Global Hair Accessories Market Overview, 2024-29
- Bonafide Research
- 22-10-2024
- Region : Global
- Category : Consumer Goods & Services
- Beauty & Personal Care
The Global hair accessories market exceeded USD 22 Billion in 2023, benefiting from technological advancements in production.
Hair Accessories Market Analysis
The Hair Accessories 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. In Europe, hair accessories must comply with various EU directives, including REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) which regulates chemical substances used in products. The General Product Safety Directive mandates that products must be safe for consumers. The internet has played a key role in making consumers more familiar with hair accessories through social media influencers, bloggers, and vloggers. A significant number of millennials are following internet celebrities and influencers to understand and enhance their skills in personal grooming, makeup, and fashion. Over the last few years, consumers have also been showing a preference for products that are easy to use. Hair plays an essential role in enhancing one's appearance. Hair that is healthy, shiny, and well-groomed improves an individual's appearance. People take care of their hair, experiment with different hairstyles, and accessorize to look appealing. Hair accessories are no longer limited to bands and pins. There is currently a wide variety of hair accessories available on the market, particularly for women who are major customers of hair accessories. Technological advancements in the production of mass-produced plastic, cloth, and metal products will enable manufacturers to produce more products at a lower cost. When compared to high-end luxury products, mass-produced hair, and fashion accessories are the major contributors to the industry growth. The availability of several hair products in the industry, such as ornamental pins, bands, and clips, on the e-commerce website will provide additional potential opportunities for market growth in the coming years. According to the research report "Global Hair Accessories Market Overview, 2029," published by Bonafide Research, the Global hair accessories market was valued at more than USD 22 Billion in 2023. 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. Consumer demand has been increasing over the last few years, and this trend is likely to continue in the upcoming years. An increasing number of consumers are gaining access to the internet, and, consequently, to multiple platforms that offer beauty products including hair accessories. People are also becoming increasingly aware of new beauty and grooming trends. The rapid advancements in advanced manufacturing technologies followed by the prevalence of diverse fashion trends, haircuts, and the increased accessibility of appealing accessories projected to entice a broader customer base are some factors that have fueled the market expansion. Factors such as an increased inclination for fashionable goods that serve functional purposes and experimenting with trendy hairstyles are expected to drive the market growth. The introduction of new items such as clips, barrettes, ties, and headbands with innovative materials, shapes, and sizes that are both useful and fashionable is anticipated to augment the growth of hair accessories market in the coming years. Hairpins and elastic bands are the most often used hair accessories around the world. However, the incorrect use of accessories can cause hair damage and severe hair loss. It is crucial to know the hair type prior selecting a hair item and accessories. People are spending more on garments, fashion, and accessories with the rise in their disposable income. The increase in population of working women is shaping the market growth as the market witnessed a rise in spending on trendy accessories.
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Market Drivers • Rising Fashion Consciousness and Social Media Influence: The growing influence of fashion trends, driven by social media platforms and celebrity endorsements, is a significant driver in the hair accessories market. With platforms like Instagram, TikTok, and Pinterest popularizing new hairstyles and accessories, consumers are increasingly seeking trendy and stylish products. Influencers and fashion icons frequently showcase hair accessories as part of their look, encouraging followers to adopt similar styles. The rise of fast fashion and affordable accessory brands has made it easier for consumers to purchase a wide range of products, from scrunchies to embellished clips, fueling market growth across diverse age groups and regions. • Increased Demand for Personalized and Functional Products: Consumers are looking for more than just aesthetic appeal in hair accessories they want products that are functional and customizable. Items like multi-use hairbands, comfortable clips, and accessories designed for specific hair types (curly, thick, etc.) are in high demand. Moreover, the market is seeing a rise in personalized products, such as monogrammed hairpins or custom color-matching options. This focus on individual expression and functional use is driving innovation, allowing brands to cater to a wider consumer base with diverse needs and preferences. Market Challenges • Fluctuations in Raw Material Prices: The prices of materials used in hair accessories, such as metals, plastics, and textiles, are subject to fluctuations in the global market. Economic instability, trade tariffs, and changes in supply chain dynamics can lead to higher production costs, which pose a challenge for manufacturers, particularly those that produce budget-friendly accessories. Brands focused on sustainability face even higher raw material costs when using eco-friendly alternatives. Managing price volatility while maintaining product affordability is a significant challenge for businesses operating in the hair accessories market. • Cultural Preferences and Regional Variations: Hair accessory trends often vary significantly across regions due to cultural differences in hair care practices and preferences. For example, certain styles of hair accessories popular in Western markets but less favored in Asia, Africa, or the Middle East, where traditional or cultural grooming habits differ. This variation makes it difficult for global brands to create universally appealing products. Companies must invest in market research to tailor their offerings to specific regions, making localization a key but challenging aspect of business strategy. Market Trends • Technology-Enhanced Hair Accessories: Innovation in wearable technology has reached the hair accessories segment, with brands developing products that combine functionality and technology. For example, smart hairbands and clips equipped with sensors can monitor hair health, scalp moisture levels, or UV exposure. This fusion of technology with fashion appeals to consumers seeking high-performance, tech-driven solutions that enhance their beauty and wellness routines. As the wearable tech industry grows, these technology-enhanced accessories are expected to become a mainstream trend, driving market growth and differentiation. • Retro and Vintage-Inspired Designs: The growing popularity of retro and vintage fashion has also influenced the hair accessories market. Consumers are gravitating toward nostalgic designs, with accessories like oversized scrunchies, 90s-style barrettes, and hair scarves making a strong comeback. These retro pieces are often reimagined with a modern twist, offering both practicality and style. This trend is being driven by fashion influencers and designers who frequently incorporate vintage-inspired hair accessories into their looks, appealing to both younger consumers and those who want to revisit classic styles with a contemporary update.
