Report : North America 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 4.2% CAGR, North America Caps and Hats Market is Projected to be Worth US$ 9,383.49 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America caps and hats market was valued at US$ 6,747.91 million in 2023 and is expected to reach US$ 9,383.49 million by 2031, registering a CAGR of 4.2% 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 North America caps and hats market growth.
Baseball caps and bucket hats are gaining immense popularity among consumers, especially among Generation Z, athletes, and pop-culture enthusiasts, as they can be paired easily with casual outfits such as jeans, shorts, oversized t-shirts, and sportswear. Baseball caps are versatile and can be used as go-to styling accessories. According to the Trend Report by Depop, an online marketplace that sells unique and creative goods and a subsidiary of Etsy, the searches for baseball hats increased to 79% in 2023 from 2022. In addition, bucket hats have become a fashion statement, with many celebrities, athletes, and sportspeople pairing them with casual outfits.
Various celebrities including Kendall Jenner wore baseball hats as a part of their ordinary outfits, which increased the popularity of baseball caps among consumers. During the Ashes cricket tournament, Ben Stokes, the captain of the England Test cricket team, wore a bucket hat with the "Three Lions" crest embroidered on the front, which caught the attention of a majority of the fans. This bucket hat led to the rise of a popular trend on Twitter, where he was referred to as "Bucket Hat Ben." Thus, baseball caps and bucket hats are becoming trending fashion accessories, which is projected to boost the overall caps and hats market in the coming years.
On the contrary, presence of unorganized market and counterfeit products hamper the growth of North America caps and hats market.
Based on type, the North America caps and hats market is bifurcated into caps and hats. The caps segment held 86.2% market share in 2023, amassing US$ 5,815.71 million. It is projected to garner US$ 8,118.71 million by 2031 to register 4.3% CAGR during 2023-2031.
In terms of material, the North America caps and hats market is segmented into polyester, cotton, leather, blends, and others. The cotton segment held 34.5% share of North America caps and hats market in 2023, amassing US$ 2,327.49 million. It is anticipated to garner US$ 3,307.52 million by 2031 to expand at 4.5% CAGR during 2023-2031.
By end user, the North America caps and hats market is divided into conventional men, women, unisex, and kids. The men segment held 40.3% share of North America caps and hats market in 2023, amassing US$ 2,717.80 million. It is projected to garner US$ 3,691.00 million by 2031 to expand at 3.9% CAGR from 2023 to 2031.
Based on distribution channel, the North America caps and hats market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 44.1% share of North America caps and hats market in 2023, amassing US$ 2,976.64 million. It is predicted to garner US$ 4,175.98 million by 2031 to expand at 4.3% CAGR between 2023 and 2031.
Based on country, the North America caps and hats market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.8% share of North America caps and hats market in 2023. It was assessed at US$ 4,979.96 million in 2023 and is likely to hit US$ 6,862.62 million by 2031, registering a CAGR of 4.1% during 2023-2031.
Key players operating in the North America 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, Levi Strauss & Co, and Hooey, among others.
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