Hat and Headgear Market

The hat and headgear market is expected to experience a decline in consumption over the next eight years, with a forecasted decrease in both market volume and value. In 2022, consumption saw a significant increase, reaching peak levels. The United States dominated both consumption and production of hats and headgear. The global market saw substantial growth in production, imports, and exports. China emerged as a key player in production and exports of hats and headgear. The average import and export prices experienced fluctuations over the years, impacting the global market dynamics.

Market Forecast

The hat and headgear market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -4.6% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 2.8B units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -2.9% for the period from 2022 to 2030, which is projected to bring the market value to $53.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hats And Other Headgear

In 2022, consumption of hats and other headgear increased by 515% to 4.1B units, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a significant increase. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global hat and headgear market revenue skyrocketed to $67.7B in 2022, surging by 497% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The country with the largest volume of hat and headgear consumption was the United States (2.4B units), accounting for 57% of total volume. Moreover, hat and headgear consumption in the United States exceeded the figures recorded by the second-largest consumer, France (143M units), more than tenfold. The third position in this ranking was taken by the UK (142M units), with a 3.4% share.

In the United States, hat and headgear consumption expanded at an average annual rate of +40.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+32.7% per year) and the UK (+28.3% per year).

In value terms, the United States ($41.3B) led the market, alone. The second position in the ranking was held by France ($2.8B). It was followed by the UK.

In the United States, the hat and headgear market expanded at an average annual rate of +39.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: France (+31.5% per year) and the UK (+27.2% per year).

In 2022, the highest levels of hat and headgear per capita consumption was registered in the United States (7 units per person), followed by France (2.1 units per person), the UK (2.1 units per person) and Japan (0.6 units per person), while the world average per capita consumption of hat and headgear was estimated at 0.5 units per person.

In the United States, hat and headgear per capita consumption expanded at an average annual rate of +39.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+32.3% per year) and the UK (+27.6% per year).

Production

World Production of Hats And Other Headgear

In 2022, production of hats and other headgear increased by 368% to 3.1B units, rising for the second year in a row after two years of decline. Over the period under review, production continues to indicate a strong increase. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, hat and headgear production declined modestly to $12.3B in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 11%. As a result, production reached the peak level of $13.7B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

China (2.5B units) constituted the country with the largest volume of hat and headgear production, comprising approx. 79% of total volume. Moreover, hat and headgear production in China exceeded the figures recorded by the second-largest producer, Vietnam (135M units), more than tenfold.

In China, hat and headgear production increased at an average annual rate of +23.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+24.2% per year) and Bangladesh (+17.8% per year).

Imports

World Imports of Hats And Other Headgear

In 2022, supplies from abroad of hats and other headgear increased by 1,189% to 4.4B units, rising for the second year in a row after two years of decline. Over the period under review, imports recorded significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports soared to $9.9B in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.7% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

The United States dominates imports structure, finishing at 2.4B units, which was near 55% of total imports in 2022. France (162M units), the UK (148M units), Germany (92M units), Belgium (79M units), Japan (75M units), Mexico (74M units) and Greece (72M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to hat and headgear imports into the United States stood at +41.8%. At the same time, Greece (+52.5%), France (+31.6%), Belgium (+31.1%), Mexico (+28.6%), the UK (+27.1%), Germany (+22.6%) and Japan (+19.1%) displayed positive paces of growth. Moreover, Greece emerged as the fastest-growing importer imported in the world, with a CAGR of +52.5% from 2012-2022. From 2012 to 2022, the share of the United States increased by +30 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.9B) constitutes the largest market for imported hats and other headgear worldwide, comprising 30% of global imports. The second position in the ranking was held by Germany ($621M), with a 6.3% share of global imports. It was followed by Japan, with a 5% share.

In the United States, hat and headgear imports increased at an average annual rate of +6.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+6.5% per year) and Japan (+0.6% per year).

Imports By Type

Hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed represented the key type of hats and other headgear in the world, with the volume of imports amounting to 3.5B units, which was near 79% of total imports in 2022. It was distantly followed by head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear (466M units), hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed (240M units) and headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (235M units), together creating a 21% share of total imports.

