The global hair accessories market size is expected to reach $31.6 billion by 2028 and is predicted to expand at a CAGR of 7.7% from 2021 to 2028, according to a new study.
Research & Markets attributes this strong market growth to a rising preference for fashionable products that serve the purpose of utility, as well as a desire among consumers to look trendy.
States the Research & Markets report: “Over the past few years, people have been paying significant attention to their hair care and styling routines, as hair plays a crucial role in self-perception. Lately, hair accessories have become popular among all ages and income groups, and styles can range from schoolgirl staples to runway fashion. The availability of both premium and budget-friendly hair accessories has also boosted product demand and uptake.” The elastics and ties segment led the market and accounted for the leading share of the total revenue in 2020. Hair elastics and ties have always been popular since they serve as a daily essential for women to manage their hair. These products will continue to lead the global market due to their easy availability, relatively lower price, and wide variety.
General stores emerged as the largest segment in 2020 as they are the most popular distribution channels among consumers for the purchase of hair accessories due to the convenience and easy availability of multiple brands. These stores are mostly located in densely populated areas with high footfall and offer a moderate selection of hair-associated products in response to growing consumer demand for products such as hairpins and clips, headbands, and elastics and ties. Asia Pacific dominated the market and generated the highest contribution of sales to the market revenue in 2020. The increasing number of working women, especially in the corporate sector and fashion industry, coupled with the rising spending power of consumers has driven the demand for hair accessories in developing countries across the region, such as India, Indonesia, and China. The market players face stiff competition from each other as some of them are among the top hair accessories manufacturers and have a large customer base.