The global headwear market size 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 expected to be worth US$ 53.51 billion by 2033. Whereas, the market is predicted to reach a valuation of US$ 28.24 billion in 2023.
The global fashion industry is constantly expanding with the consistently rising population and trends. The growing adoption of headwear as a style statement among the millennial and Gen Z demographics is expected to foster the market growth in coming years. Headwear is a blanket term for any piece of apparel that may be worn on the head. Younger generations are increasingly wearing headgear like headbands, beanies, and caps as a fashion statement. Prominent brands are launching headbands in modern patterns to grab the attention of consumers.
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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. According to a survey, 86% of the world’s population are smartphone users in 2023. Therefore, a sizable increase in online distribution channels is anticipated during 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, SERALPH 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
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Recent Developments Observed by FMI:
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.
