The global sales of fez caps are estimated to be worth USD 181.7 million in 2021 and are anticipated to reach a value of USD 275.5 million by 2031. Sales are projected to rise at a CAGR of 4.3% over the forecast period between 2021 and 2031. The revenue generated by fez caps in 2020 was USD 174 million.
The fez caps market is driven by the cultural and traditional significance of fez in various regions, especially the Middle East, North Africa, and parts of Europe. Demand for fez caps-both as ceremonial wear and a fashion accessory-is steadily increasing, resulting from increased interest in the preservation of cultural heritage and traditional fashion's resurgence.
Increasing tourism and growing global appeal for ethnic and historic clothes are other factors driving the market forward, as fez caps make for popular souvenirs and items of symbolic attire. Besides, the growth in themed events, festivals, and cultural celebrations is extending the market for personalized and premium fez caps.
Demand for craftsmanship and production using ecology-friendly materials is also trending. The market is further driven by increasing e-commerce platforms that make fez caps accessible to a more significant number of international audiences.
Global Fez Caps Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 174 million |
| Estimated Size, 2021 | USD 181.7 million |
| Projected Size, 2031 | USD 275.5 million |
| Value-based CAGR (2021 to 2031) | 4.3% |
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Fez caps are widely used in the packaging sector. Fez is a type of hat common among Turkish people. Fez caps used in packaging sector are similar in shape to the (Fez) hats. Fez caps market is predominantly driven due to the rising concern towards product safety and security.
Also, fez caps have advantages like convenience and provide product differentiation. These factors enhance the demand of fez caps market during the forecast period from 2021 to 2031. Fez caps are extensively used in various industries like pharmaceutical industries, food and beverages industries, chemical industries and personal care industries.
These industries preferred fez caps because it acts as a barrier and prevent the packaged contents and expand the product’s shelf life by protecting it from ambient air, light, and dust particles. Therefore, it is estimated that the fez caps market will experience substantial demand in the packaging sector during the forecast period from 2021 to 2031.
Factors such as the necessity for convenience and security act as important drivers for fez caps. It plays a key role in safeguarding the product from dust and other microbes. Fez caps are cost-effective, user friendly and easy to open.
Although pump closures are gaining popularity in various product groups such as body care, skincare, and liquid food products is likely to spur the growth of the fez caps but due to greater product safety fez caps are able to maintain its demand.
It prevents contamination and tampering are becoming more important to consumers because of the safety and authenticity of the products that they are buying.
Principal Consultant
USA and Canada will remain the leading players in the fez caps market worldwide. This is chiefly due to the occurrence of strategic players and technological development in the region.
Also, it is because people of the region are highly concerning to convenience and hygiene of the packaged products like food products and pharmaceutical products due to changing lifestyle.
Therefore, the demand of fez caps will increase in the region during the frecast period from 2021 to 2031.
After COVID-19 pandemic hit, people of Europe become more concerned toward the product safety and security. They are highly concerned regarding prevention of contamination of products because lack of security can lead to infectious diseases.
According to WHO, there were 56,514,946 cases of COVID-19 till 8th July 2020. Due to this high number of infectious disease the fez caps market is going to increase during the forecast period from 2021 to 2031.
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The key players of fez caps include
These companies follow certain strategies like merger and acquisition, getting government approval, gaining patents and new product launch to be at the top position in the market.
For instance, Berry Global Group, Inc. completed the acquisition of RPC Group Plc. that made Berry Global Inc. a global leader in packaging domain.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Fez Caps Market
