The global headwear market is poised for substantial growth, projected to achieve a CAGR of 6.6% from 2023 to 2033. According to a report by FMI, the market is anticipated to reach a valuation of USD 53.51 billion by 2033, up from an estimated USD 28.24 billion in 2023.
As the fashion industry continues to expand alongside a growing population and evolving trends, the rising popularity of headwear as a fashion statement among millennials and Gen Z is expected to drive market growth in the coming years. Headwear encompasses any apparel worn on the head, with younger consumers increasingly favoring items like headbands, beanies, and caps. Leading brands are responding by launching modern-patterned headbands to attract attention and appeal to these demographics.
Rapid urbanization is a key factor driving the growth of the headwear market. In urban areas, consumers’ perceptions of fashion are evolving quickly, with hats increasingly embraced as a style statement by younger generations. The World Bank projects that by 2050, nearly 70% of the global population will live in cities. Additionally, the rise in working women is contributing to increased spending on items like headbands, beach hats, and caps, further supporting market expansion in the coming years.
The e-commerce sector is also experiencing rapid growth, fueled by a significant shift toward digital shopping during the COVID-19 pandemic. The surge in smartphone usage—reported at 86% of the global population in 2023—is facilitating this trend. As a result, a substantial increase in online distribution channels is expected throughout 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.
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
- 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:
- Headwear in North America Market
- Headwear in Asia Pacific Market
- Headwear in Latin America Market
- Headwear in Europe Market
- Headwear in the Middle East and Africa Market
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 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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