The global hats market sells more than 300 million units every year, a figure which looks set to drive the industry to reach a value of approximately $7.1 billion by the end of 2018
Key factors further contributing to market growth include the rise in aesthetic values, desire to keep pace with latest fashion trends and fads, and growing disposable incomes.
Globally, caps, hats, and millinery manufacturers Over the last few years the global economic slowdown has affected the caps manufacturing industry worldwide.
However, buoyed by the latest fashion trends, improving product attributes, and spiralling demand for premium, high-priced and retro styled hats, the market is poised to register healthy growth over the coming years.
While women constitute a traditional market for hats and caps, a large number of men are also sporting luxury branded hats to keep pace with changing fashion trends.
Baby boomers are likely to emerge as the torch-bearers of the market in the near future, given their higher purchasing power and rising aesthetic values.
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.
Other most popular headwear include police caps and hats, opera hats, straw harvest hats, panamas, jungle-cloth helmets, hat bodies made from wool-felt, fur-felt and straw, and uniform hats and caps.
On a global scale, the United States represents the single largest regional market. Improving economic conditions, rising levels of employment, and increasing discretionary spending on accessories are helping spur sales in the region.
Widespread easy access to the Internet and the ensuing rising preference for online shopping is changing shopping patterns in the United States.
For more information on the global hats market, see the latest research: Global Hats Market
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