In 2019, the production of headwear, cap & hat has reached more than 350 million units around the world; a market valued at over 15 billion USD! In the US itself, the total revenue was estimated at 4 billion USD and 2.2 billion in Europe.
The key factors contributing to this market growth include the rise in aesthetic values, the desire to keep pace with the latest fashion trends as well as promotional marketing and visibility.
Caps & hats are favored by millennial shoppers, more often by women which constitute a traditional market for those products; however, a large number of men are also sporting luxury branded hats to keep pace with changing fashion trends.
According to a recent market report, ‘Hats, Caps and Millinery: A Global Strategic Business Report,’ baseball caps are growing in popularity among both athletes and non-athletes led by the rising trend towards adorning caps as part of casual attire and for protection from the sun. (source).