Headwear Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|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 size is estimated at USD 26.56 billion in 2023. It is projected to reach USD 36.34 billion by 2028, registering a CAGR of 6.47% during the forecast period (2023-2028).
- Headwear, such as headbands and beanies, is perceived as a fashion accessory and a style statement for many individuals. This paradigm shift observed in consumers' buying behavior is anticipated to foster the headwear market during the forecast period.
- Additionally, continuous innovations in fabric and consumer trends toward sustainable fashion encourage manufacturers to launch innovative products. Some innovative launches include fabric from seaweed, biodegradable materials, acquiring apple leathers, and developing products like soft and comfortable headwear. Companies are increasingly launching headbands in trendy styles, such as padded and embellished, to attract greater consumer interest.
- For instance, in April 2022, the Headwear brand Autumn launched a headwear collection, including caps, beanies, and bucket hats. As per the company, the collection features the new Sunflake icon, designed by August Studio of Los Angeles in collaboration with them.
- Moreover, with consumers increasingly focusing on physical fitness, the active lifestyle accessories segment is likely to have a greater demand over the coming years. Besides this, the exclusive headwear range is gaining immense traction worldwide. For instance, Muslim consumers involved in sports need to be covered up using headwear due to their religious reasons.
- Therefore, in February 2023, Zaheeda Duduzile Chaukean, an entrepreneur, started her own South African brand called 'BreetheModest Activewear.' BreetheModest Activewear targets Muslim women who prefer extra-coverage clothing and headwear, including sports hijabs. Thus, brands continually roll out new lines of athleisure accessories, thus driving the market.
Headwear Market Trends
The Rise of Athleisure
- Headwear, primarily caps, are readily counted as sports essentials among athletes, giving rise to trends such as athleisure. Sports enthusiasts progressively opt for headwear to boost field performance, gain extra comfort, and promote physical health. The boom in sportswear increased the prominence of the sports cap segment, as it shifted from streetwear staple to stylish must-haves among young adults.
- Hence, there is a growing R&D expenditure by the headwear industry players that is allowing the production of more customized and innovative options for consumers. Moreover, companies are launching products of higher quality and unique designs to fulfill the increasing demand. For instance, in June 2022, a D2C brand, ARAKA, collaborated with New Era in Japan to launch water-repellent, waterproof, and moisture-permeable headwear.
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North America is the Fastest Growing Market
- Manufacturers are anticipating rapid market growth in the North American region due to the growing demand for hair adornments, with retailers seeking to increase their average spend with an easy add-on sale. This trend leads retailers to launch fashion-oriented headbands and beanies to cater to the customers' demands. The intense winter season, like in Canada, has further boosted the demand for headwear, mainly woolen caps. Thus, the major companies are launching headbands and hats with trendy styles, such as padded and embellished, to draw greater consumer interest.
- Furthermore, sustainability is one of the critical factors trending in the United States. Many consumers are concerned about sustainable fashion. As a result, major companies are working on modifying their business models and developing products made with more sustainable materials.
- For example, Adidas turned plastic trash that washed up in coastal areas into recycled polyester and used the material in headwear products. Further, in July 2022, MycoWorks partnered with LA-based milliner Nick Fouquet to develop a line of hats made from its Reishi alt-leather product with a US start-up that develops alternative biomaterials based on mycelium.
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Headwear Industry Overview
The global headwear market is highly competitive due to the presence of numerous players, including Adidas AG, Nike Inc., New Era Cap, Under Armour Inc., and Pipolaki. Major companies are adopting innovative production strategies to differentiate their products and brand image. They 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.
Headwear Market Leaders
Under Armour Inc.
New Era Caps Co.
*Disclaimer: Major Players sorted in no particular order
Headwear Market News
- June 2023: AC Milan and the renowned international lifestyle brand New Era unveiled an exclusive headwear collection. This debut collection boasts an array of New Era styles, offered in AC Milan's iconic red and black colors, as well as a curated selection of seasonal colorways aimed at catering to lifestyle enthusiasts.
- May 2022: PUMA, the global sportswear giant, introduced a limited edition headwear collection comprising three distinct styles, all adorned with the logo of Hometown Heroes. PUMA's legendary classic hometown heroes inspire this unique design.
- May 2022: Cap America completed the acquisition of Wear-A-Knit, a Minnesota-based custom knitwear company. This strategic move empowers Cap America to further expand its USA-made knit department, solidifying its position as one of the top 40 suppliers in the industry.
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
4.1.1 The Rise of Athleisure
4.1.2 Influence of Social Media
4.2 Market Restraints
4.2.1 Presence of Counterfeit Products
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
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
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 Co.
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
- *List Not Exhaustive
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 6.47% 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 2022.
Who are the key players in Headwear Market?
Adidas AG, Nike Inc., Pipolaki, Under Armour Inc., New Era Caps Co. are the major companies operating in Headwear Market.
Headwear Industry Report
Statistics for the 2023 Headwear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Headwear analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.