Imports of hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed increased at an average annual rate of +30.9% from 2012 to 2022. At the same time, head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear (+44.2%), hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed (+28.2%) and headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (+27.0%) displayed positive paces of growth. Moreover, head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear emerged as the fastest-growing type imported in the world, with a CAGR of +44.2% from 2012-2022. From 2012 to 2022, the share of head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear increased by +6.4 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed ($8.5B) constitutes the largest type of hats and other headgear imported worldwide, comprising 86% of global imports. The second position in the ranking was held by hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed ($508M), with a 5.1% share of global imports. It was followed by headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of the value of hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed imports totaled +6.9%. For the other products, the average annual rates were as follows: hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed (+3.7% per year) and headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (+7.0% per year).

Import Prices By Type

The average hat and headgear import price stood at $2.3 per unit in 2022, dropping by -89.9% against the previous year. Overall, the import price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 an increase of 7.5%. As a result, import price reached the peak level of $22 per unit, and then reduced notably in the following year.

Prices varied noticeably by the product type; the product with the highest price was hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed ($2.5 per unit), while the price for head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear ($0.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (-15.8%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average hat and headgear import price stood at $2.3 per unit in 2022, falling by -89.9% against the previous year. Overall, the import price showed a abrupt downturn. The growth pace was the most rapid in 2021 an increase of 7.5% against the previous year. As a result, import price reached the peak level of $22 per unit, and then plummeted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($6.7 per unit), while Greece ($1.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-13.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Hats And Other Headgear

In 2022, shipments abroad of hats and other headgear increased by 909% to 3.4B units, rising for the second consecutive year after two years of decline. In general, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports skyrocketed to $10.9B in 2022. Over the period under review, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.6% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China dominates exports structure, amounting to 2.4B units, which was near 70% of total exports in 2022. It was distantly followed by Vietnam (153M units), creating a 4.5% share of total exports. The following exporters - Bangladesh (149M units), the United States (85M units) and Mexico (57M units) - together made up 8.6% of total exports.

Exports from China increased at an average annual rate of +27.6% from 2012 to 2022. At the same time, Bangladesh (+37.2%), the United States (+36.4%), Mexico (+33.2%) and Vietnam (+32.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in the world, with a CAGR of +37.2% from 2012-2022. Bangladesh (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.2B) remains the largest hat and headgear supplier worldwide, comprising 47% of global exports. The second position in the ranking was held by Vietnam ($885M), with an 8.1% share of global exports. It was followed by Bangladesh, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +4.3%. In the other countries, the average annual rates were as follows: Vietnam (+13.7% per year) and Bangladesh (+15.4% per year).

Exports By Type

Hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed represented the main type of hats and other headgear in the world, with the volume of exports recording 1.6B units, which was approx. 48% of total exports in 2022. It was distantly followed by headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (1,035M units), head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear (525M units) and hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed (210M units), together making up a 52% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exported products, was attained by headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (with a CAGR of +47.2%), while the other products experienced more modest paces of growth.

In value terms, hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed ($9.1B) remains the largest type of hats and other headgear supplied worldwide, comprising 83% of global exports. The second position in the ranking was held by headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed ($915M), with an 8.4% share of global exports. It was followed by hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of the value of hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed exports stood at +6.9%. For the other products, the average annual rates were as follows: headgear, other than safety headgear, of materials other than rubber, plastic or furskin, whether or not lined or trimmed (+11.4% per year) and hats and other headgear, plaited or made by assembling strips of any material, whether or not lined or trimmed (+3.9% per year).

Export Prices By Type

In 2022, the average hat and headgear export price amounted to $3.2 per unit, dropping by -85.6% against the previous year. Overall, the export price recorded a abrupt contraction. The growth pace was the most rapid in 2020 when the average export price increased by 15% against the previous year. As a result, the export price attained the peak level of $23 per unit. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed ($5.6 per unit), while the average price for exports of head-bands, linings, covers, hat foundations, hat frames, peaks and chinstraps, for headgear ($0.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by hats and headgear, knitted or crocheted, or made up from lace, felt or other textile fabric in the piece (not in strips), whether or not lined or trimmed (-12.3%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average hat and headgear export price stood at $3.2 per unit in 2022, dropping by -85.6% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The growth pace was the most rapid in 2020 an increase of 15% against the previous year. As a result, the export price attained the peak level of $23 per unit. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($6.2 per unit), while China ($2.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (-10.1%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform