Originally published on Technavio:Headwear Market Analysis - Forecast and Size 2023-2027

The global headwear market is anticipated to grow by USD 7.84 billion at a Compound Annual Growth Rate (CAGR) of 6.57% between 2022 and 2027.

Market Overview

The market research and growth report on headwear offer industry forecasts and segmentation based on Distribution Channels (offline and online) and Product Types (caps and hats, beanies, and others). Geographically, the report covers APAC, North America, Europe, South America, and the Middle East and Africa, presenting historical data (2017-2021) and future forecasts in USD billion.

Market Analysis

The market is propelled by increasing fashion consciousness and a desire to enhance personal style. Consumers, becoming more fashion-aware, seek headgear accessories that reflect their unique tastes and allow them to showcase their sense of style. This demand is notably seen in the popularity of headwear such as beanies, hats, and caps with unique designs and logos. Fashion-conscious consumers drive headgear producers like adidas and PUMA to create aesthetically appealing products to cater to this trend. This focus on fashion-conscious consumers is expected to drive market growth and trends during the forecast period.

Segment Market Trends and Analysis

The offline segment, valued at USD 12.72 billion in 2017, dominates the market. Niche retail stores play a significant role, offering a wide selection of headgear brands and items. Department stores, such as Galeria Karstadt Kaufhof GmbH and E. Breuninger GmbH & Co, contribute substantially to the offline headgear market. The competitive edge of department stores lies in private-label products and unique designer collections, driving revenue in the offline segment.

APAC Contribution

APAC is expected to contribute 38% to the global market's growth during the forecast period. The region's headgear market benefits from a growing population, rising disposable income, changing fashion tastes, and increased awareness of sun protection. The emphasis on sports, tourism, and outdoor activities further fuels the demand for headgear. Countries like China, Japan, South Korea, and India contribute significantly to the production of headgear, supported by cost-effective production in nations like China and Vietnam. The APAC market presents lucrative opportunities for regional and international competitors.

Market Size by Region, Global, 2017-2027

Headwear Market Share by Geography

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Market Companies Overview

The market is characterized by its fragmented nature. Key players include Adidas AG, Akubra Hats Pty Ltd., Capri Holdings Ltd., Christy and Co. Ltd., and Columbia Sportswear Co. The growth analysis report provides detailed analyses of the competitive landscape, profiling 15 market companies, such as FLEXFIT LLC, Giorgio Armani S.p.A., Hats.com LLC, Kering SA, and others.

Market Dynamics

The headwear market, influenced by fashion trends and weather conditions, particularly in winter apparel, thrives at this intersection. Winter headwear products, like the 'Infinite THERMAL Collection' by Melin, blend style with functionality, meeting unique customer requirements. The landscape evolves with diverse options for women, ensuring a fashionable fusion in the ever-evolving headwear market.

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The market growth and forecasting report project market growth by revenue globally, regionally, and at the country level, analyzing the latest trends and growth opportunities from 2017 to 2021.

Leading Companies, Market Positioning, Competitive Strategies, and Industry Risks

Key companies profiled in the report include Adidas AG, Akubra Hats Pty Ltd., Capri Holdings Ltd., Christy and Co. Ltd., Columbia Sportswear Co., FLEXFIT LLC, Giorgio Armani S.p.A., Hats.com LLC, Kering SA, Lock and Co. Hatters, Maus Freres SA, New Era Cap LLC, Nike Inc., PUMA SE, PVH Corp., Ralph Lauren Corp., Sports Direct International plc, SUPERDRY PLC, Under Armour Inc., and VF Corp.

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