New York, United States, April 11, 2024 (GLOBE NEWSWIRE) -- Hair gives an appearance that is radiant, healthy, and well-groomed. People experiment with various hairstyles and accessories in an effort to improve their appearance. There are now more options for hair accessories than just bands and pins. The majority of consumers of hair accessories are women, who have access to an extensive assortment of options. Companies are investing money into automated processes for weaving, dyeing, designing, and washing to improve the raw materials quality and the appearance of various hair accessories. Manufacturers utilize high-quality conditioners and chemicals to preserve the quality of the raw material used in various products, particularly wigs and extensions.
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Growing Trend of Hair Accessories Drives the Global Market
Hair accessories such as bows, clips, barrettes, scrunchies, headbands, and hair scarves are available today. Social influencers, celebrities, movie stars, and fashion designers have been setting new and innovative hairstyling trends, influencing consumers worldwide. Pearl hair clips and velvet hair ribbons are two popular hair accessories on the market. Moreover, social media, street fashion, and the selfie culture drive these trends. Influencers on social media such as Facebook, Pinterest, and Instagram have the power to build or destroy a brand, leading businesses to pay thousands of dollars or more for a single product post on an influencer's page.
According to a December 2019 Edelman survey, 63% of the 18-to 34-year-old demographic trusts the opinions of influencers about brands more than brand advertisements. As a result, companies in this market have been seen spending more on the right advertising and promotional strategy. The rising trend of human hair wigs and extensions has also driven the market over the years, with products such as headband wigs, T-Part wigs, chunky highlights, and layered wigs boosting the market.
Increasing Purchasing Power of Consumers Creates Tremendous Opportunities
The popularity of hair accessories has been steadily increasing over the years. Due to their affordability, these products have become a fashion statement for consumers from various economic backgrounds. Young urban consumers are showcasing their individuality by utilizing a diverse range of hair accessories. Globalization has exerted a significant impact on young consumers' preferences and purchasing habits, thereby opening up avenues for international brands to thrive. Moreover, international films, television programs, and social media further propel the global acceptance of hair accessories.
Another factor driving market expansion is the growing purchasing power of consumers in developing countries like China and India. Due to a growing awareness of brands, millennials are increasingly choosing international brands. Moreover, parents from the millennial generation are increasingly allocating greater amounts of money towards embellishing their children. Consequently, there has been a steady increase in the demand for various children's fashion items such as sunglasses, watches, bags, and hair accessories.
Regional Analysis
Asia-Pacific is the most significant global hair accessories market shareholder and is anticipated to exhibit a CAGR of 8.40% during the forecast period. The rising number of working women, particularly in the corporate and fashion sectors, has fueled demand for hair accessories in developing countries such as India, Indonesia, and China. According to BRINK News, there were 49.8% of working women in Asia in March 2019, with the majority (63.3%) residing in East Asia. This increase in female labor force participation and rising purchasing power have fueled demand for various grooming products, including hair accessories.
Medical patients are another potential end-user group for hair accessories, specifically wigs and extensions. Patients undergoing chemotherapy and radiation for cancer treatment experience significant hair loss. Other immune disorders, such as a lack of protein in the diet and alopecia, can also cause extensive hair loss, which will drive the demand for wigs and hair extensions in the coming years.
Key Highlights
- The global hair accessories market revenue was valued at USD 20.32 billion in 2022. It is estimated to reach USD 38.22 billion by 2031, growing at a CAGR of 7.50% over the forecast period (2023–2031).
- Based on product, the global hair accessories market is segmented into clips and pins, headbands, wigs and extensions, elastics and ties, and others. The elastics and ties segment dominates the global market and is predicted to exhibit a CAGR of 7.80% during the forecast period.
- Based on distribution channels, the global hair accessories market is divided into supermarkets and hypermarkets, general stores, and online. The general stores segment owns the highest market share and is estimated to grow at a CAGR of 7.40% during the forecast period.
- Asia-Pacific is the most significant global hair accessories market shareholder and is anticipated to exhibit a CAGR of 8.40% during the forecast period.
Competitive Players
Key companies in the global hair accessories market are Goody Products Inc.; Claire's; LATADA; H&M, Forever 21, Conair Corporation, Lele Sadoughi, Fromm International, Silke London, Invisibobble, PuffCuff LLC, Hair Drama Company, Annie International Inc., L. ERICKSON, Bunzee Bands, Riot Accessories LTD, SOQ Jewelry, Creative Findings, LLC, Good Hair Days, and Jennifer Behr.
Market News
- In December 2023, the new "Zara Hair" line of hair care products is Zara's foray into the hair care industry, created in tandem with hairstylist Guido Palau. Gold gel, glitter spray, bobby pins, and combs are all part of the set, which retails for USD 49.90 USD.
Global Hair Accessories Market: Segmentation
By Product
- Clips and Pins
- Head Bands
- Wigs and Extensions
- Elastics and Ties
- Others
By Distribution Channel
- Online
- Supermarkets and Hypermarkets
- General Stores
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
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