In the previous year 2022, FMI found that the Asia Pacific hats market was worth around US$ 1.08 billion. The market size is anticipated to expand at a CAGR of 5.3% during the years 2023 to 2033. FMI further predicts that the Asia Pacific hats market valuation to reach US$ 1.91 billion by the end of this forecast period.
Being present in the tropical zone, many countries in Asia Pacific have a well-developed market for hats. Besides summer hats, different types of fashionable hats are witnessing favorable market growth in recent years. Owing to such paradigm shifts in the utility of hats, its market in Asia Pacific has also transformed in recent years.
A broad selection of publicly appealing hats combined with a movement in consumer preference toward premium and branded items has redefined the market. Nations with an emphasis on sports are projected to increase the usage of athletic and fashionable hats, boosting their market share. Moreover, it is anticipated that the young generation's increasing desire for designer hats would support the increase of the region's market share.
Domestic demand for hats in Asia Pacific countries is comparatively low than the countries in the West. Consequently, the hat manufacturers based in Asia Pacific mostly profit from the exports of their commodities. The countries with a traditional demand for different types of hats are the leading importers. The United States and the United Kingdom along with some countries in Europe contribute immensely to the development of the market.
Online sales of Asia Pacific hats have remained resilient despite the moderate growth in offline sales in the region. Moreover, the pandemic year gave both local and foreign companies a fantastic opportunity to profit from online supply chains and distribution.
| Attributes | Details |
|---|---|
| Asia Pacific Hats Market Share (2022) | US$ 1.08 billion |
| Asia Pacific Hats Market Size Value (2023) | US$ 1.14 billion |
| Asia Pacific Hats Market Size Value (2033) | US$ 1.91 billion |
| Asia Pacific Hats Market Growth Rate (2023 to 2033) | 5.3% |
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The net worth of total hats manufactured and marketed from Asia Pacific was surveyed at around US$ 910 million in 2018. Though the market progressed promisingly in the following years, it curved down in the years 2020 and 2021. According to the FMI figures, the market performance of the product showed a 5.8% fall in 2020 compared to 2019.
As a result of the unprecedented and overwhelming pandemic restrictions, the hats market around the world witnessed significant hindrances. The sales of hats in the Asia Pacific market also sustained the logistics and marketing challenges during this period. Moreover, the restriction on shops in markets and tourist spots had a negative impact on the sales of hats worldwide.
According to the recently released market analysis report, the demand for hats and accessories has regained its market position. The current volume of sales of Asia Pacific hats in the global market has increased substantially in comparison to pre-epidemic levels.
The customary wearing of hats in several institutions including schools, universities, cricket clubs, and fitness facilities in Asia Pacific is already picking up. So, the increasing establishment of sports clubs in many regional countries has proliferated the need for hats in the domestic market.
A growing focus on encouraging sports activities and stadium building in the region is also expected to increase the demand for sports hats. Nations like India, Australia, New Zealand, China, and Japan are mostly observed to have accelerated the sales of such hats.
The need for hats in a variety of industries and factories for safety purposes is anticipated to grow in the coming years. Asia Pacific hats business is experiencing a significant rise as customers are growing concerned about security and safety. Suitable government regulations for the same could also be a key driving factor in this direction during the forecast period.
The ongoing growth of small businesses selling their wares at low costs has considerably increased the market size in Asia Pacific. Federal support for small-scale hat manufacturers in nations of Asia including Bangladesh and Vietnam is poised to further strengthen the market.
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During the projected years, protectionist policies are expected to temporarily reduce the export of Asia Pacific hats to other countries. Moreover, trade disputes between China and other countries could hamper the trade of garments, including hats, on a global scale.
Over the projected years, the fashion hats segment is predicted to rule the market in Asia Pacific. Across all consumer groups, the hat has traditionally served as a status and fashion statement promising several opportunities ahead for this segment. Asia Pacific hats market trends have recently been fostered by the promotion of many hats kinds in fashion publications.
In the upcoming years, however, classic hat designs are expected to expand continually and progressively with a higher CAGR. This segment is anticipated to improve further through the creation of new business prospects and product lines.
In 2022 and the preceding years, the polyester hat segment held a significant market share of more than 40%. Due to the affordability of hats made out of polyester, this segment is predicted to record a CAGR of 5.7% through 2033.
The athletic hats segment is also progressing fast due to its advantages including weight, sustainability, and flexibility. Moreover, growing sports like, hiking, and other winter sports are projected to increase the popularity of hats in this segment.
Based on end-user categories, the segment of hats for men contributes to around 60% of the revenue in Asia Pacific. However, the unisex hats segment is reported to be gaining popularity as well as market traction these days. This segment is projected by FMI to witness a growth of more than 6% over the forecast years.
