The global headwear market is expected to experience substantial growth, with a Compound Annual Growth Rate (CAGR) of 6.6% from 2023 to 2033. As per a research report by FMI, the global market is anticipated to be valued at US$ 28.24 billion in 2023, projected to increase to US$ 53.51 billion by 2033.
- Rising Urbanization: The expansion of the headwear market is driven by increasing urbanization, as the fashion preferences of consumers in urban areas continue to evolve dynamically.
- Fashion Statement Among Younger Demographic: The younger demographic is embracing headwear as a fashion statement, contributing to the market’s growth.
- Evolution of Traditional Headwear: Traditional headwear items such as the black hat for men and feather net hats and veils for women have undergone significant transformations in the fashion industry in recent years.
- Trend of Athleisure: The growing trend of athleisure is expected to increase the demand for sports headwear, with sports caps featuring team logos gaining popularity among sports fans.
- Transformation of Sports Hats: Sports hats have transitioned from common streetwear items to fashionable accessories for the general public, driving growth in the sportswear segment of the headwear market.
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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.
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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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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