Market Scope
Market Research Future (MRFR) confirms that the hair and nail accessories market can reach an approximate valuation of USD 36.2 Billion by the year 2027. The global market is also touted to capture a decent growth rate of 6.9% between 2020 and 2027 (analysis period).
Prominent Drivers and Impediments
Consumers are growing aware about nail and hair grooming and are therefore, shifting their focus towards the latest fashionable and stylish products that offer a trendy look. Other than ties, elastics and nail embellishments, wigs as well as extensions have become highly sought-after accessories, especially among African consumers living in the US and Europe. The global market is given a strong boost from these consumers who have curly hair while the prevalence of Halloween parties and similar occasions also foster business growth. Asians account for a smaller portion of the worldwide market but the innovations in manufacturing technologies, emergence of new fashion trends and availability of different attractive products in the region ensure favorable prospects for the nail and hair accessories industry.
The expanding retail industry and the rising popularity of several e-commerce sites should be a lucrative opportunity for the major companies in the global market. Various firms are opting to sell their products on online shopping sites since these render lower costs in comparison to conventional retail outlets. E-commerce allows organizations to reach to a bigger customer base, which results in considerable brand awareness. In short, the soaring prevalence of online shopping channels among consumers will translate into substantial revenue generation in the ensuing years.
Segmental Review
The global industry for hair and nail accessories can be categorized into product type and distribution channel.
Nail accessories and hair accessories are the key product types studied in the MRFR report. The leading spot belongs to the hair accessories segment, with the demand for hair jewelry, elastics & ties, barrettes & clips, headbands & turbans, and more augmenting at a stellar pace across the globe. However, the biggest market is that of hair jewelry, which can also project the fastest growth over the coming years, since more and more women are including these in their daily routines.
Store-based and non-store based are the major distribution channels highlighted in the MRFR market study. The top position has been taken by the store-based segment since the sales of nail and hair accessories are witnessed mostly in store-based retails. Some of the key store-based channels are specialty stores, supermarkets & hypermarkets, and others. Between these, the specialty stores segment seized the highest position in the year 2019.
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Regional Status
The hair and nail accessories industry has been geographically split into APAC or Asia Pacific, North America, Europe, along with rest of the world (ROW).
Asia Pacific remains the most profitable market for hair & nail accessories and also presents a host of lucrative opportunities to global manufacturers. The population is increasingly following the latest global fashion trends, with China and India housing a vast customer base for hair and nail accessories. Rising urbanization rate, surging disposable income, and enhanced purchasing power of the consumers on these accessories can culminate into substantial revenues over the conjectured period. The heightened focus of the youth on making style statements that complement their looks is the latest trend in the APAC market.
North America has secured a high position in the global market, thanks to the massive customer base in the region widely interested in fashion accessories. The US market has taken the lead in the region, since the demand for nail and hair accessories in the country is quite robust in view of the thriving fashion industry. The rapid innovations in these accessories by the huge number of renowned firms in the region also bolster the sales. The market size is further enhanced by the surge in promotional and advertising activities that aim to capture the attention of a higher number of consumers. Most of these advertisements try to spark the interest of certain age groups, including adolescents and even elderly women. The introduction of new types of hair and nail accessories in the region also elevate the interest of the consumers in the region.
Europe is majorly influenced by the flourishing fashion media as well as magazines, which pushes the sales of hair and nail accessories such as barrettes, headbands and clips. Other growth favoring factor can be the emergence of various tutorials, pictures and videos of trendy hair and nail accessories that influence the tastes of the consumers. High availability of a variety of products like ornamented and sequenced pins, nail kits, clips and bands on online shopping websites also ensure that the market share in the region continues to grow in the upcoming years.
Affluent Vendors
Incoco Products (US), Valet Studio (Australia), MISA Los Angeles (US), DONNI (US), Goody Products Inc. (US), Lele Sadoughi (US), Jennifer Behr (US), LELET NY (US), Novità Hair Accessories (Greece), Conair Corporation (US), Claire's Inc. (US), Ciaté London (UK), Gershion (China), KISS Products Inc. (US), Coty Inc. (US), are the major vendors in the hair and nail accessories industry.
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.
