The global headwear market is projected to register a CAGR of 6.45%, during the forecast period (2020-2025)
The global headwear market is projected to register a CAGR of 6.45%, during the forecast period (2020-2025).
NEW YORK, March 24, 2020 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05877831/?utm_source=PRN
- Headwear, primarily caps, are readily counted as sports essentials among athletes, giving rise to trends such as Athleisure. Players of sports such as cricket, baseball, polo, etc. are progressively opting for headwear to boost field performance, gain extra comfort and promote physical health.
- Headwear such as headbands and even beanies are now greatly perceived as fashionwear among consumers leading them to buy it more as style statement than just a mere necessity. This paradigm shift observed in the buying behavior of consumers is anticipated to foster the headwear market during the forecast period.
- However, the presence of counterfeit products is one of the key challenges faced by the brands, globally which is expected to hinder the sale of authentic products during the forecast period.
Key Market Trends
Customized Headwears are in Fashion
With rising personalization trend amongst millennials and young generation, numerous small and local players have rolled out innovative products offering customized headwear, especially caps. Consumers individually or in groups are increasingly customizing their headwear along with their apparel, in order to stand out and develop their eccentricity. The growing trend is greatly witnessed among dance groups, foodservice firms and other service providers, further developing a great scope for the headwear market, worldwide.
Asia Pacific is the Dominant Market
The boom in sportswear has led sports cap to achieve a new prominence, moving from streetwear staple to stylish must-haves among general consumers, further permeating the menswear industry, worldwide. Specifically, in the Asia Pacific region, acknowledging the growing demand for hair adornments, manufacturers are anticipating the market to be a quick win for retailers seeking to drive up average spend with an easy add-on sale. This, in turn, is leading retailers to launch fashion-oriented headbands and beanies to cater to the market. Thus, the major companies are increasingly launching headbands with trendy styles such as padded, embellished, etc. to draw greater consumer interest.
Competitive Landscape
The global headwear market is highly fragmented due to the presence of innumerable private players who are manufacturing counterfeit products of the branded ones in order to pump up their sales. Therefore, the major players of the market are indulging in the production of unique products that can set them apart from the crowd. For example, the use of new materials and partnerships with celebrities has led big companies to establish themselves in the global headwear market. Moreover, offering sponsorships for various sports and events has also led to an increase in the sales of headwear products.
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