The size of the global hair accessories market is expected to reach $ 25. 9 billion by 2027, increasing to 9.6% CAGR market growth during the forecast period. Hair accessories are made of materials like plastic, wood and metals, which are decorated using threads, ribbons or nets and are encrusted with stones, pearl sequins, among others.
New York, December 27, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of the “Global Hair Accessories Market by Distribution Channel, by Product, by Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027 “- https://www.reportlinker.com/p06193311/?utm_source=GNW
Compared to hair accessories for women, men have relatively fewer options in the market as their options are limited to hair ties, headbands, bandanas, Alice bands and hairpins.
Factors such as growing preference for trendy or trendy products for utilitarian purposes as well as trying out trendy hairstyles are expected to propel the growth of the hair accessories market during the forecast period. Besides, the rapid development of advanced production technologies, the prevalence of various fashion trends and hairstyles, and the high accessibility of attractive accessories would attract more customers to invest and thus fuel the market growth. Also, launching various products such as neckties, barrettes, clips and headbands having trendy materials, designs and shapes that are both functional and fashionable would increase the growth of the accessories market. for hair for years to come.
COVID-19 impact assessment
The outbreak of the COVID-19 pandemic has disrupted the global supply chain for various products. Businesses around the world have seen their sales and income decline due to various restrictions such as a complete lockdown, temporary ban on manufacturing units, and restrictions on imports and exports. China is one of the major raw material suppliers for the production of various types of hair accessories, and several key manufacturers depend on China for the same purpose. But, since the outbreak of the virus in China, many governments have stopped trading across borders with China.
Because of this, many hair accessory companies have to reduce or stop their production, which ultimately affected the growth of the hair accessories market. Thus, the COVID-19 pandemic has negatively impacted the demand and growth of the hair accessories market across the world.
Market growth factors:
A Growing Fashion Trend Among Millennials and Gen Z
Millennials and Generation Z are heavily influenced by movie stars and other celebrities and they are more inclined to try their favorite celebrity looks, which motivates them to spend more on trendy hair accessories. Along with this, they mainly invest to make a style statement from their appearance which makes them more fashionable. Due to this, the demand for various fashion products including hair accessories is increasing all over the world.
Increase in consumer disposable income
The increase in disposable income of consumers allows people to spend on various clothes, clothes and accessories. Along with this, the growing population of working women contributes to the growth of the market as they spend huge amount on these fashionable accessories. This would further boost the growth of the hair accessories market during the forecast period. Besides, the tendency to show luxurious images on social media platforms would also increase the growth of the market.
Market restriction factor:
Possibility of hair damage
Using hair accessories can increase the risk of hair damage. Bobby pins and rubber bands are the most commonly used hair accessories around the world, but these accessories can cause hair loss as the hair can get tangled. Along with this, using the wrong accessories can damage the hair and lead to massive hair loss. It is important for a person to understand their hair type and then choose a hair accessory that is suitable for their hair type.
Distribution channel outlook
Based on distribution channels, the hair accessories market is fragmented into hypermarkets and supermarkets, general stores and online. Among all, the general stores segment generated the highest revenue share in 2020 and is expected to continue this trend during the forecast period. This growth is attributed to the growing tendency of consumers to purchase hair accessories from general stores. These general stores consist of small and large neighborhood stores.
Outlook Product Type
On the basis of product type, the hair accessories market is segmented into clips and pins, headbands, wigs and extensions, rubber bands and ties, etc. Among these, the elastic and tie segment dominated the hair accessories market with the highest revenue share in 2020 and is expected to continue this trend during the forecast period. This is due to the great accessibility of a wide variety of products with different shapes, designs and materials.
By region, the hair accessories market is analyzed North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has emerged as the dominant region in the hair accessories market with the maximum revenue share in 2020. This is due to the growing population of working women in emerging countries like China and India.
The market research report covers the analysis of the major players in the market. Major companies featured in the report include Forever 21, Inc., Fromm International, Annie International, Inc., The Finest Accessories, Inc., SILKE London, Invisibobble, SwirlyCurly Hair, H&M Group, Conair LLC (American Securities) and Good Hair Day (Coty).
Strategies deployed in the hair accessories market
Aug-2021: Invisibobble launched its latest brand collaboration after Crayola. This four-piece collection includes HairHalo, a two-piece Sprunchie multipack, Bowtique, and a five-piece Original Traceless Hair Ring multipack, each item referencing the artistic style of the character it showcases.
June-2021: Invisibobble enters into a partnership with Crayola. This partnership aimed to introduce a unique product design, material and technology, which make up the DNA of invisibobble, coupled with the nostalgic and colorful feel of Crayola.
June-2021: Forever 21 has partnered with Hudson’s Bay, a Canadian chain of luxury goods department stores. As part of this partnership, Forever 21 would have full collections available in select Hudson’s Bay stores. This offering is available in two physical locations, with expansion in stores across Canada to attract more Gen Y and Gen Z shoppers.
Apr-2021: H&M enters into a partnership with Zalora, the leader in online fashion. This partnership aimed to expand its market presence in Malaysia, the Philippines, Singapore and Indonesia.
Oct-2020: H&M expanded its geographic presence by launching an online store in Australia at hm.com. With this launch, Australian users would have access to quality clothing at the best price, produced in a sustainable manner with the click of a button.
Sep-2020: GHD launched Platinum + Styler, the world’s first predictive hair straightener. This straightener takes into account the thickness or fineness of a person’s hair to determine how much energy they need to straighten their hair and handle the ideal styling temperature of 365 degrees.
Jul-2020: GHD has released three new ghd professional accessories, which can be used with ghd’s best-selling helios hair dryer. These three new accessories allow customers to customize helios hair dryers to suit each hair type.
Nov-2019: Conair introduced a new cordless curling device, the first of three cordless products. This device is developed to reach Generation Z and young millennial consumers. The curler, named Unbound Cordless Auto Curler, would be followed by the release of a 2-in-1 styler and straightener. These products would be available through the company’s partners such as Ulta, CVS, Best Buy, and Amazon.
March-2019: H&M India has entered into an agreement with Myntra and Jabong. The deal would help the company support its dominant physical and digital stores in India.
Oct-2018: Conair presented a collection of hair accessories. This collection includes 40 pieces that combine the relaxed Californian style of Sariñana with the expertise of Scünci for an assortment of faux leather and velvet scrunchies in shades of pink, burgundy and black; brass and glitter pins; clips and bars of metal and set with rhinestones; and headbands made of silks, velvet and metals.
Oct-2018: H&M has partnered with Klarna, a Swedish fintech company. This partnership aimed to combine H & M’s digital and physical stores to provide customers with an effortless, personalized and engaging shopping experience, no matter where, when or how they shop.
Dec-2017: H&M Group has extended its collaboration with Alibaba Group, a Chinese multinational technology company. This collaboration aimed to make H&M even more accessible in mainland China and complement its existing physical and digital stores.
Scope of the study
Market segments covered in the report:
By distribution channel
• General stores
• In line
• Supermarkets and hypermarkets
• Elastics and ties
• Wigs and extensions
• Clips and pins
• Others products
• North America
o United States
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
o United Arab Emirates
o Saudi Arabia
o Rest of LAMEA
• Forever 21, Inc.
• Fromm International
• Annie International, Inc.
• The best accessories, Inc.
• SILKE London
• Frizzy hair
• H&M Group
• Conair LLC (US securities)
• Good Hair Day (Coty)
• Comprehensive coverage
• The largest number of tables and figures on the market
• Subscription-based model available
• Best price guaranteed
• After-sales research support guaranteed with 10% free customization
Read the full report: https://www.reportlinker.com/p06193311/?utm_source=GNW
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