USD 24400.67 billion
Hats Market Size, Share, Growth Analysis, By Product Type(Sports hats, Fashion hats, Working hats), By Material(Polyester, Cotton, Wool, Others), By End-user(Men, Women), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2095 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
90
|Figures:
76
Hats Market Insights
Hats Market size was valued at USD 24400.67 billion in 2019 and is poised to grow from USD 26496.37 billion in 2023 to USD 468165.7 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).
The main factors for the rising demand for hats over the years have been an increase in global fashion trend knowledge, weather variations, and an increase in the proportion of urban residents. Global demand for hats is accelerating due to reasons like rising apparel spending, rising consumer disposable income, and widespread use of the internet as a distribution channel. In addition, global warming is causing many countries to experience low room temperatures, which is a major role in the rise in the popularity of hats. Leading firms in the sector are putting more of an emphasis on providing a variety of hats in terms of colors, designs, styles, and sizes in response to consumer requests.
The top players in the sector are putting a lot of effort into creating standout products that will help them stand out from the competition. For instance, significant corporations have established themselves in the headgear industry thanks to the utilization of novel materials and collaborations with celebrities. These hats assist in regulating head temperature and keep the head warm. Hats provide protection from the environment's dust and filth in addition to the cold. People are drawn to buy winter hats because of the variety of styles and designs available. Opportunities are being created by the expanding influence of social media sites like Instagram and Twitter, consumer trend acceptance, and enhanced fashion trends that take into account health, fashion, and beauty.
Vendors and brands are therefore making investments and developing new products in response to consumer demand. The sector has a chance to expand as a result of hat sellers and brands using websites and mobile apps to market their items. Consumers are beginning to view headwear, including headbands and even beanies, as fashion rather than merely a practical requirement. The hats market is expected to grow over the projected period as a result of the paradigm shift in consumer purchasing behaviour. To pique consumer attention, major corporations are offering headbands in contemporary designs like cushioned and embroidered. Prada, a high-end shop, contributes to the market for hair accessories by offering a variety of designer hats.
US Hats Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Men
Fastest Growth
Men
Growth Rate
8.6% CAGR
Global Hat Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Hats Market Segmental Analysis
The Global Hats Market is segmented based on product type, material, end-user and region. Based on Product Type, Hats Market is categorized into Sports hats, Fashion hats, and Working hats. Based on Material, Hats Market is categorized into Polyester, Cotton, Wool, and Others. Based on End-user, Hats Market is categorized into Men, and Women. Based on region, Hats Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Hats Market Analysis by Product Type
On the basis of product type, the fashion hats segment is expected to lead the global hats market over the forecast period. Fashion hats are thought to be the leading section since they may be used in more locations and for more occasions than other items. Similar to this, popular businesses' aggressive marketing campaigns for fashion headgear boost their usage.
Hats Market Analysis by End-user
On the basis of end-user, the men's segment is currently dominating the global hats market. Men are thought to make up the majority of the market because they are more likely to utilize the product than women and because they participate in more sports and physical activities than women.
On the other hand, the women’s segment also contributes to a significant hats market share and is expected to lead the market over the forecast period. A number of factors, such as advancing fashion trends and rising client disposable incomes, can be connected to the expansion. It boosts women's self-confidence because they can defend themselves against the winter's harsh weather conditions.
Global Hat Market By End-User, 2021 (%)
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Hats Market Regional Insights
Based on the region, the North American region currently dominates the global hats market. Throughout the projected period of 2022–2028, North America is anticipated to continue to have a leading position. The rising demand has been significantly aided by the region's residents' rising purchases of sporting gear, especially headwear. Additionally, local celebrations and events like Halloween, Comic-Con, the Disney Festival of Fantasy Parade, and others are driving up product consumption.
On the other hand, Europe is another region expected to grow rapidly over the forecast period and currently holds a significant market share. Because there are many elderly persons in Europe who frequently need to use the product to mask their hair loss, the continent is considered to have a significant presence in the global hat market. Additionally, the growing use of the product due to gardening's increasing appeal has a favorable effect on market expansion.
Global Hat Market By Geography, 2022-2028
- Largest
- Fastest
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Hats Market Dynamics
Hats Market Drivers
- Hats are a kind of apparel that come in a variety of sizes, styles, and designs. They are primarily worn for fashion, but they also shield the skin and hair from the sun and dust. They are inexpensive, versatile, and usable in both informal and formal contexts. These elements raise the market's demand for headwear.
- Athletes' growing demand for caps in sports is contributing to the global market's expansion. Hats are frequently worn by athletes who participate in sports like baseball, cricket, and polo to shield their eyes from the sun and bright lights, which raises their market demand.
Hats Market Restraints
- Tight hats cause hair problems and health problems which is a factor restraining the global hats market. The National Health Service asserts that frequent and prolonged hat use does not expedite hair loss. But too tight hats can dry out the ends of your hair and trap oils at the roots. When hair becomes oily, dirt and germs can accumulate, obstructing the flow of oxygen to your follicles and possibly resulting in hair loss.
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Hats Market Competitive Landscape
Due to the existence of numerous international and regional companies, the market for hats is quite competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development.
Hats Market Top Players Company Profiles
- Nike, Inc.
- Adidas AG
- New Era Cap Co., Inc.
- Under Armour, Inc.
- Puma SE
- Reebok International Ltd.
- The North Face, Inc.
- Lululemon Athletica Inc.
- Columbia Sportswear Company
- Patagonia, Inc.
- Gucci Group NV
- Ralph Lauren Corporation
- VF Corporation
- Abercrombie & Fitch Co.
- H&M Hennes & Mauritz AB
- Zara
- Forever 21, Inc.
- Uniqlo Co., Ltd.
- ASOS PLC
- Urban Outfitters, Inc.
Hats Market Recent Developments
- In September 2021, In India, Adidas AG opened its first flagship location. The "Home of Possibilities" store, which is in Connaught Place, combines several digital touchpoints, a sustainability zone, and the future of retail for customers.
- In September 2021, Under Armor Inc. established its fifth location in Australia in September 2021 at Perth's recently rebuilt Karrinyup Shopping Center.
- In August 2021, Nike Inc. opened a Rise retail concept store in Seoul, South Korea, in August 2021. In order to provide an immersive shopping experience, Nike Seoul has unveiled Sport Pulse, a digital platform that spans every level of the store and uses local sports news and Nike product trends.
Hats Key Market Trends
- Increasing product innovations in the hat market: Due to the growing desire for personalization among young people, several major companies are developing new goods that offer personalized headwear, particularly hats. Consumers are more influenced by the newest trends, which prompts them to match their headgear and clothing to stand out and show off their uniqueness. Dance companies, restaurants, and other service providers have all noticed the trend's ascent, which has further expanded the hat market's potential.
Hats Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global hats market is currently led by countries in the North American region, due to the rising purchases of sporting gear, especially headwear in this region. Along with this, both men’s and women’s segments are projected to lead the market due to advancing fashion trends and rising client disposable incomes, over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 24400.67 billion |
| Market size value in 2031 | USD 468165.7 billion |
| Growth Rate | 8.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hats Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hats Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hats Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hats Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hats Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hats Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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