Hair Accessories Segmentation
| By Product Type | Clips & Pins | |
| Headbands | ||
| Wigs & extensions | ||
| Elastics & Ties | ||
| Others | ||
| By Distribution Channel | Offline | |
| Online | ||
Based on the report, the product is segmented into clips & pins, headbands, wigs & extensions, elastics & ties, others. Clips and Pins are essential tools for securing hairstyles, available in various designs and materials, appealing to both functional and aesthetic needs. These accessories are particularly favored for their versatility and ease of use, making them staples in many hair care routines. Headbands have evolved from simple fabric bands to fashionable items that can enhance hairstyles while providing comfort. They come in numerous styles, including embellished, sporty, and casual options, catering to different occasions and personal styles. The popularity of headbands is bolstered by their ability to complement various outfits, making them a go-to accessory for many consumers. Wigs and Extensions represent a significant segment of the market, driven by trends in hair fashion and the desire for versatility in styling. Innovations in wig design, such as headband wigs and T-Part wigs, have made them more accessible and appealing to a broader audience. These products allow users to experiment with different looks without committing to permanent changes. Elastics and Ties dominate the market due to their practicality and wide variety. Initially limited to basic rubber or fabric options, advancements in materials have led to the creation of stylish alternatives made from silk, velvet, and other fabrics. This segment's enduring popularity is attributed to its affordability, convenience, and the continual introduction of new designs. The others category includes miscellaneous accessories like barrettes, scrunchies, and decorative pins that cater to niche markets. These products often reflect current fashion trends and consumer demands for personalization in hair styling. Based on the report, the distribution channel is segmented into offline, online. Online distribution has gained significant traction in recent years, driven by the convenience and accessibility it offers. E-commerce platforms allow consumers to browse a vast array of hair accessories, from clips and headbands to wigs and extensions, without the constraints of geographical location. The rise of social media influencers and online marketing has further popularized these products, enabling brands to reach a broader audience. Consumers can easily compare prices, read reviews, and find unique items that may not be available in physical stores. This channel is particularly appealing to younger demographics who are accustomed to online shopping and seek trendy products that reflect current fashion trends. Offline distribution encompasses traditional retail formats such as supermarkets, hypermarkets, and general stores. These venues provide consumers with the advantage of physically examining products before purchase, which can enhance customer satisfaction. Offline shopping remains popular among consumers who prefer immediate gratification and the ability to try on accessories. Retail giants often stock a diverse range of hair accessories, catering to various styles and budgets. The tactile experience of shopping in-store can be particularly important for products like hair accessories, where fit and aesthetic appeal play crucial roles in purchasing decisions.
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Hair Accessories Market Regional Insights
Asia Pacific dominates the hair accessories market primarily due to the rapid economic growth and increasing disposable incomes, which have led to a rising demand for fashionable and functional hair accessories among consumers. The region's economic expansion has significantly boosted the middle-class population, resulting in higher spending power and a greater inclination towards beauty and fashion products. As disposable incomes rise, consumers are more willing to invest in diverse and stylish hair accessories that not only serve practical purposes but also enhance their overall appearance. This trend is particularly pronounced among working women, who seek versatile and trendy accessories to complement their professional and personal styles. Cultural influences play a crucial role in shaping consumer preferences; for instance, the popularity of K-pop and J-pop has led to a surge in demand for unique and fashionable hair accessories that reflect contemporary trends. Social media platforms have further amplified this demand by showcasing new styles and encouraging experimentation with various hair looks. The availability of innovative products, such as clips, headbands, and elastics made from diverse materials, caters to the evolving tastes of consumers. The proliferation of e-commerce has also made it easier for consumers to access a wide variety of products, driving sales in the hair accessories market.
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Key Development
• In August 2021, Invisibobble launched its latest brand collaboration following Crayola. This four-piece collection involves HairHalo, two-piece Sprunchie multipack, Bowtique, and five-piece Original Traceless Hair Ring multipack, each item referencing the artistic style of the character it showcases. • In June 2021, Forever 21 came into a partnership with Hudson's Bay, a Canadian luxury goods department store chain. Under this partnership, Forever 21 is expected to have full-line collections available at select Hudson's Bay locations. This offering is available at two physical locations, with an expansion across stores in Canada to attract more millennial and Gen Z shoppers. • In October 2020, H&M expanded its geographical presence by launching an online store in Australia at hm.com. Through this launch, Australian users are expected to get access to quality clothing at the best price, manufactured in a sustainable way, with the simple click of a button.
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