Global Hair Accessories Market By distribution channel (general stores, online, and Supermarkets & Hypermarkets), By product (Elastics & Ties, Wigs & Extensions, Clips & Pins, Headbands, and Other Products), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Hair Accessories Market
Market Report Description
The Global Hair Accessories Market size is expected to reach $25.9 billion by 2027, rising at a market growth of 9.6% CAGR during the forecast period.
Hair accessories are made up of materials like plastic, wood, and metals, which are decorated by using threads, ribbons, or nets and are embedded with stones, pearl glitters, among others. In comparison to women's hair accessories, men have comparatively less options in the market since their options are limited to hair elastics, headbands, bandanas, Alice bands, and bobby pins.
Factors like an increasing preference for fashionable or trendy products serving utility purposes along with trying out trendy hairdo are estimated to propel the growth of the hair accessories market over the forecast period. In addition, swift development in the advanced production technologies, the prevalence of various fashion trends & hairstyles, and the high accessibility of attractive accessories would attract more customers to invest in it and hence, fuel the growth of the market. Also, the launch of various products like ties, barrettes, clips, and headbands having trendy materials, designs, and shapes that are functional as well as fashionable would augment the growth of the hair accessories market in the upcoming years.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has disrupted the global supply chain of various goods. Companies across the world have witnessed a decline in sales and revenue due to various restrictions like complete lockdown, the temporary ban on manufacturing units, and restrictions on imports & exports. China is among the key suppliers of raw materials for the production of different kinds of hair accessories and several key manufacturers have been dependent on China for the same purpose. But, since the onset of the virus was in China, many governments have stopped trading across borders with China.
Due to this, many hair accessories companies have to reduce or stop their production, which ultimately affected the growth of the hair accessories market. Thus, the COVID-19 pandemic has negatively impacted the demand and growth of the hair accessories market across the world.
Market Growth Factors:
A growing fashion trend among Millennials and Gen Z
Millennials and Gen Z are highly influenced by film stars and other celebrities and they are more eager to try out the look of their favorite celebrities, which is motivating them to spend more on trendy hair accessories. Along with that, they are majorly investing in making a style statement from their appearance that makes them look more fashionable. Due to this, the demand for various fashion products including hair accessories is increasing across the world.
Rising disposable income of consumers
Increasing consumer disposable income is enabling people to spend on various apparel, fashion, and accessories. Along with that, the rising population of working women is contributing to the market growth as they spend a huge amount on these fashionable accessories. This would further propel the growth of the hair accessories market during the forecast period. In addition, the trend of showing off luxurious pictures on social media platforms would also augment the growth of the market.
Marketing Restraining Factor:
Possibilities of hair damage
Using hair accessories can increase the risk of hair damage. Hairpins and rubber bands are the most commonly used hair accessories across the world, but these accessories can lead to hair fall as hair can be entangled. Along with that, the usage of wrong accessories can lead to damaged hair and result in massive hair fall. It is important for a person to understand their hair type and then choose a hair accessory that can fit their hair type.
Distribution Channel Outlook
Based on distribution channels, the hair accessories market is fragmented into hypermarkets & supermarkets, general stores, and online. Among all, the general stores segment garnered the highest revenue share in 2020 and is estimated to continue this trend over the forecast period. This growth is attributed to the increasing inclination of consumers towards buying hair accessories from general stores. These general stores consist of small-to-large neighborhood stores.
Product Type Outlook
On the basis of product type, the hair accessories market is segmented into clips & pins, headbands, wigs & extensions, elastics & ties, and others. Among these, the elastics and ties segment dominated the hair accessories market with the highest revenue share in 2020 and is projected to continue this trend during the forecast period. It is due to the high accessibility of a broad variety of products with different shapes, designs, and materials.
|Market size value in 2020||USD 14.4 Billion|
|Market size forecast in 2027||USD 25.9 billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 9.6% from 2021 to 2027|
|Number of Pages||150|
|Number of Tables||280|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Distribution Channel, Product, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the hair accessories market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific emerged as the prominent region in the hair accessories market with the maximum revenue share in 2020. It is due to the growing population of working women across emerging nations like China and India.
