Report

Global hair accessories market is projected to witness a CAGR of 8.15% during the forecast period 2024-2031, growing from USD 30.07 billion in 2023 to USD 56.28 billion in 2031. The market is propelled by the increasing population, particularly women and children, who drive the demand for various hair accessories. Also, cultural practices and traditions involving specific hair accessories in ceremonies and daily life significantly contribute to market growth. The expansion of organized retail sectors and specialty stores has enhanced product visibility and accessibility, facilitating easier consumer access to a broad range of hair accessories. Moreover, the rise in promotional activities by manufacturers, including advertisements and endorsements by celebrities, plays a crucial role in influencing consumer purchasing decisions.
For instance, in April 2024, BELLAMI Hair, a hair extension brand partnered with Andrew Fitzsimmons to launch the ready-to-wear ponytail. The product is crafted from 100% human hair and provides a comfortable wear.
Product diversification and the introduction of multifunctional hair accessories attract a wider customer base by catering to various hair care needs and preferences. The incorporation of environmentally sustainable materials in manufacturing aligns with growing consumer preferences for eco-friendly products, thereby boosting the market demand. The growing demand for personalized and customized hair accessories allows consumers to express individual styles and preferences, further driving the market growth.
Technological Advancements in Hair Accessories Production
Modern manufacturing techniques, such as 3D printing, allow for the creation of complicated designs that were previously not possible. The technology enables manufacturers to produce customized and complex hair accessories quickly and affordably. Advancements in hair accessories production have revolutionized the industry making products more diverse, functional, and appealing. Material science played a significant role. The development of new, lightweight, and durable materials such as silicone, thermoplastics, and smart textiles has led to the production of more comfortable and long-lasting hair accessories.
For instance, in June 2024, GIMME Beauty, a beauty and health company, launched a metal bristle brush made with 100% stainless steel, designed for all hair types.
These materials can be molded into various shapes and incorporate features such as flexibility and heat resistance, enhancing functionality and style. Developing the production lines has increased efficiency, reduced cost, and improved the consistency of hair accessories. This means that consumers can access high-quality products at more affordable prices.
For instance, in December 2023, Zara launched a new hairline with the collaboration of hairstylist Guido Palau for the holiday season. The new launch includes a set of hair accessories and products such as bobby pins, comb, spray, glitter gel, and others.
Also, advancement in digital designs allows for rabbit prototyping and testing, ensuring that new designs can be made faster than before. Therefore, these advancements have made it possible to create hair accessories that are aesthetic, diverse, more practical, and affordable, meeting the evolving needs and preferences of consumers.
Rising Fashion Trend and Styling Awareness Among Consumers
The fashion landscape has seen significant growth in the popularity of hair accessories, driven by a broader trend toward increased stylish awareness. These accessories, ranging from headbands and barrettes to scrunchies and hair clips, have exceeded their practical origins to become central fashion statements. The shift reflects a desire for personal expression and individuality with consumers keen on adding a unique touch to their overall look. Social media platforms, especially Instagram and TikTok, have increased the trend. Influencers and celebrities regularly showcase creative ways to incorporate accessories into daily outfits, inspiring millions of followers to expand their hairstyles.
High Fashion brands and fast fashion retailers alike have responded by offering hair accessories that cater to various tastes, from minimalist design to bold embellished pieces. In addition, the trend aligns with a broader move towards nostalgic fashion, where items reminiscent of past decades, such as oversized scrunchies from 80s and 90s-inspired claw clips, make a comeback. The versatility of hair accessories plays a crucial role, they offer a quick and affordable way to refresh one's appearance without a complete wardrobe overhaul. Therefore, hair accessories have become indispensable in modern fashion, emphasizing the importance of detail and personal flair in contemporary style.
For instance, in March 2024, Carol's Daughter, a hair care brand, expanded their new collections 'Goddess Strength and Black Vanilla' with new products. These products are designed to nourish hair and create long-lasting hold protecting from damage.
