The global hair accessories market size was valued at USD 10.8 billion in 2022 and is expected to grow at a CAGR of 8.5% from 2023 to 2030. The growing popularity of hair accessories among women, teens, and children is the primary factor attributing to the market growth. Also, the introduction of innovative styles and types of hair accessories is further augmenting the growth of the market. Furthermore, the increasing trend of online shopping of hair accessories is also driving the market. Moreover, the availability of a wide range of hair accessories at a lower cost is also contributing to the market growth.

The changing trends in fashion and lifestyle, as well as the introduction of innovative products, are driving the sales of hair accessories. For instance, in April 2021, Goody Products Inc. launched a new range of accessories called Goody x TAIKAN. The collection features a variety of hair accessories, including claw clips, bobby pins, and combs, designed to create a modern look. Moreover, the rising trend of natural and organic materials in hair accessories is further driving the growth of the market. For instance, in April 2021, L. Erickson USA launched a new line of hair accessories made from sustainable and renewable materials, such as bamboo, wood, and cork.

Furthermore, the increasing demand for hair accessories among celebrities is driving the demand for the market. For instance, in June 2021, singer and influencer Billie Eilish wore butterfly clips from the Claire’s Accessories collection at the 2021 Grammy Awards. The launch of new products by key players is also boosting the market growth. For instance, in August 2021, Prada launched its new line of hair accessories, including hair clips and slides, made from gold-plated brass and crystal.

The increasing demand for hair accessories among men is expected to boost the market growth. The growing number of men’s salons is fueling the demand for male grooming accessories. For instance, in April 2021, L’Oreal India launched the new L’Oreal Professional Homme series, a complete range of hair styling products designed specifically for men. Moreover, the increasing trend of DIY projects among the youth is also driving the demand for hair accessories. For instance, in May 2021, Etsy launched a new collection of hair accessories featuring colorful clips, pins, and headbands for creating easy DIY hairstyles.

The hair clips segment led the market in 2022, accounting for a share of around 28.1%. Hair clips are a fashion accessory that can be used to secure an individual’s hair out of the face, create a partial updo, or accessorize a hairstyle. Increasing disposable income and rising awareness regarding fashion trends among consumers are the key factors driving the demand for hair clips. According to an article published by Allure, in January 2021, the ‘headband-mania’ trend has become popular among women. Furthermore, the emergence of e-commerce portals and the presence of numerous online retailers are also boosting the demand for hair clips.

The hair bands segment is projected to witness the fastest CAGR of 8.3% over the forecast period. Hair bands are accessories used to secure long hair and have a wide range of designs and styles. The rising trend for styling, the emergence of various hair accessories, and the increasing popularity of hair styling products are some of the key factors driving the demand for hair bands. According to an article published by The Independent, in May 2020, hair bands are reimagined as a fashion accessory. In addition, the increasing popularity of organic and eco-friendly materials such as silk and velvet is further aiding the segment’s growth.

The department stores segment accounted for a share of 34.2% in 2022. Department stores are witnessing significant growth due to the availability of a wide range of products, including hair accessories and other fashion products, under one roof. These stores are well-equipped with experienced professionals for providing advice and assistance related to product selection to customers. Additionally, the presence of discounts and offers on the products further attract customers to department stores.

The online segment is anticipated to expand at the highest CAGR of 12.3% over the forecast period. The increasing penetration of smartphones and the internet have enabled consumers to purchase hair accessories online. In addition, the availability of a wide range of products at competitive prices has been a major factor driving the growth of this segment. Furthermore, the presence of e-commerce websites and mobile applications has enabled customers to compare prices and select the product that meets their requirements. This has further resulted in the increasing popularity of the online segment.

The barrette segment accounted for the largest revenue share of 34.2% in the year 2022. The trend of wearing barrettes has seen an upsurge in recent times. This is due to their wide range of styles, colors and shapes. Also, the increasing popularity of barrettes for a casual and professional look is further increasing its demand.

The hairband segment is anticipated to expand at the highest CAGR of 7.9% over the forecast period. This is attributed to the rising trend of wearing hairbands for a chic, bohemian and retro look. Furthermore, the increasing popularity of hairbands as a fashion accessory among teenagers and young adults is also driving the market. For instance, in May 2022, Gucci, an Italian luxury brand, launched a collection of hairbands with a range of colors and shapes, such as oval, bow, knot, and flower.

Europe dominated the hair accessories market and held a share of over 35.3% in 2022. The region is well-known for its fashion trends and the presence of a large number of prominent players, such as L’Oréal, Schwarzkopf, and Unilever. These players have an extensive product portfolio, which includes various hair accessories such as headbands, clips, and combs. For instance, in August 2021, L’Oréal launched a new range of hair accessories for women and girls.

Asia Pacific is expected to witness the highest CAGR in the coming years. An increase in the trend of fashion statements among women, especially in developing countries, is expected to drive the growth of the market in the region. Furthermore, rising disposable income among consumers, especially in the countries of India and China, is expected to further support the growth of the market. For instance, in March 2021, the Indian Government announced the launch of the Pradhan Mantri Jan Arogya Yojana, which is expected to increase the disposable income of consumers in the country.

In this part of the hair accessories products business plan, we will provide a financial forecast for the business. This includes cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a hair accessories products business comes from the sale of products. This can include the sale of hair accessories such as clips, headbands, barrettes, hair extensions and more. Other possible sources of profit include online sales, fundraising, and the sale of merchandise.

Projecting Expenses

In this section, all the regular expenses related to running a hair accessories products business will be described. The list of operating expenses includes wages, rent, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, you should also consider the cost of purchasing and stocking the products, as well as any delivery and shipping fees.

Some of the key companies operating in the hair accessories market are focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In April 2022, Goody Products, Inc. launched a new collection of hair accessories including clips, bobby pins, and headbands.

– In May 2022, Scunci launched a new range of hair accessories designed for different hair types.

– In June 2022, L. Erickson launched a collection of hair accessories including hair clips, headbands, and combs.

Some of the prominent players in the hair accessories market include:

– Goody Products, Inc.
– Conair Corporation
– L. Erickson
– Scunci
– Clawgear LLC
– Hairagami
– Hairdorables
– Goody Products, Inc.
– Conair Corporation
– L. Erickson
– Scunci
– Clawgear LLC
– Hairagami
– Hairdorables

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hair accessories products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Hair Accessories
– Hair Extensions
– Hair Styling Products
– Hair Care Products
– Wigs & Hairpieces

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: How has the Hair Accessories Market Evolved?
[A]: The global hair accessories market has evolved significantly over the past few years. The rise in the number of salons and barbershops, the increasing demand for stylish and fashionable hair accessories, the growing focus on personal grooming, the growing number of female-oriented beauty salons, and the increasing disposable income of people have made hair accessories a must-have fashion accessory. The development of hair accessories in terms of materials, designs, and colors has also contributed to the growth of the market.

[Q]: Who are the Key Players in the Hair Accessories Market?
[A]: Some of the key players in the global hair accessories market include Goody Products, Inc., Conair Corporation, L’Oréal S.A., LVMH Moët Hennessy Louis Vuitton SE, Hair Art, Inc., Hair Zone Accessories, Inc., Kao Corporation, Scunci, Inc., and Kao Corporation.

[Q]: What are the Factors Driving the Hair Accessories Market?
[A]: The increasing demand for fashionable and stylish hair accessories, the rising number of salons and barbershops, the growing focus on personal grooming, and the increasing disposable income of people are some of the factors driving the global hair accessories market. Furthermore, the growing popularity of various hair accessories such as scrunchies and hair clips, the increasing use of decorative hair accessories, and the growing demand for hair extensions and wigs are also expected to drive the market during the forecast period.

[Q]: Which Regions are Expected to have the Highest Growth Opportunity in the Hair Accessories Market?
[A]: North America is expected to have the highest growth opportunity in the global hair accessories market, owing to the increasing demand for fashionable and stylish hair accessories in the region.

[Q]: What are the Restraints Impacting the Hair Accessories Market?
[A]: The high cost of raw materials and the availability of counterfeit products are some of the factors restraining the growth of the global hair accessories market. In addition, the lack of awareness among consumers and the lack of product differentiation are also posing challenges for the market.