Hair Accessories Market

Market Overview

The global hair accessories market revenue was valued at USD 20.32 billion in 2022. It is estimated to reach USD 38.22 billion by 2031, growing at a CAGR of 7.50% over the forecast period (2023–2031). The increasing popularity of human hair wigs and extensions has significantly influenced the market, with the introduction of various products like headband wigs, T-Part wigs, chunky highlights, and layered wigs contributing to its growth.

A person's hair is crucial to improving their appearance. An appearance that is healthy, shining and well-groomed is enhanced by hair. People care for their hair, experiment with various hairstyles, and accessorize to look good. Bands and pins are no longer the only available hair accessories. A vast selection of hair accessories is available for women, who comprise the majority of hair accessories buyers.

Businesses are investing money into automated weaving, dyeing, designing, and washing processes to raise the standard of raw materials and improve the visual appeal of different hair accessories. In order to maintain the quality of the raw material for various products, especially wigs and extensions, manufacturers use premium conditioners and chemicals.

Market Dynamics

Global Hair Accessories Market Drivers

Growing Trend of Hair Accessories

Various hair accessories, such as bows, clips, barrettes, scrunchies, headbands, and hair scarves, are available today. Social influencers, celebrities, movie stars, and fashion designers have been setting new and innovative hairstyling trends, influencing consumers worldwide. Pearl hair clips and velvet hair ribbons are among the trending accessories in the market today. Moreover, social media, street styles, and the selfie culture drive these trends. Influencers on social media platforms like Facebook, Pinterest, and Instagram have the power to build or destroy a brand, leading businesses to pay thousands of dollars or more for a single product post on an influencer's page.

As per a December 2019 Edelman survey, 63% of the 18-to 34-year-old demographic places greater trust in the opinions of influencers about brands than they do in brand advertisements. As a result, companies in this market have been seen spending more on the right advertising and promotional strategy. The rising trend of human hair wigs and extensions has also driven the market over the years, with products such as headband wigs, T-Part wigs, chunky highlights, and layered wigs boosting the market.

Increasing Spending Capability of Women

The increased spending capability of women due to their rising disposable incomes is a major factor triggering the sales of grooming products, including hair accessories. Another factor contributing to this trend is the rise in the proportion of working women, which has increased disposable money, particularly in developing nations in the Middle East and Africa, Central and South America, and Asia-Pacific. Working women spend a significant part of their income on personal care and grooming products. Therefore, the growing participation of women in the workforce in developing regions has been widening the growth opportunity for hair accessories.

Furthermore, consumers in emerging economies such as China, India, Mexico, South Africa, and Brazil have witnessed a major shift in purchasing behavior and habits. Rapid industrialization and urbanization, as well as the growth of the middle class in the countries mentioned above, have resulted in changing lifestyles and increased expenditure on beauty and personal care goods. This trend will likely bode well for the hair accessories market over the forecast period.

Global Hair Accessories Market Restraint

High Prevalence of Counterfeit Products and Unorganized Players

The global beauty and personal care sector has witnessed rapid growth over the past decade, even more robust than many fast-moving consumer goods (FMCG), which has earned great revenue for traditional and new brands. Given the vast financial opportunities in the global beauty and personal care market, there is parallel growth in counterfeit beauty products, which has emerged as a considerable industry. Similar is the case with most hair accessories. Many hair accessories market is unorganized, ranging from small mom-and-pop stores to street market players.

Counterfeiting continues to threaten the demand for premium hair accessories worldwide. It is most prevalent in major developing countries in Asian markets, with a vast consumer base for such products, particularly in India and China. The high prevalence of counterfeit products in these countries is among the biggest concerns for premium brands operating in the region, as such practices have the potential to cause brand dilution. In these countries, there is a high prevalence of duplication or replication of packaging and designing, posing a serious risk to the growth of the premium hair accessories market in recent years.

Global Hair Accessories Market Opportunities

Increasing Purchasing Power of Consumers

Hair accessories have been gaining traction over the years. These products have become a fashion statement for consumers of all economic backgrounds owing to their affordability. Young urban consumers are expressing their uniqueness through various hair accessories. Globalization has influenced young consumers' tastes and consumption patterns and created opportunities for international brands. Moreover, international movies, television shows, and social media are also fueling the adoption of hair accessories among consumers worldwide.

Another factor driving market expansion is the growing purchasing power of consumers in developing countries like China and India. Millennials are increasingly opting for international brands owing to rising brand awareness. Furthermore, millennial parents are spending more and more on accessorizing their children. As a result, the demand for children's fashion products, including sunglasses, watches, bags, and hair accessories, has been rising over the years.

Hair wigs and extensions are also gaining traction among consumers suffering from hair loss and entertainment professionals. The rapid adoption of e-commerce has widened the opportunity for manufacturers. Both emerging hair accessory startups and established companies cater to a diverse global consumer base. These online platforms allow consumers to buy various products, including wigs, extensions, clips, pins, headbands, and elastics and ties. Such increasing purchasing power of consumers provides market growth opportunities.

Regional Analysis

Region-wise, the global hair accessories market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global hair accessories market shareholder and is anticipated to exhibit a CAGR of 8.40% during the forecast period. In developing nations like India, Indonesia, and China, the demand for hair accessories has been fuelled by the rising number of working women, particularly in the corporate and fashion sectors. BRINK News reported that in March 2019, there were 49.8% of working women in Asia, with a large proportion living in East Asia (63.3%). This increase in women in the workforce, coupled with the rising spending power, has propelled spending on a range of grooming products, including hair accessories.

