The global hair accessories market size was valued at USD 17.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028. The market is expected to expand at a CAGR of The market growth is attributed to a rising preference for fashionable products that serve the purpose of utility as well as give a trendy look to the hairdo. The COVID-19 pandemic has had an adverse effect on the market. The early onslaught of the pandemic disrupted the market in worst-hit countries such as India, Brazil, and Italy.
Rapid development in production technologies, evolving fashion trends, and hairstyles, and the availability of various attractive accessories have driven consumers to purchase hair accessories. The introduction of products such as clips, barrettes, ties, and headbands in trendy designs, materials, and shapes that are functional, and fashionable has also been spurring the growth of the market for hair accessories.
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.
