Hair Accessories Market Analysis Report By Product, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global hair accessories market size was accounted for USD 20.0 billion, in the year 2018. It is estimated to grow at a CAGR of 15.2% over the forecast period, 2019 to 2025. The changing preference and increasing demand for fashionable and modern products that offer a stylish look to the hairs have supplemented the market growth.  

Leading players are putting their efforts into mechanical manufacturing processes like designing, weaving, washing, and dyeing to enhance the quality of the final hair product to provide a trendy and smooth look to the hair. Producers are keen on using superior quality chemicals and conditioners to retain the natural properties of raw materials used in various hair products. Continuous enhancement in designs and quality of the product is projected to boost the growth of the market.

Wigs and extensions also witnessed a high demand among customers particularly from the U.S, Europe, and Africa. The growing popularity of Halloween and customers' tendency to adopt new looks with curly hairs in these celebrations is attributed to the growth of wigs and extensions. The demand for human hair accessories is also surging among Caucasian customers. The launch of various high-quality accessories for human hair in contrast to artificial materials has augmented the market growth of wigs and extensions.

Clips, headbands, pins and all are being widely used in North America, while wig is more popular in the Asia Pacific region. However, factors like changing fashion and hairstyles, accessibility of many attractive hair accessories, celebrity endorsements, and innovation in the production technology have attracted the customers towards these products. Moreover, the launch of other products like barrettes, headbands, clips, and ties in distinct shapes and trendy looks that goes well with various dresses and occasions have been boosting the hair accessories market growth of such products.

The market growth is also accelerated by the growing influence of magazines, celebrities, and various fashion media. Increasing penetration of popular tutorials, pictures, and videos of various hair accessories and fashionable hairstyles have changed the fashion tastes among the customers. Moreover, accessibility of hair accessories such as decorated and sequenced pins, clips, and bands sold online, and are not regularly available at offline distribution channels, is projected to proliferate the product demand in the market.

Product Insights

Elastics and ties segment led the hair accessories market accounting for 30.0% of market share, in 2018. Continuous product innovation in design, material, and shape is driving the market growth. In the recent past elastics and ties are made up of either rubber or leather, however, with the innovation in manufacturing technology, producers have started producing different textures to facilitate a bulkier effect that goes well with the outfit and supports hair as well. These elastics and ties are highly demanded due to the wide variety, cost-effectiveness, and easy availability. Further, daily application by women for tying their hairs. These are some of the factors which are projected to boost the market growth of elastic and ties.

Wigs and extensions are projected to ascend with the fastest CAGR of 15.5% from 2019 to 2025. These products are widely used by African customers living in Europe and North America to knot their hairs. It’s an essential hair accessory for these customers. Further, the growing use of wigs among customers in South Africa is projected to provide traction to the market growth. Customers are becoming more fashion-conscious and ready to spend on hair grooming accessories that are less damaging for the hairs like wigs and extensions, which are projected to proliferate the growth of the product.

Distribution Channel Insights

The market is led by the general stores accounting for 39.7% market share, in 2018. Consumers prefer using this channel for shopping because of various associated benefits like scanning of the product before customers make purchase decisions, easy accessibility of a wide range of products, instant purchase options, and availability of an associate in the store that guides the customer to select the right product. Furthermore, the general store has tie-ups with various retail stores and beauty parlors that offer a wide range of hair accessories to select from.

The online retail segment is projected to grow the fastest over the forecast period. The increasing penetration of e-commerce websites and the increasing number of smartphone users owing to benefits like online payments and lucrative offers such as cashback are the factors responsible for the growth of this segment. Moreover, consumers can easily get the products at a discounted price directly at their doorsteps. This factor is anticipated to drive the segment growth over the forecast period.

Regional Insights

In 2018, North America was the largest market with a share of 30.0%. Factors such as the presence of African customers in North America with high purchasing power and their requirement for various hair accessories have been supporting the growth of the market. In addition, the growing celebrations like Halloween parties are driving customers’ inclination towards hair accessories products such as headbands, wigs, and extensions, and others, thereby are projected to supplement the market growth over the forecast period.

Europe, MEA, and the Asia Pacific are anticipated to be the fastest-growing regional market for hair accessories over the forecast period. Changing hairstyles and growing fashion trends have surged the demand for stylish hair accessories that suits the outfit. This changing trend is projected to fuel market growth in the coming years.  

Hair Accessories Market Share Insights

Leading players in this industry include LATADA; Goody Products Inc.; Hairline Illusions; Claires; Diana Enterprise North America Inc.; Conair Corporation; and J&D Beauty Products. Key players are putting their efforts into the launch of new products having trendy designs, shapes, and high-quality material that fits the customers changing preferences. Ties and elastics are the most demanded products owing to continuous innovation as they are used daily by women. Companies are coming up with various innovative products in various colors and designs such as scrunchies that fit with a thin and thick texture, wired elastics, and sip proof and non-greasy ties. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global hair accessories market report based on product, distribution channel, and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Clips & Pins
    • Head Bands
    • Wigs & Extensions
    • Elastics & Ties
    • Others

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Supermarket & Hypermarkets
    • General Stores
    • Online

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
    • Middle East & Africa (MEA)
        • South Africa