Hats Market Size, Share, Trends, Growth 2032

Hats Market

Hats Market By Product Type (Sports hats, Working hats, and Fashion hats), By Material-Use (Polyester, Wool, Cotton, and Others), By End-User (Men and Women), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032

Category: Consumer Goods Report Format : PDF Pages: 227 Report Code: ZMR-8084 Published Date: Feb-2024 Status : Published
Market Size in 2024 Market Forecast in 2032 CAGR (in %) Base Year
USD 9.21 Billion USD 14.33 Billion 5.03% 2023

Hats Industry Prospective:

The global hats market size was evaluated at $9.21 billion in 2023 and is slated to hit $14.33 billion by the end of 2032 with a CAGR of nearly 5.03% between 2024 and 2032.

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Hats Market: Overview

The hat is a fabric that is used for covering the head and protecting it from extreme climatic conditions along with providing it safety. Moreover, hats are also worn during ceremonies such as obtaining a degree during graduation and other religious functions. Earlier, hats symbolized high social status in various countries such as the UK, Brazil, Mexico, and Argentina. In current times, hard hats offer protection to workers in construction activities. Reportedly, a hard hat offers protection to the head of a worker from damage caused due to falling substances.

Key Insights

  • As per the analysis shared by our research analyst, the global hats market is projected to expand annually at the annual growth rate of around 5.03% over the forecast timespan (2024-2032)
  • In terms of revenue, the global hats market size was evaluated at nearly $9.21 billion in 2023 and is expected to reach $14.33 billion by 2032.
  • The global hats market is anticipated to grow rapidly over the forecast timeline owing to a surge in the expenditure on clothes by people as a result of a rise in the purchasing capacity and increase in product promotion on the web and social networking sites.
  • In terms of product type, the fashion hats segment is slated to register the highest CAGR over the forecast period.
  • Based on material use, the polyester segment is predicted to lead the segmental space in the upcoming years.
  • Based on end-user, the men segment is projected to dominate the segmental growth in the years ahead.
  • Region-wise, the European hats industry is projected to register the fastest CAGR during the projected timespan.

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Hats Market: Growth Factors

New fashion trends are likely to augment the growth of the industry globally over the forecast period

The thriving fashion sector and changing weather conditions are anticipated to scale up the expansion of the hats industry globally. Furthermore, a surge in the expenditure on clothes by people as a result of a rise in the purchasing capacity and an increase in product promotion on the web and social networking sites will pave the way for immense market elevation in every nook & corner of the globe.

In addition to this, seasonal fluctuations are causing nations to experience high temperatures, thereby generating a huge demand for hats in these nations. A rise in the popularity of the product in baseball, polo, and cricket is likely to steer the growth of the market globally. Escalating demand for smart headwear owing to its use in detecting key signs will prompt the growth of the global market.

Hats Market: Restraints

An increase in raw material costs can impede the global industry progress over the forecast period

Tough competition among the product manufacturers along with the rise in the costs of raw components used for manufacturing hats can deter the growth of the hats industry across the globe. Disrupting fashion cycles has made it difficult for small-scale players to establish their businesses, thereby impacting the growth size of the industry worldwide.  

Hats Market: Opportunities

An increase in online shopping can help the global market explore untapped opportunities for growth by 2032

A surge in online shopping activities and rapid changes in the fashion trends witnessed in the youth population are likely to open new growth avenues in the global hats market.

Hats Market: Challenges

Fluctuating supply of products due to pandemics such as COVID-19 can challenge the growth of the industry worldwide

Disruptions in the supply chain channels & distribution networks owing to outbreaks of epidemics and pandemics can pose a huge challenge for the global hats industry surge.

Hats Market: Segmentation

The global hats market is sectored into product type, material-use, end-user, and region.                                         

In product type terms, the hats market across the globe is segregated into sports hats, working hats, and fashion hats segments. Furthermore, the fashion hats segment, which acquired nearly 59% of the global market revenue in 2023, is predicted to register the fastest rate of growth in the coming eight years. The expansion of the segment from 2024 to 2032 can be due rise in the wearing of these products on various occasions and during journeys & tours. Rise in the promotional campaigns and advertisements has enhanced the demand for fashion hats globally.

Based on the material use, the global hats industry is sectored into polyester, wool, cotton, and others segments. Additionally, the polyester segment, which gathered a major share of the global industry in 2023, is projected to lead the segmental surge in the coming eight years. The segmental elevation from 2024 to 2032 can be due to favorable features of polyester such as water resistance, durability, and moisture wicking.

Based on the end-user, the hats market across the globe is divided into men and women segments. Furthermore, the men segment, which accrued a key share of the global market in 2023, is expected to dominate the segmental surge over the forecast period. The growth of the segment over the coming eight years can be due to a rise in the male population having bald heads and the involvement of males in sports & physical events.

