Report : Asia Pacific 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 5.2% CAGR, Asia Pacific Caps and Hats Market is Projected to be Worth US$ 8,784.81 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific caps and hats market was valued at US$ 5,840.96 million in 2023 and is expected to reach US$ 8,784.81 million by 2031, registering a CAGR of 5.2% from 2023 to 2031. Increasing celebrity and social media influence and focus on sustainable fabrics for caps and hats are among the critical factors attributed to drive the Asia Pacific caps and hats market growth.
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.
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 growth of the caps and hats market.
On the contrary, presence of unorganized market and counterfeit products hamper the growth of Asia Pacific caps and hats market.
Based on type, the Asia Pacific caps and hats market is bifurcated into caps and hats. The caps segment held 89.1% market share in 2023, amassing US$ 5,204.23 million. It is projected to garner US$ 7,856.88 million by 2031 to register 5.3% CAGR during 2023-2031.
In terms of material, the Asia Pacific caps and hats market is segmented into polyester, cotton, leather, blends, and others. The cotton segment held 33.9% share of Asia Pacific caps and hats market in 2023, amassing US$ 1,982.64 million. It is anticipated to garner US$ 3,031.07 million by 2031 to expand at 5.4% CAGR during 2023-2031.
By end user, the Asia Pacific caps and hats market is divided into conventional men, women, unisex, and kids. The men segment held 40.5% share of Asia Pacific caps and hats market in 2023, amassing US$ 2,364.81 million. It is projected to garner US$ 3,500.98 million by 2031 to expand at 5.0% CAGR from 2023 to 2031.
Based on distribution channel, the Asia Pacific caps and hats market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 50.5% share of Asia Pacific caps and hats market in 2023, amassing US$ 2,951.69 million. It is predicted to garner US$ 4,466.25 million by 2031 to expand at 5.3% CAGR between 2023 and 2031
Based on country, the Asia Pacific caps and hats market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 34.6% share of Asia Pacific caps and hats market in 2023. It was assessed at US$ 2,018.64 million in 2023 and is likely to hit US$ 2,847.08 million by 2031, registering a CAGR of 4.4% during 2023-2031.
Key players operating in the Asia Pacific 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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