Impact Study of COVID-19 on the Hair Accessories Market | Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends | Grand View Research, Inc.
According to a new report released by Grand View Research, growth in the hair accessories market is attributed to an increasing preference for fashionable products that serve utility while providing a trendy look to the hairstyle.
The Global hair accessories market the size should reach $31.6 billion by 2028according to a new report from Grand View Research, Inc. The market is expected to grow at a 7.7% CAGR from 2021 to 2028. The growth of the market is attributed to an increasing preference for fashionable products that serve utility and give a trendy look to hairstyles which is expected to drive the market throughout the forecast period.
Well-groomed hair can improve a person’s overall physical appearance. Over the past few years, people have been paying close attention to their hair care and styling routines because hair plays such a crucial role in self-perception. Lately, hair accessories have become popular among all ages and income groups, and styles can range from schoolgirl basics to catwalk fashion. The availability of high-end, budget-friendly hair accessories has also boosted demand and adoption of the products.
Hair bands and ties segment dominated the market and accounted for the major share of total revenue in 2020. Hair bands and ties have always been popular as they are indispensable in daily life for women to manage their hair . These products will continue to dominate the global market due to their easy availability, relatively low price and wide variety. Brands such as Claire’s and Conair Corporation offer a wide range of rubber bands and fasteners.
General stores have emerged as the largest segment in 2020 as they are the most popular distribution channels among consumers for purchasing hair accessories due to the convenience and easy availability of multiple brands. These stores are primarily located in densely populated, high-traffic areas and offer a moderate selection of hair-related products in response to growing consumer demand for products such as hairpins and clips, headbands, hair ties and ties.
Asia-Pacific dominated the market and generated the highest contribution of sales to market revenue in 2020. The growing number of working women, especially in the corporate sector and fashion industry, coupled with the increase in consumer purchasing power, has stimulated the demand for hair accessories. in developing countries in the region, such as India, Indonesia and China.
The market players face fierce competition from each other as some of them are among the leading manufacturers of hair accessories and have a large customer base. The major players in the global market include a combination of a few established players and numerous start-ups such as Goody Products Inc., Claire’s, Conair Corporation and H&M.
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Highlights of the Hair Accessories Market Report
• Asia Pacific should record fastest 8.6% CAGR from 2021 to 2028 due to an increasing number of new product launches and increasing consumer purchasing power
• the elastic segment and links represented the largest revenue share in 2020 and should extend to a 8.0% CAGR since they serve as a daily essential for women to manage their hair
• the general stores distribution channel segment represented the highest revenue share of 47.8% in 2020 and should record a 7.6% CAGR over the forecast period, as general stores offer significant benefits to consumers, such as freedom of choice, lower prices and high visibility of international brands.
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Segmentation of the hair accessories market
Grand View Research has segmented the global hair accessories market based on product, distribution channel, and region:
Hair Accessories Outlook (Revenue, USD Million, 2016 – 2027)
• Wigs and extensions
• Elastics and ties
Hair Accessories Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2028)
• Hypermarkets and supermarkets
• General stores
• In line
Hair Accessories Regional Outlook (Revenue, USD Billion, 2016 – 2028)
• North America
• United States
• Great Britain
• Asia Pacific
• Central and South America
• Middle East and Africa
• South Africa
List of Key Players in the Hair Accessories Market
• Goody Products Inc.
• Conair Corporation
• forever 21
• Fromm International
• Annie International Inc.
• London silk
• Capillary theater company
• Bunzee Bands
• LTD Riot Accessories
• SwirlyCurly Hair
• SOQ jewelry
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About Grand View Research
Grand View Research is a market research and consulting firm based in the United States and India. It is headquartered in San Francisco. We provide business information, syndicated research reports, and custom research reports to large as well as small and medium sized businesses. Our database contains thousands of in-depth statistics and analysis on over 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional and global business environment.
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