Elastics and Ties Segment Holds a Major Share
Elastic hair ties and bands dominate the hair accessories market, reflecting their essential role in daily grooming and styling routines. Their widespread popularity is due to their practicality, affordability, and versatility. Elastic ties and bands are indispensable for a variety of hairstyles, from simple ponytails and braids to more complex updos, catering to diverse hair types and lengths. The convenience of elastic ties lies in their ability to secure hair quickly and effectively, making them a go-to accessory for both everyday use and athletic activities. Their design has evolved to include a range of styles, materials, and colors, allowing them to transition from functional items to fashion statements.
For instance, elastic ties come adorned with decorative elements such as beads, charms, and fabric coverings, making them suitable for more formal or stylish occasions. Moreover, the market has seen innovations such as spiral hair ties and no-damage elastics, which reduce hair breakage and prevent creases, addressing consumer concerns about hair health. The sheer volume of these products, often sold in multipacks, ensures they remain a staple in households, driving their significant market share. Also, elastics and ties are made with green formula which encourages sustainability and zero waste movement. Overall, the dominance of elastic hair ties and bands in the hair accessories market highlights their essential role in everyday hair care and styling, underscoring their blend of practicality and style.
For instance, in March 2022, LilySilk, a leading brand in the United States launched its zero-waste movement to encourage the fashion industry towards greener alternatives. In the movement, the company is manufacturing various zero-waste products including hair scrunchies.
Asia-Pacific is Expected to be the Fastest-Growing Region
Asia-Pacific is expected to be the fastest-growing market for hair accessories, driven by several factors such as growing middle-class with increasing disposable incomes, leading to higher spending on fashion and beauty products. The economic growth allows consumers to purchase more diverse and stylish hair accessories. Also, cultural trends play a significant role. In countries such as South Korea and Japan, the influence of K-pop and J-pop culture has popularized unique and trendy hair accessories among young people.
For instance, headbands, embellished hairpins, and colorful scrunchies often seen on idols and celebrities are becoming must-have items. E-commerce and social media contribute to the growth. Platforms, such as Instagram, WeChat, and TikTok, are widely used in the region, where influencers and celebrities frequently showcase the latest hair accessory trends. The digital influence encourages consumers to try new styles and purchase similar products.
Local brands and international companies are tapping into the market by offering a variety of products tailored to regional tastes. For instance, traditional hair sticks (kanzashi) in Japan are being reinvented with modern designs, while South Korean brands focus on charming and chic accessories such as velvet bows and pearl hair clips. In summary, Asia-Pacific's dynamic cultural trends, economic growth, and strong digital influence are driving the rapid expansion of the hair accessories market.
Future Market Scenario (2024 � 2031F)
� The rise of limited-edition collections attracts consumers seeking personalized products. Brands offer customizable options such as engraved hair clips or headbands. Shops, provide handmade personalized accessories, catering to unique style preferences and items, making it more special for the consumers.
� The market is seeing a shift towards gender-neutral hair accessories, catering to a broader audience. Brands are moving away from traditionally gendered designs, offering versatile and inclusive products.
� The convenience of online shopping is fueling the growth in the hair accessories market. Platforms such as Amazon, Etsy, and specialized e-commerce sites provide a wide range of products. For instance, small brands and artisans can reach a global audience through Etsy, offering unique and niche hair accessories that might not be available in traditional retail stores
Key Players Landscape and Outlook
Continuous innovation by the key players characterizes the competitive landscape of the global hair accessories market. The market is fragmented in nature with the presence of multiple small, medium scale companies. The market is poised for steady growth, driven by evolving fashion trends and increasing consumer interest in stylish and functional hair frills. Also, the fashion-conscious population with their increasing disposable income, and a rising preference for sustainable shopping. Hair accessories manufacturers are concerned with supply chain resilience, product quality, and are manufacturing locally to minimize operational cost and provide larger variety. Partnerships, collaborations, and developing technologies are projected to increase competition in the fast-paced market which is expected to define the market future
For instance, in March 2024, CBI Distributing Corp partnered with retail, healthcare, and pharmacy leader Walgreens to launch their retail stores at 4400 locations. In Claire's section, shoppers can browse hair accessories, cosmetics, jewelry, and different seasonal items.