Headwear Market Size to Surpass US$54.8 Billion by 2032, The Brainy Insights

Increased expansion of apparel and accessory retail shops in tier I, II, and III cities worldwide to drive headwear market growth in near future. The major product type segment is bifurcated into beanies, headbands, caps and hats, and others. The caps and hats segment dominated the market, with a market share of around 39.3% in 2022. Baseball caps and sun visors are popular among athletes who regard them as necessary for sports.

Newark, April 03, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 27.9 billion headwear market will reach USD 54.8 billion by 2032. Consumers are using headwear, such as headbands and even beanies, as a fashion statement rather than a necessity. This paradigm shift in consumer purchasing behaviour will boost the headwear market throughout the forecast period. Major corporations are progressively releasing headbands in current shapes, such as cushioned and embroidered, to pique consumer attention. Prada, a luxury retailer, sells a variety of designer headbands, which helps the hair accessory market even more.

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Key Insight of the Headwear Market

Asia Pacific to account for the largest market size during the forecast period.

Asia Pacific is expected to have the largest headwear market share. The hot summer months in India, China, and Australia increased demand for headwear, particularly hats. As a result, stores are responding to rising fashion trends by offering fashionable headbands, caps, and beanies. Furthermore, prominent manufacturers such as Nike, Adidas, and Puma are launching innovative designs such as cushioned and embroidered headbands and caps.

The caps and hats segment dominated the market, with the most significant market revenue of USD 10.9 billion in 2022.

The caps and hats segment dominated the market, with the most significant market revenue of USD 10.9 billion. Athletes frequently regard headwear, particularly caps, as a sporting necessity, giving rise to trends such as athleisure. Cricket, baseball, polo, and tennis players increasingly wear headwear to improve field performance, gain extra comfort, and promote physical wellness. The rise of sportswear increased the significance of the sports cap category.

The offline segment accounted for the largest share of the market, with a market revenue of USD 16.9 billion in 2022.

The offline segment accounted for the largest share of the market, with a market revenue of USD 16.9 billion in 2022. Lids Inc., a renowned sports retailer, presented its newest store concept, ‘Lids Hat Drop,’ in Queens, New York, in December 2022. Furthermore, companies are launching higher-quality virtual headwear goods with innovative designs to meet the growing demand for headwear products in the overall industry. Azuki, a Web3 anime brand, allows owners to relish the holiday season by releasing virtual festive attire. Azuki owners may customize their NFTs with a Santa hat and a Christmas sweater.

Advancement in Market

● In May 2022: Atlantis Headwear and Hats Direct announced a new licencing collaboration, bringing the notion of sustainable headwear to North America.

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Market Dynamics

Drivers: Rising Desire for Personalisation

With the growing desire for personalisation among millennials and the younger generation, various small and local players have launched unique items that offer personalised headwear, particularly caps. Individuals and groups increasingly customise their headwear and attire to stand out and enhance their uniqueness. The expanding tendency is seen among dance groups, food service companies, and other service providers, thus establishing an enormous scope for the global headwear market.

Restraint: Hair Loss

According to the National Health Service, wearing hats often and for extended periods does not hasten hair loss. Tight hats, on the other hand, can trap oils at the roots of your hair and leave the ends dry. As your hair becomes oily, oxygen circulation to your follicles may be impeded, and dirt and germs may accumulate, potentially causing hair loss.

Opportunity: Rising Benefits of Hats

Hats may be beneficial to the health of the hair. They shield the hair and scalp from the elements on cooler days. This is especially important when the hair and scalp is expossed to the outside temperature, hair can become thin and brittle when exposed to low temperatures. Throughout the summer, protecting the hair and scalp from UV rays is critical because the sun dries out hair and causes the colour to fade.

Challenge: Financial Crisis

Furthermore, the emergence of COVID-19 sparked a global financial crisis, which influenced customer tastes and reduced sales of these commodities. As a result of these factors, the market saw a decrease in sales. One of the most significant difficulties that firms face globally is the availability of counterfeit merchandise, which is expected to restrict the selling of genuine products over the forecast period.

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Some of the major players operating in the headwear market are:

● Adidas AG
● Calvin Klein
● Gianni Versace S.r.l.
● New Era Cap
● Guccio Gucci S.p.A.
● Nike, Inc.
● Superdry PLC

Key Segments cover in the market:

By Product Type:

● Beanies
● Headbands
● Caps and Hats
● Other

By Distribution Channel:

● Offline
● Online

About the report:

The global headwear market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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