue in 2020. Hair elastics and ties have always been popular since they serve as a daily essential for women to manage their hair. These products will continue to lead the global market due to their easy availability, relatively lower price, and wide variety. Brands such as Claire’s and Conair Corporation offer a wide range of elastics and ties.

General stores emerged as the largest segment in 2020 as they are the most popular distribution channels among consumers for the purchase of hair accessories due to the convenience and easy availability of multiple brands. These stores are mostly located in densely populated areas with high footfall and offer a moderate selection of hair-associated products in response to growing consumer demand for products such as hairpins and clips, headbands, and elastics and ties.

Asia Pacific dominated the market and generated the highest contribution of sales to the market revenue in 2020. The increasing number of working women, especially in the corporate sector and fashion industry, coupled with the rising spending power of consumers has driven the demand for hair accessories in developing countries across the region, such as India, Indonesia, and China.

The market players face stiff competition from each other as some of them are among the top hair accessories manufacturers and have a large customer base. Major players in the global market include a combination of a few established players and many start-ups such as Goody Products inc., Claire’s, Conair Corporation, and H&M.


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. General stores include small-to-large neighborhood stores.

  • 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.

 

Hair Accessories Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin 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.

Recent Developments

  • In January 2022, Claire's Introduced same-day click & collect in the United Kingdom and the United States
  • In May 2022, H&M Group tested tech-enabled shopping experience for customers in its U.S. locations

 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
  • 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.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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