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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.
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.
Elastics and ties accounted for the largest share of above 30.0% in 2018.
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.
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.
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 Beauty Products; Goody Products Inc.; Claires; LATADA; Conair Corporation; Diana Enterprise North America Inc.; and Hairline Illusions, to name a few.
