The global hair accessories market size is expected to reach USD 53.6 billion by 2025, according to a new report by Radiant Insights, Inc., expanding at a CAGR of 15.2% over the forecast period. Growing awareness about hair grooming and rising preference for fashionable products that serve the purpose of utility as well as give a trendy look.
Influence of fashion media and magazines have fueled the market growth. Increasing popularity and availability of videos, tutorials, and pictures of trendy hairstyles and hair accessories have evolved the fashion tastes among the consumers, which, in turn, is expected to propel the market growth. Furthermore, availability of various hair products such as sequenced and ornamented pins, bands, and clips on e-commerce websites, which are usually not available offline, is expected to drive the demand for the market.
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Apart from elastics and ties, wigs and extensions are one of the trending accessories, especially among the African descendants, in U.S. and Europe. The growth is attributed to increased demand among these consumers due to their curly and crinkled hair and popularity of Halloween celebrations.Asian consumers accounted for a relatively smaller proportion in the global market as they generally use wigs to cover their hair loss. However, due to rapid development in the production technology, evolving fashion trends and hairstyles and availability of various attractive accessories have driven the consumers towards significant acceptance of this market.
Elastics and ties accounted for the largest share of above 30.0% in 2018. The market growth is attributed to continuous product development in terms of designs, shapes, and materials. Earlier these products were either available in leather or rubber material, but with the improvement in production technology, manufacturers have started developing products with different fabrics to create a bulkier effect that support the hair as well accessorize the outfit.
Wigs and extensions are expected to expand at the highest CAGR of 15.5% over the forecast period. The hair accessories market growth is attributed to high consumption among the African descendants residing in North America and Europe, who use these products as an essential hair accessory due to their knotted hair. Moreover, consumers in South Africa are expected to contribute to the market demand.
General stores accounted for the largest share of 39.7% in 2018. This segment is popular owing to its benefits such as scanning the product before purchase that influences consumer's buying decision, easy availability of a wide variety of products, presence of an in-store associate who helps them choose the right product, and instant buying of the product. General stores refer to various local beauty shops and retail stores that offer a number of hair accessory products to choose from.
Regions such as Asia Pacific, Europe, and MEA are expected to significantly contribute to the market growth over the forecast period. Evolving fashion trends and changing style statements among the consumers have increased the demand for hair accessories to complement their outfit. This trend is expected to contribute to the growth of the market in the near future.
Further key findings from the report suggest:
• The global hair accessories market is expected to expand at a CAGR of 15.2% from 2018 to 2025, thereby reaching a value of USD 53.6 billion by 2025
• By product, elastics and ties accounted for the largest share of above 30.0% in 2018 due to continuous product development in terms of designs, shapes, and materials
• Wigs and extensions are expected to register the highest CAGR of 15.5% over the forecast period
• North America accounted for the largest share of above 30.0% in 2018 owing to increasing demand from the African descendants residing in U.S.
• Key players operating in this market are J&D Beauty Products; Goody Products Inc.; Claires; LATADA; Conair Corporation; Diana Enterprise North America Inc.; and Hairline Illusions, to name a few.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR's Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Hair Accessories Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis - Porter's
3.5.1.1. Supplier Power
3.5.1.2. Buyer Power
3.5.1.3. Substitution Threat
3.5.1.4. Threat from New Entrant
3.5.1.5. Competitive Rivalry
3.6. Roadmap of Hair Accessories Market
3.7. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
Continued…
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