The global headwear market is projected to register significant growth, exhibiting a CAGR of 6.6% from 2023 to 2033. According to the research report published by FMI, the global market is predicted to reach a valuation of USD 28.24 billion in 2023. The market is likely to be worth USD 53.51 billion by 2033.
The booming fashion industry and the dynamically evolving purchasing patterns of consumers are expected to fuel the headwear market development. The growing demand for headwear can be attributed to its rising popularity among the younger generation.
Every piece of clothing that can be worn on the head is referred to as headwear. Caps, beanies, and headbands are a few headwears that are gaining popularity as a style statement for the younger generation. Along with these, headgear is also considered an element of headwear, as it is used for protection during cold, sunstroke, and sunburn. Helmets and tuque are a few examples of headgear that is used for riding bicycles. To pique consumer attention, prominent companies are introducing headbands in contemporary designs. For instance, RedValentino, a prominent fashion brand for urban customers, launched a range of headwear under its Spring/Summer 2021 collection.
A crucial factor driving the market’s expansion is rising urbanization. The fashion sense of consumers has dynamically evolved in urban areas. The younger demographic is mostly embracing the headwear category as a fashion statement. The black hat that was formally used by men has attained numerous forms in the fashion industry. Similarly, the feather net hat and veils that were worn by women in the early 90s have seen a drastic change in past few years.
The rising trend of athleisure is likely to boost the demand for sports headwear. A sports cap with a logo on it to identify the team is the key reason for its popularity among sports fans. The growth of sportswear can be attributed to the rising transformation of sports hats from a common streetwear item to a fashionable must-have for the general public.
As per the Global Cities Report published in 2022, nearly 68% of the global population is expected to reside in urban areas by 2050. Furthermore, the growing desire for convenience in the form of accessibility and comfort are the factors influencing the market’s expansion.
The women working population is consistently rising. Headscarves, headbands, hats, and caps with zingy shades are some emerging trends among women. Moreover, to shield themselves from sun damage and wind, women are lined up with head scarves and turban. Headwear accessories such as bandanna caps and twisted handband are also popular among fashionistas when they have a bad hair day.
Even though the market is gaining traction due to the wide variety of headwear available in the market. Shortage in experienced labor suspended operations and disrupted supply chain networks may hinder market growth.
Therefore, it is crucial for the manufacturer to create and supply high-quality headgear. As per the National Health Services, wearing hats often and for an extended period does not hasten hair loss. Although wearing them excessively tight might dry out the hair’s ends and trap oil at the roots. The buildup of filth and bacteria in greasy hair can prevent oxygen from reaching hair follicles, which may lead to hair loss. Thus, the launch of high-quality headwear is likely to bode well for the manufacturers.
| Attributes | Details |
|---|---|
| Headwear Market Share (2022) | USD 26.49 billion |
| Headwear Market Share (2023) | USD 28.24 billion |
| Headwear Market Share (2033) | USD 53.51 billion |
| Headwear Market Share (2023 to 2033) | 6.6% |
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According to the previous report published on the headwear market, product sales are significantly rising each year. In 2018, the global market size stood at nearly USD 20.52 billion. In the year 2022, the market showcased substantial development, accounting for a worth of USD 26.49 billion.
Population growth and urbanization is a factor driving fashion trends in both developing and developed nations. As a result of climate change, winter clothing and accessories including beanies, hats, and other winter headwear items are becoming increasingly fashionable. To meet the demand of various customers, prominent businesses are launching new designs. Manufacturers are also launching customized headwear products with logos or text to attract massive consumer bases or one can say sports lovers.
The adoption of innovative production strategies is anticipated to create investment pockets in the market. Brand promotions by celebrities and influencers are expected to create lucrative growth opportunities in the market.
The constantly changing purchasing behaviors and the rising fashion sector are expected to drive market development. Headwear is becoming more and more well-liked by the younger generation, which explains their increased demand. Customers’ idea of fashion is rapidly evolving in metropolitan regions. The rising urbanization is anticipated to further escalate market expansion in the coming years. Sports and recreational activities are increasing due to rising health awareness. The growing demand for sports accessories is likely to aid market development.
Global climatic are evolving. Several countries are witnessing irregular instances due to rising global warming. Recently in January 2023, the United States and Canada witnessed severe cold waves with temperatures below -25 degrees Celsius. The unforeseen cold waves gave a sales impetus to winter headwear. The climatic conditions likely worsen over time, increasing such irregular climatic conditions.
