The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Global Hair Accessories market.
Trusted Business Insights presents an updated and Latest Study on Global Hair Accessories Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Global Hair Accessories market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Hair Accessories Market
The global hair accessories market size was valued at USD 20.0 billion in 2018 and is expected to register a CAGR of 15.2% from 2019 to 2025. The market growth is attributed to rising preference for fashionable products that serve the purpose of utility as well as give a trendy look to the hairdo.
With an aim to improve the quality of raw materials and to enhance the aesthetic look of various hair good products, companies are focusing on investing in automated manufacturing processes such as dyeing, designing, washing, and weaving. High quality conditioners and chemicals are used by the manufacturers to preserve the quality of the raw material of various products. Continuous innovation and improvement in the product quality and designs are expected to drive customer attention to the global market.
Apart from elastics and ties, wigs and extensions are one of the trending accessories, especially among the African descendants, in U.S. and Europe. The market is driven by increasing demand among these consumers due to their curly and crinkled hair and popularity of Halloween celebrations. Moreover, increasing preference for accessories made of human hair by the Caucasian consumers is contributing to the market growth. The wigs and extensions market is witnessing significant popularity owing to introduction of human hair based accessories, which are of superior quality as compared to the synthetic material.
Asian consumers accounted for a relatively smaller proportion in the global market as they generally use wigs to cover their hair loss. However, with rapid development in the production technology, evolving fashion trends and hairstyles and availability of various attractive accessories have driven the consumers towards significant acceptance of this market. Introduction of products such as clips, barrettes, ties, and head bands with trendy designs, materials, and shapes that serve the functional purpose as well look fashionable has been spurring the growth of the market.
Moreover, influence of fashion media and magazines has fueled the market growth. Increasing popularity and availability of videos, tutorials, and pictures of trendy hairstyles and hair accessories have evolved the fashion tastes among the consumers, which, in turn, is expected to propel the market growth. Furthermore, availability of various hair products such as sequenced and ornamented pins, bands, and clips on e-commerce websites, which are usually not available offline, is expected to drive the demand for the market.
Product Insights of Global Hair Accessories Market
Elastics and ties accounted for the largest share of above 30.0% in 2018. The market growth is attributed to continuous product development in terms of designs, shapes, and materials. Earlier these products were either available in leather or rubber material, but with the improvement in production technology, manufacturers have started developing products with different fabrics to create a bulkier effect that support the hair as well accessorize the outfit. Hair elastics and ties have always been popular and will continue to lead the global market due to easy availability, relatively inexpensive, and a wide variety to choose from. They also serve as a daily essential for women to manage their hair.
Wigs and extensions are expected to expand at the highest CAGR of 15.5% over the forecast period. The hair accessories market growth is attributed to high consumption among the African descendants residing in North America and Europe, who use these products as an essential hair accessory due to their knotted hair. Moreover, consumers in South Africa are expected to contribute to the market demand. Consumers these days are very particular about their hair styles and are willing to invest in hair grooming products that are less harmful such as extensions, which is expected to drive the global market.
Distribution Channel Insights
General stores accounted for the largest share of 39.7% in 2018.This segment is popular owing to its benefits such as scanning the product before purchase that influences consumers buying decision, easy availability of a wide variety of products, presence of an in-store associate who helps them choose the right product, and instant buying of the product. General stores refer to various local beauty shops and retail stores that offer a number of hair accessory products to choose from.
Online retail is expected to witness significant growth in the next few years. Rise in penetration of e-commerce and smart devices such as mobile phones and tablets, along with benefits like easy payment options and discounts, is a key factor contributing to the growth of this segment. Moreover, increasing preference for online shopping is compelling the manufacturers to offer their products through various online channels to cater to the vast consumer base.
Regional Insights of Global Hair Accessories Market
North America held the largest share of above 30.0% in 2018. Apart from elastics and ties being an essential need for women, other factors such as presence of African descendants having high spending power and their demand for various hair accessory products have been driving the market growth. Moreover, growing trend of Halloween celebrations is increasing consumer preference for hair accessories such as wigs and head bands, which, in turn, is expected to drive the regional market in the coming years.
Other regions such as Asia Pacific, Europe, and MEA are expected to significantly contribute to the market growth over the forecast period. Evolving fashion trends and changing style statements among the consumers have increased the demand for hair accessories to complement their outfit. This trend is expected to contribute to the growth of the market in the near future.
Hair Accessories Market Share Insights
Some of the key players operating in this market are J&D Beauty Products; Goody Products Inc.; Claires; LATADA; Conair Corporation; Diana Enterprise North America Inc.; and Hairline Illusions. Companies are actively involved in introducing new products with respect to trendy designs, materials, and shapes to cater to the continuously changing style statements of the consumers. Elastics and ties witness majority product developments as they form an essential and daily need for the women. Scrunchies of different sizes suitable for both thick and thin hair texture, non-greasy and sip proof ties, and wired elastics are some of hair products that companies keep introducing in various designs and colors.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Hair Accessories Market Research Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global hair accessories market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Billion, 2019 – 2030)
Clips & Pins
Wigs & Extensions
Elastics & Ties
Distribution Channel Outlook (Revenue, USD Billion, 2019 – 2030)
Supermarkets & Hypermarkets
Quick Read Table of Contents of this Report @ Global Hair Accessories Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030
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