Market Size of Headwear Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.47 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*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 Industry Segmentation
Headwear is any element of clothing that is worn on one's head. The global headwear market is segmented by product type, distribution channel, and geography.
The market is segmented by product type into beanies, headbands, caps and hats, and other product types. By distribution channel, the market is segmented into offline and online retail stores. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
The market sizing and forecasts have been done for each segment based on value (in USD).
| Product Type | |
| Beanies | |
| Headbands | |
| Caps and Hats | |
| Other Product Types |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
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Headwear Market Size Summary
The headwear market is experiencing a significant transformation, driven by evolving consumer perceptions of headwear as both a fashion accessory and a style statement. This shift in buying behavior is expected to propel market growth over the forecast period. Innovations in materials and a growing emphasis on sustainable fashion are encouraging manufacturers to introduce novel products, such as those made from seaweed, biodegradable materials, and apple leathers. The trend towards athleisure and active lifestyle accessories is also contributing to market expansion, with brands like BreetheModest Activewear catering to specific consumer needs, such as modest sportswear for Muslim women. The increasing popularity of sports caps among athletes and the rise of athleisure have further boosted the demand for headwear, prompting companies to invest in research and development to offer customized and high-quality options.
The North American region is anticipated to witness rapid market growth, fueled by the demand for hair adornments and the popularity of winter headwear. Sustainability is a key trend, with companies like Adidas and MycoWorks leading the charge in developing products from recycled and alternative materials. The competitive landscape of the global headwear market is marked by the presence of major players such as Adidas AG, Nike Inc., and New Era Cap, who are leveraging innovative production strategies and celebrity partnerships to enhance their brand image. Recent collaborations and acquisitions, such as those by AC Milan and PUMA, highlight the industry's focus on expanding product offerings and solidifying market positions.
Headwear Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 The Rise of Athleisure
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1.1.2 Influence of Social Media
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1.2 Market Restraints
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1.2.1 Presence of Counterfeit Products
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Beanies
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2.1.2 Headbands
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2.1.3 Caps and Hats
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2.1.4 Other Product Types
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2.2 Distribution Channel
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2.2.1 Offline Retail Stores
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2.2.2 Online Retail Stores
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Spain
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Headwear Market Size FAQs
What is the current Headwear Market size?
The Headwear Market is projected to register a CAGR of 6.47% during the forecast period (2024-2029)
Who are the key players in Headwear Market?
Adidas AG, Nike Inc., Pipolaki, Under Armour Inc. and New Era Caps Co. are the major companies operating in the Headwear Market.