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Mushrooming Popularity of Athleisure to Boost Hats & Caps Segment
The demand for sportswear is rising, promoting the popularity of fashion trends such as athleisure. Consumers are getting more conscious of their health and indulging in fitness and sports activities. Caps can be worn on most outdoor attires because of their versatility. Hats and caps are gaining traction among young people as manufacturers launch products with diverse designs for various occasions. Athletes often use caps, hats, sun visors, and sports accessories. These factors are expected to help the hats & caps segment to attain substantial revenues in the coming years.
A sizable demand increase is anticipated for the beanies segment during the forecast period. Given that they serve the vital purpose of protecting from cold, beanies have long been quite popular in areas with chilly temperatures. Many individuals use beanies for both everyday use and a range of outdoor and indoor activities. Additionally, the availability of beanies in stylish hues and patterns is boosting their popularity among the younger generation.
Online Distribution Channels to Expand in Coming Years
According to the segmentation based on distribution channels, the market is bifurcated into online and offline. The online segment is anticipated to exhibit monumental growth during the forecast period. 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. The ease with which buyers browse a wide variety of products is spreading the market’s exposure. The growing importance of online marketing platforms such as Facebook and Google advertisements is likely to flourish in market growth.
Expanding Population to Boost Product Sales in India, Japan, and China
Asia Pacific is anticipated to attain a huge share of more than 40.9% in 2023. The popularity of winter hats and the introduction of new designs within winterwear is increasing in nations including China, South Korea, India, and Japan. The presence of huge consumer bases is anticipated to boost product consumption. Additionally, the growing adoption of headwear as a style statement among the millennial and Gen Z demographics is expected to increase in the coming years.
Manufacturers are launching fashionable headwear including beanies, headgear, and headbands in response to the escalating fashion trends. Leading companies such as Puma, Adidas, Nike, and others are launching fashionable headwear styles that include embroidery and cushioning. Such product innovations are likely to attract strong consumer bases, thereby propelling market expansion.
The market in Europe is anticipated to have a substantial market share after the Asia Pacific. The favorable weather conditions for winter clothing in nations such as Sweden, Finland, Norway, and others are expected to boost the demand for scarves, beanies, mufflers, and other headwear. To cater to the rising demand for headwear, businesses are launching innovative and higher-quality products with new designs.
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The headwear market is fiercely competitive. The market players frequently use new techniques and strategies to maintain an edge in the market. Market players are increasing their research and development investments to develop novel and alluring consumer solutions. They are focused on making it simple for consumers to purchase products for specialized needs. They are focusing on entering new demographics to capture consumers' interests and boost their product sales.
Headwear is a crucial part of the uniform for medical personnel. Medical personnel wears surgical caps to cover their hair and prevent infection. The product innovation in this sector is likely to create new growth avenues for the market players. The development of improved headgear such as scrub caps that prevent sweat to roll down while performing surgeries is anticipated to create new investment pockets in the market.
The global headwear market is expected to record a CAGR of 6.6% during the forecast period.
The headwear market is predicted to be valued at USD 53.51 billion by 2033.
The global headwear market was valued at USD 26.49 billion in 2022.
Asia Pacific is predicted to hold the lion’s share in the global headwear market.
The hats & caps segment is predicted to attain substantial growth during the forecast period.
A CAGR of 6.6% is predicted for upcoming years.
A market value of USD 26.49 billion was predicted for 2022.
Metallic material type is expected to grow the market.
The market acquired a 40.9% market share in 2023.
Puma SE, Nike Inc, and RALPH LAUREN MEDIA LLC are the key market players.
1. Executive Summary | Headwear Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Beanies 5.2. Headbands 5.3. Caps and Hats 5.4. Other Product Types 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Offline Retail Stores 6.2. Online Retail Stores 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Adidas AG 15.2. Calvin Klein 15.3. Gianni Versace S.r.l. 15.4. Guccio Gucci S.p.A. 15.5. New Era Cap 15.6. LACOSTE 15.7. Superdry PLC 15.8. Nike, Inc. 15.9. RALPH LAUREN MEDIA LLC 15.10. PUMA SE 16. Assumptions & Acronyms Used 17. Research Methodology
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Headwear Market
