Newark, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to The Brainy Insights, the hair accessories market is growing at a CAGR of 7.8% from 2022-2030. The rising spending on grooming products by women to enhance physical appearance is driving the market for hair accessories such as extensions, clips, scrunchies, and others.
Furthermore, consumers in emerging economies such as China, India, Mexico, South Africa, and Brazil have been witnessing a major shift in purchasing behavior and habits. Rapid industrialization and urbanization, as well as the growth of the middle class, in the aforementioned countries, have resulted in changing lifestyles and an increase in the expenditure on beauty and personal care goods. This trend is likely to bode well for the hair accessories market over the forecast period.
Hair wigs and extensions are also gaining traction among consumers who are suffering from hair loss and entertainment professionals. Furthermore, the rapid adoption of e-commerce has widened the opportunity for manufacturers. Now hair accessory startups or well-established companies serve a wide range of consumers across the world. These online platforms allow consumers to buy a wide range of products, including wigs, extensions, clips, pins, headbands, and elastics & ties.
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The demand for wigs & extension products is high among consumers of African descent residing across the globe, particularly in North America and Europe, as well as native Africans. With an increasing number of consumers becoming immensely aware of and interested in specific hairstyles, they are willing to invest in wigs and extensions over synthetic hair grooming products or heat-based hairstyling tools that can be harmful to the hair. This is also expected to drive the market for wigs and extensions.
Many celebrities have also been showcasing a wide range of luxury hair accessories on social media sites, many of which are often sold through the same platforms. For instance, Chrissy Teigen launched a “Headband of the Day” series on Instagram in February 2018 and then again in August 2019, where she documented a wide range of headbands and other hair accessories she wore on vacation with her family. All these trends are expected to boost the market growth in the future.
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Key Players
1. Goody Products Inc.
2. Bunzee Bands
3. Creative Findings
4. Good Hair Days
5. Conair Corporation
6. Silke London
7. Forever 21
8. SwirlyCurly Hair
9. SOQ Jewelry
10. Claire’s
11. H&M
Market Segmentation
• Product Insights
o Scrunchies & Ties
o Headbands
o Wigs & extensions
o Clips & Pins
o Others
• Distribution Channel Insights
o Supermarkets & Hypermarkets
o Convenience Stores
o Online
o Others
• Regional Insights
o North America
US
Canada
Mexico
o Europe
UK
Germany
France
Italy
Spain
o Asia Pacific
China
Japan
Australia
South Korea
Thailand
o Central and South America
Brazil
o Middle East and Africa
South Africa
Nigeria
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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