Hats Market: Report Scope

Report Attributes Report Details
Report Name Hats Market
Market Size in 2023 USD 9.21 Billion
Market Forecast in 2032 USD 14.33 Billion
Growth Rate CAGR of 5.03%
Number of Pages 227
Key Companies Covered Zhangjiagang Huaxia Headgear, Hebei Qian Feng International Cap, Everbright Caps Manufacture, Sun International, Chautuan, Shenzhen Chuangyixing Cap Industry, Yangzhou Ruijie Apparel Manufacturing, TTD, Berman, Cap BAIRY, Wenling Mingshi Cap, Qingdao Qinglin Internet Hat, Crown Cap, Henschel, Headwear, Lihua Cap, Yangzhou Hangzhou Batteryshow Hat, Yangxi County Auspicious Light Hat, Tianguan Cap, Qingdao Gao Brothers Hat, Guangzhou Yong Hair Dress, and others.
Segments Covered By Product Type, By Material-Use, By End-User, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Hats Market: Regional Insights

North America is slated to maintain the leading position in the global hats market in the coming eight years

North America, which contributed about 58% of the global hats market earnings in 2023, will be a leading region in the coming eight years. In addition to this, the regional market expansion over the forecast timeframe can be attributed to a rise in the sale of sports merchandise such as hats in countries such as the U.S. and Canada. Apart from this, festival celebrations such as the Disney Festival of Fantasy Parade, Halloween, and Comic-Con will steer the growth of the market in the sub-continent.

The European hats industry is predicted to record the fastest rate of growth in the forecast timespan. The expansion of the industry in the region can be due to the large-scale presence of the aging population in countries such as the UK, France, and Germany. In addition to this, the surging popularity of products in the continent is anticipated to embellish the expansion of the industry in Europe.  

Key Developments

  • In the first half of 2022, ARAKA, a D2C outdoor brand, and New Era Cap Company, an apparel firm, joined hands to introduce waterproof & breathable headwear. The initiative will contribute majorly towards the growth of the caps market landscape across the globe.
  • In the first quarter of 2023, Infinity Product Group, a major producer of new consumer products, launched Infinity Her, a new headwear product designed for women. Such moves will contribute majorly towards the expansion of the hats business across the globe.
  • In June 2023, AC Milan, a football club, and New Era Cap Company entered into a partnership for launching a new collection of headwear.

Hats Market: Competitive Space

The global hats market profiles key players such as:

  • Zhangjiagang Huaxia Headgear
  • Hebei Qian Feng International Cap
  • Everbright Caps Manufacture
  • Sun International
  • Chautuan
  • Shenzhen Chuangyixing Cap Industry
  • Yangzhou Ruijie Apparel Manufacturing
  • TTD
  • Berman
  • Cap BAIRY
  • Wenling Mingshi Cap
  • Qingdao Qinglin Internet Hat
  • Crown Cap
  • Henschel
  • Headwear
  • Lihua Cap
  • Yangzhou Hangzhou Batteryshow Hat
  • Yangxi County Auspicious Light Hat
  • Tianguan Cap
  • Qingdao Gao Brothers Hat
  • Guangzhou Yong Hair Dress

The global hats market is segmented as follows:

By Product Type

  • Sports hats
  • Working hats
  • Fashion hats

By Material-Use

  • Polyester
  • Wool
  • Cotton
  • Others

By End-User

  • Men
  • Women

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Hat is a fabric that is used for covering head and protecting it from extreme climatic conditions along with providing it safety. Moreover, hats are also worn during ceremonies such as obtaining degree during graduation and other religious functions.

The hats market growth over forecast period can be owing to rise in the popularity of product in baseball, polo, and cricket.

According to a study, the global hats industry size was $9.21 billion in 2023 and is projected to reach $14.33 billion by the end of 2032.

The global Hats market is anticipated to record a CAGR of nearly 5.03% from 2024 to 2032.

The European hats industry is set to register the fastest CAGR over the forecasting timeline owing to large-scale presence of aging population in the countries such as the UK, France, and Germany. In addition to this, surging popularity of product in the continent is anticipated to embellish the expansion of the industry in Europe.    

The global hats market is led by players such as Zhangjiagang Huaxia Headgear, Hebei Qian Feng International Cap, Everbright Caps Manufacture, Sun International, Chautuan, Shenzhen Chuangyixing Cap Industry, Yangzhou Ruijie Apparel Manufacturing, TTD, Berman, Cap BAIRY, Wenling Mingshi Cap, Qingdao Qinglin Internet Hat, Crown Cap, Henschel, Headwear, Lihua Cap, Yangzhou Hangzhou Batteryshow Hat, Yangxi County Auspicious Light Hat, Tianguan Cap, Qingdao Gao Brothers Hat, and Guangzhou Yong Hair Dress.           

The global hats market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.

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