Booming Fashion Industry to Stimulate Hats Industry Growth￼
The hat industry has developed an impactful existence for many years as individuals are gradually fascinated by the product’s ability to safeguard their hair and skin from dust, dirt, and harmful sunlight. The rising global urban population resulted in the enhancement of fashion sense, which ubiquitously acts as a driving factor for the industry growth. In addition, the rising popularity of babies and children hat among parents around the world is likely to accelerate the demand for such products.
On product type, the industry is divided into sports hats, fashion hats, and working hats. On the basis of material use, the industry is divided into polyester, cotton, wool, and others. On the basis of end-user, the industry is bifurcated into men and women. And finally, on the basis of geography, the industry is divided into North America, Europe, Asia Pacific, South America, Middle East, and Africa.
The global urban population is witnessing a surge to improve their fashion sense that acts as a driving factor for the hats industry growth. The increasing production of smart hats that monitors heart rate and calories is another driving factor. In addition, the rising popularity of babies and children’s hats is likely to fuel the consumption rate. Nevertheless, the usage of tight hats has led to trap oil at the root of the hair resulting in hair problems which can be a restraining factor to the industry growth. The global hats industry size is expected to gain momentum owing to the rising air pollution and harmful sunlight during the forecast period.
Increasing Production of Sportswear to Contribute Massive Growth in North America
Geographically, the industry is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, North America is estimated to display a dominant share and is predicted to continue throughout the forecast period of 2021-2028. The high demands of sports merchandise, including hats, has a significant contribution to the growing demand. The regional festivals and events such as Halloween, Comic-Con, Disney-Festival of Fantasy Parade, and others are escalating the consumption of the product.
Europe is estimated to hold a crucial presence in the hats industry, owing to the possession of oodles of elderly adults, who often use a product for covering their hair losses. The rising popularity of gardening surging to the usage of the product also has a positive impact on the product industry.
Supply Chain Commotion Affecting Industry Growth
The health crisis caused by the emergence of Covid-19 had caused peerless impacts on companies in the hats industry, unlike other industries. The pandemic had repercussions not only on the interaction between producers and consumers but also on the environment, disrupting the supply chain. From production end to consumption end across the globe, the health crisis arrested public income and mobility, therefore restricting contact with dust, dirt, and sunlight significantly, subsequently producing a negative impact on the hats industry share.
Manufacturers Focus on Capital Investments to Enrich Production Capacity
The headwear industry is highly fragmented and is watched by innumerable private players who manufacture replicas of the branded products to raise their sales. To forestall, major industry players are aiming towards producing unique products, which sets them apart from their competitors. For example, the usage of innovate materials for sustainable production, indulging in partnerships with celebrities, and offering sponsorships for events or sports have led giants to establish themselves in the industry, consecutively expanding sales.
- August 2019: Augusta, a leader in Sportswear located in Coburg, declared the acquisition of a privately held firm called Pacific Headwear.
- June 2019: Meek Mill announced its partnership with Lids Ownership Group, with the introduction of a new hat line.
List of Key Players Profiled in the Global Hats Industry:
Lock & Co. Hatters, Goorin Bros. Inc., Bailey Hats, The New Era Cap Company, Borsalino and others.