Headwear Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||North America|
|Largest Market:||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Headwear Market Analysis
The headwear market is projected to register a CAGR of 6.53% over the next five years.
Headwear, such as headbands and even beanies, are being perceived as fashionwear among consumers as a style statement than just a necessity. This paradigm shift observed in consumers’ buying behavior is anticipated to foster the headwear market during the forecast period. Major companies are increasingly launching headbands in trendy styles, such as padded and embellished, to attract greater consumer interest. Luxury retailer Prada offers a range of designer headbands, further aiding the hair accessories market.
The rapid urbanization of the population led to an improvement in fashion sensibility worldwide, acting as a driving factor for the market's growth. According to World Cities Report 2022, urban areas are already home to 55% of the world’s population, and this figure is expected to reach 68% by 2050. Other factors driving the headwear market's growth include the expanding fashion sector, changing lifestyles, and the rising need for convenience in terms of comfortability and easy availability. The headwear segment is mainly gaining popularity among the younger population as a fashion statement.
Headwear Industry Segments
Headwear is any element of clothing that is worn on one's head. The headwear market is segmented by product type, distribution channel, and geography. By product type, the market is segmented into beanies, headbands, caps and hats, and other product types. By distribution channel, the market is segmented into offline retail stores and online retail stores. The market is also segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|Caps and Hats|
|Other Product Types|
|Offline Retail Stores|
|Online Retail Stores|
Headwear Market Trends
This section covers the major market trends shaping the Headwear Market according to our research experts:
Surging Craze for Athleisure
Headwear, primarily caps, are readily counted as sports essentials among athletes, giving rise to trends such as athleisure. Sports players, including cricket, baseball, polo, and tennis, are progressively opting for headwear to boost field performance, gain extra comfort, and promote physical health. The boom in sportswear boosted the prominence of the sports cap segment, as it shifted from streetwear staple to stylish must-haves among general consumers. The segment also penetrated the menswear industry worldwide.
This trend is resulting in heavy demand for headwear, aiding in the growth of the market studied. Due to the rising demand for headwear products in the overall market, companies are launching new headwear products that are of higher quality and in new designs to fulfill the increasing demand. For instance, in July 2022, MycoWorks partnered with LA-based milliner Nick Fouquet to develop a line of hats made from its Reishi alt-leather product in conjunction with a US start-up that develops alternative biomaterials based on mycelium. Sports apparel sales recorded exponential growth in recent years, thus boosting the overall sports cap market.
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Asia-Pacific is the Dominant Market
The boom in sportswear helped the sports cap achieve significance as it shifted away from streetwear staples to stylish must-haves among general consumers, further permeating the menswear industry worldwide. In the Asia-Pacific region, manufacturers are anticipating rapid market growth due to the growing demand for hair adornments, with retailers seeking to increase their average spend with an easy add-on sale. This trend is leading retailers to launch fashion-oriented headbands and beanies to cater to the market. The intense summer season in India, China, and Australia also boosted the demand for headwear, majorly hats. Thus, the major companies are launching headbands and hats with trendy styles, such as padded and embellished, to draw greater consumer interest.
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Headwear Market Competitor Analysis
The headwear market is highly competitive due to the presence of several private players manufacturing counterfeit products of major brands to boost their sales. Therefore, the major companies are adopting innovative production strategies to set themselves apart from the crowd. For example, major companies are using new materials and partnering with celebrities to establish themselves in the headwear market. They are also offering sponsorships for various sports and events, leading to an increase in the sales of headwear products. Some of the key players in the headwear market include Adidas AG, Nike Inc., New Era Cap, Under Armour Inc., Pipolaki, Superdry PLC, New Balance Inc., and Boardriders Inc.
Headwear Market Top Players
New Era Cap
Under Armour Inc.
*Disclaimer: Major Players sorted in no particular order
Headwear Market Recent Developments
- MAY 2022: PUMA, the global sportswear company, launched a limited edition headwear collection in three styles featuring the logo of Hometown Heroes, a brand-new design based on PUMA's legendary classic hometown heroes.
- MAY 2022: Cap America acquired Minnesota-based custom knitwear company Wear-A-Knit. The acquisition gives Cap America the opportunity to further develop its USA-made knit department, which is one of the top 40 suppliers.
- MAY 2022: A new licensing partnership was announced between Atlantis Headwear and Caps Direct, bringing the concept of sustainable headwear to North America.
Headwear Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.3 Caps and Hats
5.1.4 Other Product Types
5.2 Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Adidas AG
6.3.2 Nike Inc.
6.3.3 New Era Cap
6.3.4 Under Armour Inc.
6.3.6 Boardriders Inc.
6.3.7 New Balance Inc.
6.3.8 The Gap Inc.
6.3.9 Callaway Golf Company
6.3.10 Superdry PLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Headwear Market Research FAQs
What is the study period of this market?
The Headwear Market is studied from 2018 - 2028.
What is the growth rate of Headwear Market?
The Headwear Market is growing at a CAGR of 6.53% over the next 5 years.
Which region has highest growth rate in Headwear Market?
North America is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Headwear Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Headwear Market?
Adidas AG, New Era Cap, Nike Inc., Pipolaki, Under Armour Inc. are the major companies operating in Headwear Market.
Headwear Industry Reports
In-depth industry statistics and market share insights of the Headwear sector for 2020, 2021, and 2022. The Headwear research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Headwear report PDF.