Medical patients form another potential end-use group for hair accessories, specifically wigs and extensions. Patients who undergo chemotherapy and radiation for cancer treatment suffer from ample hair loss. Other immunity disorders, such as lack of protein in diet and alopecia, can also lead to extensive hair loss, which is expected to drive the uptake of wigs and hair extensions in the coming years.

North America is expected to exhibit a CAGR of 7.10% during the forecast period. The rising preference for sophisticated, trendy, and eye-catching accessories as a matter of self-confidence, especially among working women consumers, is expected to boost the demand for hair accessories in the region. According to data from the World Bank, in 2019, more than 46.28% of the female population in North America was employed. The growing working population has boosted the purchasing power of females, which has increased the expenditure on products that enhance one's physical appearance; this is projected to fuel the market for hair accessories in North America during the forecast period. Moreover, changing consumer preferences and the growing desire for contemporary and sophisticated products such as hair clips, pins, and bands that give hair a stylish look are also aiding the expansion of the hair accessories market in North America.

In Europe, the demand for hair accessories such as hair clips, pins, and ties to match clothing has increased due to shifting fashion trends and customer style preferences. This tendency will support the expansion of the hair accessory market in Europe over the forecast period. The use of hair accessories as a part of the uniform by girls going to school and the inclusion of hair accessories like elastics and ties by working women to complement their formal dresses are driving the sale of hair accessories in Europe. According to information released by Eurostat, the employment rate for women in the European Union (EU) between the ages of 20 and 64 in 2018 was nearly 67%, a rise of one percentage point (pp) from the prior year. This increase in the women's working population in the region will create significant demand for hair accessories, which is expected to drive the growth of the hair accessories market in Europe.

In Central and South America, hair accessories, such as elastics and ties, are essential for women in the region. The presence of African descendants in countries such as Brazil, who significantly demand various hair accessories such as wigs and hair extensions due to their curly, crinkled hair, is also driving the hair accessories market in the region. According to the data released by The World Bank in 2018, Brazil has the largest Afro-descendant population outside of Africa. Moreover, the growing trend of Halloween celebrations in the region also drives the demand for hair accessories like wigs and headbands.

Segmental Analysis

The global hair accessories market is segmented into product and distribution channels.

Based on product, the global hair accessories market is segmented into clips and pins, headbands, wigs and extensions, elastics and ties, and others. 

The elastics and ties segment dominates the global market and is predicted to exhibit a CAGR of 7.80% during the forecast period. The growth of the elastics and ties segment is attributed to the availability of a broad category of design, shape, and material products. Products in this category used to be limited to leather or rubber, but as manufacturing techniques have advanced, designers have begun to incorporate other materials such as silk, velvet, sateen, and mesh into their creations, resulting in a more fashionable and sophisticated hair accessory that serves dual purposes. Due to their indispensable nature, hair elastics and ties have maintained their popularity. These products will continue to lead the market due to various options, affordable prices, and convenient availability. There are many different kinds of elastics and ties sold by companies like Claire's and Conair.

The clips and pins segment is the second largest. Hairclips and hairpins are lightweight, elegant, and colorful. The influence of fashion through magazines, television, Instagram, and other social media platforms has fueled the market for clips and pins. The increasing popularity and availability of videos, tutorials, and pictures of trendy hairstyles and hairdos that require hairclips and hairpins are also expected to drive product demand. Moreover, various clips and pins in different colors and sizes are available today, such as cellulose hairpins, bobby pins, and magnetic clips. This has helped drive consumer attraction and fuel the market for the same. Some brands that offer hairclips and hairpins are Goody Products, Inc. and Latada.

Based on distribution channels, the global hair accessories market is divided into supermarkets and hypermarkets, general stores, and online. 

The general stores segment owns the highest market share and is estimated to grow at a CAGR of 7.40% during the forecast period. General stores include small-to-large neighborhood stores. Such stores usually stock groceries, toiletries, newspapers, snacks, soft drinks, and daily make-up items. These shops aid customers in making prompt purchases by providing a moderate selection of product options. Some popular general stores are Mast General Store, Sainsbury's, Londis, Krystals Express, Casey's General Stores, and several gas station stores, including Boston, Buc-ee's, and Kelly's Market.

In response to rising customer demand for items like hairpins and clips, headbands, and elastics and ties, these stores—typically found in highly populated locations with considerable foot traffic—offer a modest assortment of hair accessories. Such locations draw traditional convenience store consumers and more families, women, and office-going individuals who prefer hair accessories in a single piece or loose packaging. Moreover, customers choose to buy hair accessories from these stores because of their ease of purchase, extensive network, and ability to purchase the same products regularly.

The supermarkets/hypermarkets segment is the second largest. Consumer demand for hair accessories has increased in portfolio expansions in supermarkets/hypermarkets. For instance, Walmart offers over 1,000 hair accessories like unicorn glittered hairbands, velvet scrunchies, and synthetic hair extensions through its multiple stores across the globe. Some major retail giants operating in the market are Walmart Inc., Costco Wholesale Corporation, and Target Corporation. These companies have brick-and-mortar stores in several countries, such as the U.K., Germany, and the U.S. Supermarkets and hypermarkets offer relatively low prices compared to retail stores as consumers purchase products in bulk from these self-service superstores.

Recent Developments

December 2023- The new "Zara Hair" line of hair care products is Zara's foray into the hair care industry, created in tandem with hairstylist Guido Palau. Gold gel, glitter spray, bobby pins, and combs are all part of the set, which retails for USD 49.90 USD