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The hats market in Asia Pacific is observed to be dominated by China which can be distinguished by a sizable customer base and volume of exports. The desire for premium and luxury fashion goods is developing fast in the country catalyzing an advanced hats market.
Both small and large-sized enterprises in China involved in hat production are expanding fast in other countries as well. China has been able to establish a huge network of small and medium-scale industries through the presence of cheap labor.
With a strong foundation for international trade China is expected to remain dominant during the forecast years as well. The nation manufactures and exports a variety of hats and caps to close neighbors in Asia Pacific including Australia and India.
There have been significant changes in the preferences of customers in India for several products in the last few years. The competitive environment of India hat industry has undergone substantial changes with the growing demand for branded cricket products.
The country's expanding population as well as its evolving fashion tastes have enhanced the demand for hats and other accessories. It is projected to boost the nation's need for designer hats and caps helping the industry to expand further.
Bangladesh is one of the leading producers and exporters of clothing and garment in Asia Pacific region. The share of the country in the production and export of hats is also notable as per the industry analysis report.
The textile sector in Bangladesh contributes significantly to the country's ability to generate foreign exchange and new employment. So substantial government effort to boost this sector is projected to support the further advancement of the hats market in the country.
Diversification of products and sources of raw materials is the key strategy adopted by hats market players in Asia Pacific. Some market players have put into practice a variety of initiatives recently to reduce the manufacturing cost of the product. So, the adoption of new technologies for the manufacturing and fabrication of hats is poised to be a game changer for the market.
The hats market in Asia Pacific expanding as a result of rising consumer demand for personalized sporting goods and accessories. So, many of the hat manufacturers in this region have shifted their business model with changing market orientation. Customers today also want a wide range of hats that are premium in look along with simple to use and maintain.
The most noticeable development for the hats market is the shift in customer purchasing habits, who favor high-end and cozy goods. It has provided conflicting brand owners the chance to experiment and develop hats using a variety of materials. Also, this trend has resulted in the emergence of many new players in Asia Pacific producing hats with innovative materials.
The growing demand for fashion accessories, and outdoor activities drive the market growth.
The growth potential of the Asia Pacific hats market is 5.3% through 2033.
The high cost of adoption is likely to limit market growth.
North America is likely to generate 10% revenue in 2023.
The global market size to reach US$ 1.91 billion by 2033.
1. Executive Summary | Asia Pacific Hats Market 1.1. Asia Pacific Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033 5.3.1. Sports 5.3.2. Fashion 5.3.3. Working 5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Material Use, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Material Use, 2023 to 2033 6.3.1. Polyester 6.3.2. Cotton 6.3.3. Wool 6.3.4. Others 6.4. Y-o-Y Growth Trend Analysis By Material Use, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Material Use, 2023 to 2033 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-user 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End-user, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End-user, 2023 to 2033 7.3.1. Men 7.3.2. Women 7.4. Y-o-Y Growth Trend Analysis By End-user, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By End-user, 2023 to 2033 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 8.3.1. Asia Pacific 8.4. Market Attractiveness Analysis By Region 9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. China 9.2.1.2. Japan 9.2.1.3. South Korea 9.2.1.4. Singapore 9.2.1.5. Thailand 9.2.1.6. Indonesia 9.2.1.7. Australia 9.2.1.8. New Zealand 9.2.1.9. Rest of Asia Pacific 9.2.2. By