In the previous year 2022, FMI found that the Asia Pacific hats market was worth around USD 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 USD 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) | USD 1.08 billion |
| Asia Pacific Hats Market Size Value (2023) | USD 1.14 billion |
| Asia Pacific Hats Market Size Value (2033) | USD 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 USD 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 USD 1.91 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Sports 5.2. Fashion 5.3. Working 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Use 6.1. Polyester 6.2. Cotton 6.3. Wool 6.4. Others 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-user 7.1. Men 7.2. Women 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Asia Pacific 9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Key Countries Market Analysis 11. Market Structure Analysis 12. Competition Analysis 12.1. Lock & Co. Hatters 12.2. Goorin Bros., Inc. 12.3. Bailey Hats 12.4. Dalix 12.5. Tan Thanh Dat Co., Ltd. 12.6. Nike, Inc. 12.7. Zhangjiagang Huaxia Headgear Co., Ltd. 12.8. Nantong Foremost Garments & Accessories Co., Ltd. 12.9. Richardson 12.10. Larix Gear 13. Assumptions & Acronyms Used 14. Research Methodology
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Asia Pacific Hats Market
