The global headwear market is expected to develop at a compound annual growth rate (CAGR) of 6.6%. As per the FMI research report, it is anticipated that the worldwide market will be valued at US$ 28.24 billion by 2023. By 2033, the market is anticipated to be valued at US$ 53.51 billion.
Recurring increase in population and fashion trends, the world of global fashion is enjoying continuous expansion. In the years to come, it is estimated that market growth will be driven by an increasing trend of wearing headgear as a fashion among millennial and Gen Z generations. Any apparel that can be a hat is headwear. Young people are increasingly using headwear such as beanies, headbands and caps to make a fashion statement.
Preeminent companies are now targeting consumers by launching headbands of trendy designs.
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The growing urbanization is a prominent factor fueling the market’s progress. In metropolitan regions, customers’ idea of fashion has rapidly changed. The hat category is widely being embraced as a fashion statement by the younger population. By 2050, nearly 7 out of 10 people are anticipated to live in urban areas, according to the World Bank. Furthermore, the working women populace is steadily increasing. Because of this, women spend lavishly on headbands, beach hats, and caps. Such factors are expected to bolster market growth in the coming years.
The e-commerce industry is swiftly expanding. The enormous push to digitalization during the coronavirus pandemic has boosted e-commerce sales. The quick rise in smartphone users is aiding product sales. According to a survey, 86% of the world’s population are smartphone users in 2023. Therefore, a sizable increase in online distribution channels is anticipated during the forecast period.
Key Takeaways from Global Headwear Market Report:
- In 2018, the global market size stood at nearly US$ 20.52 billion.
- In 2022 the global headwear market size accounted for a worth of US$ 26.49 billion.
- The hats & caps segment is predicted to attain substantial revenues in the coming years.
- An increase in demand for the beanies segment is anticipated during the forecast period.
- The online segment is expected to exhibit monumental growth during the forecast period.
- Asia Pacific is likely to attain a huge share of more than 40.9% in 2023.
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Key Players in the Global Headwear Market
- Puma SE
- Ralph Lauren Media Llc
- Nike Inc.
- Superdry PLC
- LACOSTE
- New Era cap
- Guccio Gucci S.p.A.
- Gianni Versace S.r.l.
- Calvin Klein
- Adidas AG
Recent Developments Observed by FMI:
- A renowned headgear company called New Era debuted a new line of headwear in January 2022. The new products include fitting silhouettes from the City Cluster, Count the Rings, and team Fire series. The outstanding element of these new headwear products is their embroidered and patched sports-inspired decorations, which emphasize exceptional craftsmanship.
- A trio of limited-edition hat designs with the symbol of Hometown Heroes, a modern rendition of the brand’s illustrious former hometown heroes, were unveiled in May 2022 by the renowned sportswear company PUMA.
- In May 2022, Cap America purchased Wear-A-Knit, a Minnesota-based producer of knitwear that can be customized. Cap America aims to increase its market share in North America with this acquisition.
Headwear Market Segmentation
Headwear By Product Type:
- Hats & Caps
- Beanies
Headwear By Distribution Channel:
- Offline
- Online
By Region:
- North America
- Asia Pacific
- Latin America
- Europe
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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