Free Valuable Insights: Global Hair Accessories Market size to reach USD 25.9 billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Forever 21, Inc., Fromm International, Annie International, Inc., The Finest Accessories, Inc., SILKE London, Invisibobble, SwirlyCurly Hair, H&M Group, Conair LLC (American Securities), and Good Hair Day (Coty).
Recent Strategies Deployed in Hair Accessories Market
- Aug-2021: Invisibobble launched its latest brand collaboration following the Crayola. This four-piece collection involves HairHalo, two-piece Sprunchie multipack, Bowtique, and five-piece Original Traceless Hair Ring multipack, each item referencing the artistic style of the character it showcases.
- Jun-2021: Invisibobble entered into a partnership with Crayola. This partnership aimed to introduce unique product design, material, and technology, which makes up the invisibobble DNA is coupled with Crayola's nostalgic and colorful feel.
- Jun-2021: Forever 21 came into a partnership with Hudson's Bay, a Canadian luxury goods department store chain. Under this partnership, Forever 21 would have full-line collections available at select Hudson's Bay locations. This offering is available at two physical locations, with an expansion across stores in Canada to attract more millennial and Gen Z shoppers.
- Apr-2021: H&M came into a partnership with Zalora, the leading name in online fashion. This partnership aimed to expand its market presence across Malaysia, the Philippines, Singapore, and Indonesia.
- Oct-2020: H&M expanded its geographical presence by launching an online store in Australia at hm.com. Through this launch, Australian users would get access to quality clothing at the best price, manufactured in a sustainable way with the simple click of a button.
- Sep-2020: GHD launched Platinum + Styler, the world's first predictive straightener. This straightener considers the thickness or thinness of a person's hair to determine the amount of power it requires to get their hair straight and manage the ideal 365-degree styling temperature.
- Jul-2020: GHD released three new ghd professional attachments, which can be used with ghd's best-selling helios hairdryer. These three new accessories are apt for personalizing the customers' helios hairdryer to make it appropriate for every hair type.
- Nov-2019: Conair introduced a new cordless curling device, the first of three cordless products. This device is developed to reach Gen Z and young millennial consumers. The curler, named Unbound Cordless Auto Curler, would be followed up by the release of a 2-in-1 styler and a straightener. These products would be available on the company's partners such as Ulta, CVS, Best Buy, and Amazon.
- Mar-2019: H&M India entered into an agreement with Myntra and Jabong. This agreement would help the company to support its prevailing physical and digital stores in India.
- Oct-2018: Conair introduced a collection of hair accessories. This collection has 40 pieces that combine Sariñana's laid back, California style with Scünci's expertise for an assortment of faux leather & velvet scrunchies in hues of pink, burgundy, and black; brass and glittered pins; metallic & rhinestone-studded clips & barrettes; and headbands made of silks, velvets, and metals.
- Oct-2018: H&M partnered with Klarna, a Swedish fintech company. This partnership aimed to combine H&M’s digital and physical stores to provide customers an effortless, customized, and engaging shopping experience no matter where, when, and how they shop.
- Dec-2017: H&M Group extended its collaboration with Alibaba Group, a Chinese multinational technology company. This collaboration aimed to make H&M even more accessible in mainland China and complement its existing physical and digital stores.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- General Stores
- Supermarkets & Hypermarkets
- Elastics & Ties
- Wigs & Extensions
- Clips & Pins
- Other Products
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Forever 21, Inc.
- Fromm International
- Annie International, Inc.
- The Finest Accessories, Inc.
- SILKE London
- SwirlyCurly Hair
- H&M Group
- Conair LLC (American Securities)
- Good Hair Day (Coty)
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How valuable will the hair accessories market be in the future?
The global hair accessories market size is expected to reach $25.9 billion by 2027.
What are the key driving factors and challenges in the hair accessories market?
A growing fashion trend among Millennials and Gen Z are driving the market in coming years, however, possibilities of hair damage limited the growth of the market.
What are the major top companies in the competitive landscape?
Forever 21, Inc., Fromm International, Annie International, Inc., The Finest Accessories, Inc., SILKE London, Invisibobble, SwirlyCurly Hair, H&M Group, Conair LLC (American Securities), and Good Hair Day (Coty).
At what CAGR is the hair accessories market estimate to grow in the forecast period?
The expected CAGR of the hair accessories market is 9.6% from 2021 to 2027.