Report : Europe Caps and Hats Market Forecast to 2031 - Regional Analysis - 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)
At 3.8% CAGR, Europe Caps and Hats Market is Projected to be Worth US$ 10,306.61 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe caps and hats market was valued at US$ 7,664.10 million in 2023 and is expected to reach US$ 10,306.61 million by 2031, registering a CAGR of 3.8% from 2023 to 2031. Popularity of bucket hats and baseball caps and focus on sustainable fabrics for caps and hats are among the critical factors attributed to drive the Europe caps and hats market growth.
Over the past few years, there has been an increased focus on environmental sustainability due to climate change and awareness of the negative impacts of carbon emissions. Rising consumer awareness of environment-related and social issues has prompted investment into sustainable raw material sourcing, eco-friendly materials, and corporate social responsibility strategies to meet the rising demand for caps and hats. Moreover, in recent years, consumers have been concerned about transparency while sourcing raw materials in terms of fair compensation to the farmers and vendors across the value chain.
Caps and hats manufacturers are focusing on obtaining fair trade certification to convey to their consumers that they follow fair labor wage policies and provide a proper working environment. Also, manufacturers are launching caps and hats with sustainable materials such as organic cotton, recycled/cruelty-free wool, hemp, bamboo, recycled polyester and nylon, and sustainably harvested straw to reduce their environmental impact and attract a large number of environment-conscious consumers. For instance, Ten Tree International Inc. provides caps and hats made with recycled fabric obtained from plastic bottles, plastic waste, fishing nets, textile waste, and recycled clothing. Similarly, Ecoalf, a Spain-based apparel and accessories company, provides caps made from 100% organic cotton that helps reduce water usage during production. The caps manufactured by the company are made of mono-material that also promotes a circular economy. The company was ranked as the most environmentally responsible company in Spain in 2022 and 2023 by Merco. Thus, emerging market players are focusing on offering eco-friendly, sustainably sourced fabrics for caps and hats to consumers, which is expected to create lucrative opportunities in the caps and hats market in the coming years.
On the contrary, presence of unorganized market and counterfeit products hurdle the growth of Europe caps and hats market.
Based on type, the Europe caps and hats market is bifurcated into caps and hats. The caps segment held 82.2% market share in 2023, amassing US$ 6,302.72 million. It is projected to garner US$ 8,510.90 million by 2031 to register 3.8% CAGR during 2023-2031.
In terms of material, the Europe caps and hats market is segmented into polyester, cotton, leather, blends, and others. The cotton segment held 32.6% share of Europe caps and hats market in 2023, amassing US$ 2,502.30 million. It is anticipated to garner US$ 3,417.28 million by 2031 to expand at 4.0% CAGR during 2023-2031.
By end user, the Europe caps and hats market is divided into conventional men, women, unisex, and kids. The men segment held 37.6% share of Europe caps and hats market in 2023, amassing US$ 2,878.75 million. It is projected to garner US$ 3,773.25 million by 2031 to expand at 3.4% CAGR from 2023 to 2031.
Based on distribution channel, the Europe caps and hats market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 50.0% share of Europe caps and hats market in 2023, amassing US$ 3,830.41 million. It is predicted to garner US$ 5,173.73 million by 2031 to expand at 3.8% CAGR between 2023 and 2031
Based on country, the Europe caps and hats market is categorized into Germany, the UK, France, Russia, Italy, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 37.2% share of Europe caps and hats market in 2023. It was assessed at US$ 2,853.34 million in 2023 and is likely to hit US$ 3,656.79 million by 2031, registering a CAGR of 3.1% during 2023-2031.
Key players operating in the Europe 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, and Levi Strauss & Co, among others.
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