Headwear Market Size Worth $46.1 Billion By 2030: IndustryARC

Headwear Market size is predicted to reach $46.1 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The surging demand for sports and outdoor activities, growing fashion consciousness and rising awareness about sun protection are poised to propel the market growth, finds IndustryARC in its recent report, titled “Headwear Market Size, Share & Trends Analysis Report By Product Type (Beanies, Headbands, Caps and Hats, Helmets, Others), By Application (Casual, Medical, Tactical, Others), By Distribution Channel (Offline Retail Stores, Online Retail Stores), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Europe Region to Register Highest Growth:

Europe is frequently facing severe weather events recently, which is leading to an increased demand for headwear that would help people protect them in such harsh weather. Since 1884, the average temperature in the UK as risen by 1.1 degrees Celsius, which is resulting in a higher number of days with high temperatures. Headwear such as hats and caps allow people to protect their head from harmful rays of the sun during summer. Also, European countries are known for their fashion trends, and headwear products are one of the major components that designers are using in their latest collections. These factors are likely to boost the growth of the headwear market in Europe during the forecast period.

Headwear Market 2023-2030: Scope of the Report

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Headwear Market Report – Key Takeaways:

Beanies Segment to Grow the Fastest

The headwear market analysis estimates that the beanies segment would grow at the highest CAGR during the forecast period in the category of headwear types. Being versatile and stylish headwear option, beanies are preferred by people of all ages during various seasons. Also, the comfort and practicality of this headwear option make it a great accessory to have. While they are mostly used during the winter to keep one’s head warm, they can also be worn during summer to protect one’s head from the sun. Also, the affordability of beanies makes them a great choice for average people.

Sales through Online Distribution Would Skyrocket

The online segment for headwear distribution channel is analyzed to grow with the highest CAGR of 7.6% during the forecast period. Online shopping is more convenient for most shoppers and the online channels offer a wide variety of headwear. Moreover, online retailers offer lower prices than retail stores as well as the convenience of easy returns and exchanges. These factors would boost the growth of the headwear sales through online distribution channels during the forecast period.

Asia-Pacific Region is Leading the Market

The Asia-Pacific region held a major share (42%) of the headwear market in 2022. The popularity of sports and outdoor activities in the Asia-Pacific region have been increasing, which led to an increasing demand for headwear such as hats and caps. Also, the continuous growth of the e-commerce market in the region has made it easier for the consumers to purchase headwear online. Moreover, with the increasing urbanization, people in the region have developed an interest in fashion and self-care. Headwear fulfilled both the criteria.

Burgeoning Opportunities in Athleisure and Sustainable Materials

Using sustainable and eco-friendly materials for headwear products can appeal to a section of the consumers who are environmentally conscious and offer the brands competitive advantage. Moreover, the growing trend of athleisure wear has created a massive opportunity for companies to offer headwear products that can be worn both during sports activities and in everyday life.

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Key Opportunity Analysis: 

The Option to Customize

Offering customization options for headwear products is a great way to differentiate a company’s products from its competitors. Customization allows customers to personalize their headwear items by choosing colors, logos, or graphics, or by adding their own designs or text. 

This can be done through various methods, including embroidery, heat transfers, or sublimation printing. By offering customization options, companies can attract customers who want unique and personalized items, and can charge a premium for the service. 

Rise of E-Commerce

The rise of e-commerce has revolutionized the retail industry and provided companies with an opportunity to reach a wider audience. Companies can take advantage of online sales channels to sell their headwear products to customers around the world, without the limitations of a physical store. This can increase a company’s revenue and provide a more convenient shopping experience for customers.

Licensing Partnerships with Popular Brands of Sports Teams

Partnering with popular brands or sports teams to produce licensed headwear products can provide a new revenue stream and expand a company’s customer base. Licensing agreements allow companies to use well-known logos or designs on their headwear products, which can attract fans of those brands or teams. Companies can also benefit from the marketing and promotional efforts of the brand or team, which can help increase awareness of their headwear products. By partnering with popular brands or sports teams, companies can tap into existing fan bases and expand their reach to new customers.

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The Report also Covers the Following Areas:

Headwear Market Size and Forecast 

Headwear Market Trends

Headwear Market Analysis by Product Type

Headwear Market 2023-2030: Key Highlights

CAGR of the market during the forecast period 2023-2030

Value Chain analysis of key stake holders

Detailed analysis of market drivers and opportunities during the forecast period

Headwear Market size estimation and forecast

Analysis and predictions on end users’ behavior and upcoming trends 

Competitive landscape and Vendor market analysis including offerings, developments, and financials

Comprehensive analysis of challenges and constraints in the Headwear Market

Covid and Ukrainian Crisis Impact:

The Headwear Market experienced a mixed impact due to the COVID-19 pandemic. On one hand, the decline of outdoor and sport-related activities led to a decrease in the demand for headwear used in these activities. On the other hand, the pandemic induced changes in consumer behavior and lifestyle, which drove the demand for other types of headwear. The market for protective headwear grew in importance during the pandemic, as people became more conscious of personal protective equipment (PPE) to prevent the spread of COVID-19.

The ongoing conflict between Russia and Ukraine has caused disruptions in supply chains in the region, impacting the production and delivery of headwear products. This has resulted in delays or shortages in inventory for companies that rely on suppliers from the affected area, hindering their ability to fulfill customer demand. Additionally, the conflict is anticipated to bring about changes in the demand for military-style headwear. If these types of headwear become associated with the conflict, there may be a decline in demand for such products in the market.

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List of Key Market Players in Headwear Market:

The Global Headwear Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

New Era Cap Co., Inc.

Nike, Inc.

Adidas AG

Under Armour, Inc.

Puma SE

Carhartt, Inc.

The North Face, Inc.

Columbia Sportswear Co.

Patagonia, Inc.

The Burton Corporation

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Cooling Fabrics Market – The Cooling Fabrics market is projected to grow at a CAGR of 8.5% from 2022 to 2027, owing to significant growth in sporting apparel market and growing encourage from the government for participation in sports. 

Sports Protective Equipment Material Market – The Sports Protective Equipment Material market is projected to grow at a CAGR of 4.2% during the forecast period from 2022 to 2027. Increase in sports participation by new generation and growing demand for recycled plastic materials in sports are driving the growth of this market.

Outdoor Sports Apparel Market – The Outdoor Sports Apparel Market size is growing at a CAGR of 6.8% during the forecast period. It is due to the rise in celebrity endorsements of outdoor and sports apparel brands and increasing enthusiasm for outdoor and sports apparel among millennials at the global level. 

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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

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