Global Headwear Market Size to Exceed USD 52.50 Billion by 2033: Market Growth Report

Global Headwear Market Size to Exceed USD 52.50 Billion by 2033 

According to a research report published by Spherical Insights & Consulting, The Global Headwear Market Size is Expected to Grow from USD 27.05 Billion in 2023 to USD 52.50 Billion by 2033, at a CAGR of 6.86% during the forecast period 2023-2033.                     

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Headwear Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Beanies, Headbands, Caps & Hats, and Others), By Distribution Channel (Offline Retail Stores and Online Retail Stores), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033                              

The headwear industry comprises a broad assortment of head adornments, such as hats, caps, beanies, headbands, and visors, intended for fashion, sports, outdoor use, and protection. It serves different consumer groups, such as men, women, and children, and is determined by fashion, functionality, and brand trends. Moreover, headwear is prompted by changing fashion styles, more interest in branded and personalized goods, the surging popularity of athleisure wear, and the greater awareness of protection against sun exposure. Support by celebrity figures and athletes, growing expansion in online commerce, and higher consumption in outdoor as well as sport-related activities fuel the growth in the global headwear market. However, the headwear industry is also confronted with such restraints as volatile raw material prices, increased counterfeit products, changing consumer sentiments, and competition from unorganized players. Besides, seasonal fluctuation in demand and sustainability issues pose challenges to market growth.

The caps & hats segment accounted for the largest share of the global headwear market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on product type, the global headwear market is divided into beanies, headbands, caps & hats, and others. Among these, the caps and hats segment accounted for the largest share of the global headwear market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.  This is because of their popularity among diverse groups. They are both functional and fashionable, providing sun protection, branding, and fashion flexibility. Their sales are also influenced by sporting events, corporate sponsorship, and changing global fashion trends.

The offline retail stores segment accounted for a substantial share of the global headwear market in 2023 and is anticipated to grow at a rapid pace during the projected period.

On the basis of the distribution channel, the global headwear market is divided into offline retail stores and online retail stores. Among these, the offline retail stores segment accounted for a substantial share of the global headwear market in 2023 and is anticipated to grow at a rapid pace during the projected period. This is because of consumer demand for physical try-ons, brand-specific stores, and impulse buys. Conventional retail stores, such as specialty stores, department stores, and sports stores, account for most sales by providing a hands-on shopping experience, immediate availability, and one-on-one customer support, leading to greater consumer interaction.  

North America is projected to hold the largest share of the global headwear market over the projected period.  

North America is projected to hold the largest share of the global headwear market over the projected period. This is led by deep consumer demand for fashion, sport, and outdoor pursuits. A well-developed retail infrastructure of the region, high disposable income, and support from celebrities and sports teams fuel market expansion even further. The existence of strong brands and a growing awareness of trends also have a strong bearing.

Asia Pacific is expected to grow at the fastest CAGR of the global headwear market during the projected period. This is driven by growing fashion awareness, urbanization, and sports culture. Growing e-commerce, product affordability, and a boom in athleisure trends further drive demand. The large youth population in the region and social media trend influence also speed up market growth.

Company Profiling

Major vendors in the global headwear market are Adidas AG, New Era Cap Co., The Gap Inc., Under Armour Inc., Boardriders Inc., Nike Inc., Callaway Golf Company, New Balance Inc., Pipolaki, Superdry PLC., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2023, AC Milan and the global international lifestyle brand New Era released an exclusive headwear collection. The inaugural collection features a variety of New Era styles, presented in AC Milan's classic red and black colours, in addition to a carefully curated set of seasonal colourways designed to appeal to lifestyle enthusiasts.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global headwear market based on the below-mentioned segments:  

Global Headwear Market, By Product Type

• Beanies
• Headbands
• Caps & Hats
• Others

Global Headwear Market, By Distribution Channel

• Offline Retail Stores
• Online Retail Stores

Global Headwear Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa