Caps and Hats Market Growth, Size, Share, Analysis by 2031

Caps and Hats Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Caps and Hats), Material (Polyester, Cotton, Leather, Blends, and Others), End User (Men, Women, Unisex, and Kids), and Distribution Channel (Supermarket and Hypermarket, Specialty Stores, Online Retail, and Others)

  • Report Code : TIPRE00025387
  • Category : Consumer Goods
  • Status : Published
  • No. of Pages : 204
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The caps and hats market was valued at US$ 23.08 billion in 2023 and is expected to reach US$ 32.57 billion by 2031; it is estimated to record a CAGR of 4.4% from 2023 to 2031.

MARKET ANALYSIS

Changing fashion trends and the increasing influence of social media have elevated these accessories beyond their functional purpose, making them integral components of personal style statements. In addition, the growing awareness of the importance of sun protection has fueled demand for caps and hats with UV protection features, particularly in regions with high sun exposure. Moreover, the expanding popularity of outdoor activities, sports, and leisure pursuits has increased the demand for caps and hats as practical and stylish accessories. Further, the rise in e-commerce and digital marketing strategies has widened the market reach, enabling brands to tap into new consumer demographics and geographic regions, thus contributing to the overall growth of the global caps and hats market

The global apparel industry is dynamic and constantly evolving with factors such as consumer demographics, economic trends, consumer buying behavior, and technological advancements. Consumers increasingly spend on apparel, footwear, and accessories to enhance their appearance with changing lifestyles. Based on the data provided by the Bureau of Labor Statistics (BLS), the annual average expenditure on apparel and services by each consumer unit in the US in 2022 was US$ 1,945. A consumer unit refers to a household consisting of two or more people who share the major expenses or are financially independent. Consumer spending on apparel and accessories also increases with a surging working population. According to the International Labor Organization (ILO), the number of employed people worldwide reached approximately 3.4 billion in 2023. With the surging number of working professionals, the emphasis on self-grooming is also increasing. The apparel & fashion industry is also significantly transforming with the changing retail landscape. The proliferating e-commerce industry, consumer preference for online shopping, and availability of various apparel and accessories of different brands at discounted prices are boosting apparel sales through online retail channels. Major manufacturers are also introducing direct-to-consumer (D2C) websites where consumers can access authentic products at affordable prices. For instance, companies such as Adidas AG, Nike Inc, and Under Armor Inc have their own direct-retailing websites where consumers can shop for authentic products, increasing customer satisfaction and brand loyalty.

Caps and hats are fashion accessories that enhance the overall look of the outfit and help individuals make a fashion statement. Caps and hats are no longer used just for protection from sun, wind, and extreme weather conditions; they are also utilized as styling elements to enhance the appearance. Various caps and hats are available for different occasions and seasons; for instance, sun hats are used explicitly in summer with beach outfits and swimsuits to elevate the overall look and provide protection against the sun. Consumers are trying different outfits and styling techniques, which drives the demand for various styling accessories, including caps and hats. Thus, the growth of the apparel & fashion industry drives the caps and hats market.

GROWTH DRIVERS AND CHALLENGES

Globalization and the penetration of the internet and smartphones have contributed to a growing awareness of the latest trends in the apparel industry. Many fashion influencers on social media platforms such as Instagram, YouTube, Facebook, and Snapchat share styling tutorials, ratings, and product links that influence the purchase decisions of consumers. Social media is strongly influencing people’s lifestyles, with many people trying to imitate celebrities and their living standards to follow the latest market trends; this majorly impacts consumer buying behavior. Also, with an increasing focus on self-appearance, people are spending on fashion accessories such as caps, hats, scarves, and trending footwear based on the latest fashion trends on social media. Several caps and hat manufacturers are investing in celebrity endorsements to enhance their brand image and boost product sales. For instance, in March 2020, PUMA SE signed a two-year agreement with Kareena Kapoor Khan, an Indian Film Industry celebrity, as its brand ambassador. Under the terms of the agreement, the actress has endorsed a new collection of PUMA, including sports shoes, gym wear, caps, and other apparel collections.

New-age celebrities and fashion icons such as Gigi Hadid, Kendall Jenner, and Rihanna pair stylish caps and hats with both casual and high-fashion outfits, demonstrating the accessory's unparalleled adaptability. Social media influencers are utilizing social media platforms such as TikTok, Instagram, and Snapchat to showcase various caps and hats, including bucket hats, trucker caps, and baseball caps in streetwear, pop-culture outfits, boho chic, casual wear, and various other aesthetic—which is inspiring the fashion sense of new generation of fans. Thus, increasing social media and celebrity influence worldwide is contributing to the growing caps and hats market size.

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Caps and Hats Market: Strategic Insights

Caps and Hats Market

  • CAGR (2023 - 2031)
    4.4%
  • Market Size 2023
    US$ 23.08 Billion
  • Market Size 2031
    US$ 32.57 Billion

Market Dynamics

GROWTH DRIVERS
  • Growth in Fashion & Apparel Industry
  • Increasing Celebrity and Social Media Influence
FUTURE TRENDS
  • Popularity of Bucket Hats and Baseball Caps
OPPORTUNITIES
  • Focus on Sustainable Fabrics for Caps and Hats

Key Players

  • Nike Inc
  • Adidas AG
  • Under Armour Inc
  • H&M Hennes & Mauritz AB
  • New Era Cap
  • Puma SE
  • ADER
  • YUPOONG INC
  • Levi Strauss & Co
  • Hooey

Regional Overview

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • and South and Central America

Market Segmentation

Type
  • Caps and Hats
Material
  • Polyester
  • Cotton
  • Leather
  • Blends
  • Others
End User
  • Men
  • Women
  • Unisex
  • Kids
Distribution Channel
  • Supermarket and Hypermarket
  • Specialty Stores
  • Online Retail
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

REPORT SEGMENTATION AND SCOPE

The "Global Caps and Hats Market Analysis" has been carried out by considering segments such as type, material, end user, distribution channel, and geography. The report provides key statistics on the use of caps and hats across the world, along with their demand in major regions and countries. In addition, it provides a qualitative assessment of factors affecting the caps and hats market. It also includes a comprehensive analysis of the leading players in the market and their key strategic developments. The market analysis helps identify the caps and hats market trends, key driving factors, and lucrative opportunities that would, in turn, aid in generating higher revenues.

The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global caps and hats market, which helps understand the entire supply chain and various factors influencing the caps and hats market growth.

SEGMENTAL ANALYSIS

The caps and hats market is segmented on the basis of type, material, end user, distribution channel, and geography. Based on type, the market is segmented into caps and hats. The caps segment holds a larger share in the caps and hats market. The growing trend of casual and athleisure fashion has propelled the popularity of caps as versatile accessories that complement everyday outfits. In addition, increased awareness of sun protection and the desire for functional fashion items have led consumers to purchase caps that offer UV protection. The rise in the trend of social media influencers and celebrities' sporting caps has significantly influenced consumer preferences, driving product demand. The popularity of baseball caps has increased in recent years owing to the increasing influence of K-pop idols and surging demand for sports caps. These factors fuel the caps and hats market growth for the caps segment.

REGIONAL ANALYSIS

The report provides a detailed overview of the global caps and hats market with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe accounted for the largest global caps and hats market share, and the market in the region was valued at ~US$ 7,664.10 million in 2023. The market in Asia Pacific is expected to reach ~US$ 8,784.81 million by 2031. The caps and hats market in North America is expected to record a CAGR of ~4% from 2023 to 2031. The surge in demand for caps and hats in North America can be attributed to the region's prominent sports culture. According to Experian, professional sports are a huge part of American culture and society and five sports stand at the top: football, basketball, baseball, hockey, and soccer. Millions of Americans attend sports venues nationwide to support their favorite sports teams each year. In sports events such as baseball, basketball, and football, people wear caps available in the colors representing their team or to embrace the athletic aesthetic. In addition, the strong branding and team affiliation associated with caps and hats fuel their demand across North America. Whether proudly displaying team colors at a game or showcasing a favorite brand's logo, caps and hats offer consumers a way to express their allegiances and preferences, which is likely to have a significant impact on the caps and hats market forecast in the next few years. Moreover, the positive influence of fashion trends has propelled the popularity of caps and hats. Caps have gradually become fashionable statement pieces. Influencers, celebrities, and fashion-forward individuals have embraced the versatility of caps and hats, incorporating them into everyday attire to further enhance their looks. This fusion of style and functionality has contributed significantly to the surge in demand for caps and hats in North America. Also, the casualization of dress codes in both workplaces and social settings has significantly driven the demand for caps and hats. As traditional dress norms provide more relaxed and informal attire, caps have become accessories for completing laid-back yet stylish ensembles.

The widespread availability of caps and hats through online retail channels has played a crucial role in expanding their reach across the region. Online platforms offer consumers unparalleled convenience and access to various caps, hat styles, colors, and designs. This ease of shopping, coupled with the ability to compare prices and read reviews, has made online retail a preferred destination for caps and hat enthusiasts, further boosting sales and market growth across North America.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Nike Inc, Adidas AG, Under Armour Inc, H&M Hennes & Mauritz AB, New Era Cap, Puma SE, ADER, YUPOONG INC, Levi Strauss & Co, and Hooey are among the prominent players profiled in the caps and hats market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The caps and hats market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.

Caps and Hats Market Report Scope

Report Attribute Details
Market size in 2023 US$ 23.08 Billion
Market Size by 2031 US$ 32.57 Billion
Global CAGR (2023 - 2031) 4.4%
Historical Data 2020-2022
Forecast period 2024-2031
Segments Covered By Type
  • Caps and Hats
By Material
  • Polyester
  • Cotton
  • Leather
  • Blends
  • Others
By End User
  • Men
  • Women
  • Unisex
  • Kids
By Distribution Channel
  • Supermarket and Hypermarket
  • Specialty Stores
  • Online Retail
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Rest of Europe
Asia Pacific
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
and South and Central America
  • Brazil
  • Argentina
  • and Rest of South and Central America
Market leaders and key company profiles
  • Nike Inc
  • Adidas AG
  • Under Armour Inc
  • H&M Hennes & Mauritz AB
  • New Era Cap
  • Puma SE
  • ADER
  • YUPOONG INC
  • Levi Strauss & Co
  • Hooey
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Can you list some major players operating in the global caps and hats market?

    The major players operating in the global caps and hats market are Nike Inc, Adidas AG, Under Armour Inc, H&M Hennes & Mauritz AB, New Era Cap, Puma SE, ADER, YUPOONG INC, Levi Strauss & Co, and Hooey among others.

    In 2023, which region held the largest share of the global caps and hats market?

    In 2023, Europe dominated the global caps and hats market share. The presence of renowned fashion capitals such as Paris, Milan, and London significantly impact consumer preferences and trends in the fashion and apparel industry. These cities are at the forefront of global fashion and highly focused on enhancing style and innovation. As a result, caps and hats have become integral accessories in the European fashion scene, with designers and influencers incorporating them into runway looks and street-style ensembles. The association with high-end fashion elevates the appeal of caps and hats, driving their demand among fashion-conscious consumers across Europe.

    What are the drivers for the growth of the global caps and hats market?

    Globalization and the penetration of the internet and smartphones have contributed to a growing awareness of the latest trends in the apparel industry. Many fashion influencers on social media platforms such as Instagram, YouTube, Facebook, and Snapchat share styling tutorials, ratings, and product links that influence the purchase decisions of consumers. Social media is strongly influencing people’s lifestyles, with many people trying to imitate celebrities and their living standards to follow the latest market trends; this majorly impacts consumer buying behavior. Also, with an increasing focus on self-appearance, people are spending on fashion accessories such as caps, hats, scarves, and trending footwear based on the latest fashion trends on social media. Several caps and hats manufacturers are investing in celebrity endorsements to enhance their brand image and boost product sales. For instance, in March 2020, PUMA SE signed a two-year agreement with Kareena Kapoor Khan, an Indian film industry celebrity, as its brand ambassador. Under the terms of the agreement, the actress has endorsed a new collection of PUMA, including sports shoes, gym wear, caps, and other apparel collection.

    Which type segment is the fastest growing in the caps and hats globally?

    Based on type, the market is segmented into caps and hats. The caps segment holds the largest market share. The growing trend of casual and athleisure fashion has propelled the popularity of caps as versatile accessories that complement everyday outfits. In addition, increased awareness of sun protection and the desire for functional fashion items have led consumers to purchase caps that offer UV protection. The rise in the trend of social media influencers and celebrities' sporting caps has significantly influenced consumer preferences, driving the product demand. For instance, in March 2020, PUMA SE signed a two-year agreement with Kareena Kapoor Khan, an Indian Film Industry celebrity, as its brand ambassador. The actress will endorse a new collection of PUMA, including sports shoes, gym wear, caps, and other apparel collection. The popularity of baseball caps has increased in recent years owing to the increasing influence of K-pop idols and surging demand for sports caps.

    Based on the end user, which segment led the global caps and hats market in 2023?

    By end user, the caps and hats market is segmented into men, women, unisex, and kids. Men segment held a significant caps and hats market share. The evolving fashion landscape, marked by the growing popularity of streetwear and casual styles, has propelled the status of caps and hats as essential components of contemporary menswear. This shift toward comfortable and versatile fashion choices has led men to incorporate caps and hats into their daily outfits, whether for practicality or as style statements. In addition, the rise of social media and digital influencers has significantly contributed to the dissemination of fashion trends and the promotion of various hat styles, driving consumer interest globally. Moreover, the increasing influence of athletes and pop culture, especially among Generation Z, has surged the adoption of popular caps and hats. Further, the rise in e-commerce and consumer preference for online shopping has bolstered the demand for caps and hats among men.

    What are the trends observed in the global caps and hats market?

    Baseball caps and bucket hats are gaining immense popularity among consumers, especially among Generation Z, athletes, and pop-culture enthusiasts, as they can be paired easily with casual outfits such as jeans, shorts, oversized t-shirts, and sportswear. Baseball caps are versatile and can be used as go-to styling accessories. According to the Trend Report by Depop, an online marketplace that sells unique and creative goods and a subsidiary of Etsy, the searches for baseball hats increased to 79% in 2023 from 2023. In addition, bucket hats have become a fashion statement, with many celebrities, athletes, and sportspeople pairing them with casual outfits.
    Various celebrities including Kendall Jenner wore baseball hats as a part of their ordinary outfits, which increased the popularity of baseball caps among consumers. During the Ashes cricket tournament, Ben Stokes, the captain of the England Test cricket team, wore a bucket hat with the “Three Lions” crest embroidered on the front, which caught the attention of a majority of the fans. This bucket hat led to the rise of a popular trend on Twitter, where he was referred to as “Bucket Hat Ben.” Thus, baseball caps and bucket hats are becoming trending fashion accessories, which is projected to boost the overall caps and hats market in the coming years.

    The List of Companies - Caps and Hats Market

    • Nike Inc
    • Adidas AG
    • Under Armour Inc
    • H&M Hennes & Mauritz AB
    • New Era Cap
    • Puma SE
    • ADER
    • YUPOONG INC
    • Levi Strauss & Co
    • Hooey

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

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    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

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    Research Methodology

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    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

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    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

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    1. Data Triangulation and Final Review:

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