The worldwide Hair and Nail Accessories Market is expected to develop at a 6.9% compound annual growth rate (CAGR) through 2020 to 2027, with a market value of USD 36.2 Billion in 2020. The market's rise can be ascribed to a growing taste for attractive products that are both functional and fashionable in appearance. The pandemic of COVID-19 has had a negative impact on the market. The pandemic's initial onslaught damaged the market in the worst-affected countries, such as Brazil, India, and Italy. China has long been a leading provider of vital raw materials and ingredients for producing many sorts of Hair and Nail Accessories, with several global manufacturers relying on it.
By Product Type
Hair and Nail Accessories: In 2019, this segment had the most hair and nail accessories market share. Hair and Nail Accessories are extremely important to women in their daily lives and for formal occasions. Elastics & ties, barrettes & clips, headbands & turbans, hair jewelry, and others are all included in the Hair and Nail Accessories category. Hair jewelry is expected to increase at the fastest rate throughout the forecast period.
By Distribution Channel
Store-Based: The bulk of hair and nail accessories are sold in physical stores. Specialty stores, supermarkets, hypermarkets, and other stores make up this section. In 2019, the specialty shop category led the market.
North America: Because many customers in the region are interested in fashion items, North America Is expected to account for a considerable proportion of the worldwide hair and nail accessories market in 2019. In North America, the United States is the most important hair and nail accessories market. The hair & nail accessories market in the United States is being driven by the rapid development of the fashion sector, advancements in hair & nail accessories, and the substantial presence of important key hair and nail accessories market players.
Asia-Pacific: In 2019, Asia-Pacific led the worldwide hair and nail accessories market, making it a lucrative market for companies. The market in the area is growing due to increased urbanization, rising disposable income, and rising consumer expenditure on fashion accessories. The growing popularity of fashion accessories in countries with big populations, such as India, China, and Southeast Asia, presents considerable prospects for established companies.
Rest of the World
Consumers have been drawn to Hair and Nail Accessories due to rapid advancements in production technology, haircuts, changing fashion trends, as well as the availability of a variety of appealing accessories. The emergence of functional yet fashionable Hair and Nail Accessories like clips, ties, barrettes, and headbands in modern styles, materials, and shapes has further fueled the demand for Hair and Nail Accessories.
Consumer demand has been rising in recent years, so this trend is likely to continue in the years ahead. A growing number of consumers have internet access and, as a result, to a variety of platforms that sell cosmetic products, particularly Hair and Nail Accessories. Individuals are also becoming more conscious of new grooming and aesthetic trends. In addition, the Gen Z and millennial populations stay up with fashion trends through numerous beauty blogs, which helps boost interest in hair and nail accessories. Market participants are focused on developing innovative products featuring claims like eco-friendly and chemical-free to respond to changing consumer preferences.
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