Product Type 9.2.3. By Material Use 9.2.4. By End-user 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product Type 9.3.3. By Material Use 9.3.4. By End-user 9.4. Key Takeaways 10. Key Countries Market Analysis 10.1. China 10.1.1. Pricing Analysis 10.1.2. Market Share Analysis, 2022 10.1.2.1. By Product Type 10.1.2.2. By Material Use 10.1.2.3. By End-user 10.2. Japan 10.2.1. Pricing Analysis 10.2.2. Market Share Analysis, 2022 10.2.2.1. By Product Type 10.2.2.2. By Material Use 10.2.2.3. By End-user 10.3. South Korea 10.3.1. Pricing Analysis 10.3.2. Market Share Analysis, 2022 10.3.2.1. By Product Type 10.3.2.2. By Material Use 10.3.2.3. By End-user 10.4. Singapore 10.4.1. Pricing Analysis 10.4.2. Market Share Analysis, 2022 10.4.2.1. By Product Type 10.4.2.2. By Material Use 10.4.2.3. By End-user 10.5. Thailand 10.5.1. Pricing Analysis 10.5.2. Market Share Analysis, 2022 10.5.2.1. By Product Type 10.5.2.2. By Material Use 10.5.2.3. By End-user 10.6. Indonesia 10.6.1. Pricing Analysis 10.6.2. Market Share Analysis, 2022 10.6.2.1. By Product Type 10.6.2.2. By Material Use 10.6.2.3. By End-user 10.7. Australia 10.7.1. Pricing Analysis 10.7.2. Market Share Analysis, 2022 10.7.2.1. By Product Type 10.7.2.2. By Material Use 10.7.2.3. By End-user 10.8. New Zealand 10.8.1. Pricing Analysis 10.8.2. Market Share Analysis, 2022 10.8.2.1. By Product Type 10.8.2.2. By Material Use 10.8.2.3. By End-user 11. Market Structure Analysis 11.1. Competition Dashboard 11.2. Competition Benchmarking 11.3. Market Share Analysis of Top Players 11.3.1. By Regional 11.3.2. By Product Type 11.3.3. By Material Use 11.3.4. By End-user 12. Competition Analysis 12.1. Competition Deep Dive 12.1.1. Lock & Co. Hatters 12.1.1.1. Overview 12.1.1.2. Product Portfolio 12.1.1.3. Profitability by Market Segments 12.1.1.4. Sales Footprint 12.1.1.5. Strategy Overview 12.1.1.5.1. Marketing Strategy 12.1.1.5.2. Product Strategy 12.1.1.5.3. Channel Strategy 12.1.2. Goorin Bros., Inc. 12.1.2.1. Overview 12.1.2.2. Product Portfolio 12.1.2.3. Profitability by Market Segments 12.1.2.4. Sales Footprint 12.1.2.5. Strategy Overview 12.1.2.5.1. Marketing Strategy 12.1.2.5.2. Product Strategy 12.1.2.5.3. Channel Strategy 12.1.3. Bailey Hats 12.1.3.1. Overview 12.1.3.2. Product Portfolio 12.1.3.3. Profitability by Market Segments 12.1.3.4. Sales Footprint 12.1.3.5. Strategy Overview 12.1.3.5.1. Marketing Strategy 12.1.3.5.2. Product Strategy 12.1.3.5.3. Channel Strategy 12.1.4. Dalix 12.1.4.1. Overview 12.1.4.2. Product Portfolio 12.1.4.3. Profitability by Market Segments 12.1.4.4. Sales Footprint 12.1.4.5. Strategy Overview 12.1.4.5.1. Marketing Strategy 12.1.4.5.2. Product Strategy 12.1.4.5.3. Channel Strategy 12.1.5. Tan Thanh Dat Co., Ltd. 12.1.5.1. Overview 12.1.5.2. Product Portfolio 12.1.5.3. Profitability by Market Segments 12.1.5.4. Sales Footprint 12.1.5.5. Strategy Overview 12.1.5.5.1. Marketing Strategy 12.1.5.5.2. Product Strategy 12.1.5.5.3. Channel Strategy 12.1.6. Nike, Inc. 12.1.6.1. Overview 12.1.6.2. Product Portfolio 12.1.6.3. Profitability by Market Segments 12.1.6.4. Sales Footprint 12.1.6.5. Strategy Overview 12.1.6.5.1. Marketing Strategy 12.1.6.5.2. Product Strategy 12.1.6.5.3. Channel Strategy 12.1.7. Zhangjiagang Huaxia Headgear Co., Ltd. 12.1.7.1. Overview 12.1.7.2. Product Portfolio 12.1.7.3. Profitability by Market Segments 12.1.7.4. Sales Footprint 12.1.7.5. Strategy Overview 12.1.7.5.1. Marketing Strategy 12.1.7.5.2. Product Strategy 12.1.7.5.3. Channel Strategy 12.1.8. Nantong Foremost Garments & Accessories Co., Ltd. 12.1.8.1. Overview 12.1.8.2. Product Portfolio 12.1.8.3. Profitability by Market Segments 12.1.8.4. Sales Footprint 12.1.8.5. Strategy Overview 12.1.8.5.1. Marketing Strategy 12.1.8.5.2. Product Strategy 12.1.8.5.3. Channel Strategy 12.1.9. Richardson 12.1.9.1. Overview 12.1.9.2. Product Portfolio 12.1.9.3. Profitability by Market Segments 12.1.9.4. Sales Footprint 12.1.9.5. Strategy Overview 12.1.9.5.1. Marketing Strategy 12.1.9.5.2. Product Strategy 12.1.9.5.3. Channel Strategy 12.1.10. Larix Gear 12.1.10.1. Overview 12.1.10.2. Product Portfolio 12.1.10.3. Profitability by Market Segments 12.1.10.4. Sales Footprint 12.1.10.5. Strategy Overview 12.1.10.5.1. Marketing Strategy 12.1.10.5.2. Product Strategy 12.1.10.5.3. Channel Strategy 13. Assumptions & Acronyms Used 14. Research Methodology
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Asia Pacific Hats Market
