Winter Hats Market Growth & Trends
The global winter hats market size was estimated to reach USD 36.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2022 to 2030. Changing environmental conditions is increasing the need of winter apparel, accessories, and blankets. Among the winter accessories, winter hat is gaining the traction as protection of head keep head warm. Furthermore, communicable diseases are spreading across topological countries such as Brazil, India, and Australia, which resulted into increasing the number of patients. The demand for the winter hat from patients is also contributing to the growth rate of the market.
Micro level factors such as increased income levels, high investments on winter clothing; especially in developing countries China, India, Brazil are driving the market. On controversy, factors such as introduction of jackets and sweatshirts along with caps/hats and availability of substitutes for winter hats such as mufflers, muffs, and scarfs are restraining growth of the market. The COVID-19 pandemic had negatively impacted the market. Due to global lockdown and spread of deadly disease, customers changed their preferences towards the buying patterns.
Moreover, lack of skilled labor, and shortage of the raw material were impacted the production of the winter hats. In addition to this, there was disruptions in the distribution channels. Global financial crisis because of the COVID-19 resulted into changing preferences and priorities such as decline spending and consumption of consumers. With this temporary economic crisis, winter hat market is expected to grow with during the forecast period. The beanies hats dominated the market share of over 40% in 2021. Beanies are largely use by people for everyday wear in the city and for a ton of indoor and outdoor events. Due to its vital function, winter hats in various style can be found separately in various regions with a minimum temperature throughout history.
Beanies are largely trendy between the young generation because it fits with every outfit. Thus, beanies hats use is large over the years and it generated large revenue in 2021. The wool material segment contributed market share of around 55% in 2021. The use of wool material for production of winter hats is huge as it is easily accessible natural fabric that is strong, breathable, warm as well as absorbent. Moreover, wools are available in various colors as well as shades thus its use is more in winter hats production over the years. Thus, wool segment dominated the market and collected large revenue in 2021.
The kids segment is expected to register a CAGR of 3.4% from 2022 to 2030. Modern age parents are very caring about their kids and are investing willing to pay for their comfort. Caring for kids is primarily pushing the demand for kids segment. Growing social media influence and changing fashion trends are strongly impact on kids winter hat market. Additionally, rising trend of kids’ photoshoots has further increased demand for trendy and affordable clothing for new age kids.
The online segment is expected to register the highest growth rate of 4.7% from 2022 to 2030. This growth of online distribution channel can be attributed to its growing usage of smart phones and availability of the high-speed internet. Leading smart home appliance manufacturers are tying up with online retailer with an objective to reach out to the new buyer’s base. Also surge in sales of smart home appliances primarily though company own websites and other e-commerce platforms are further driving the online segment growth.
In Europe, the market accounted for revenue share of around 40.0% in 2021. Some of the key factors driving the market in Europe include the growing fashion sector and changing lifestyles, increasing need for convenience in terms of comfort through easy availability. Several countries such as Norway, Finland, Denmark, Russia and Sweden are considering as extremely colder countries. Therefore, the usage of winter hats is large in such a country. In addition, Europe is assessed to hold a vital presence in the market, due to possessing major number of old age people who often require to use winter hats to protect from cold weather conditions. Thus, Europe contributes to more revenue generation in the market.
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Winter Hats Market Report
Winter Hats Market Report Highlights
- Asia Pacific accounted for market share of 4.6% in 2021. This is due to growing preference for innovative winter hats and increasing population in nations such as India and China. Moreover, changing weather pattern in Southeast Asian countries leads to the growing demand for winter hats
- The kids segment is expected to register a CAGR of 3.4% from 2022 to 2030. Modern age parents are very caring about their kids are investing willing to pay for their comfort
- The online segment is expected to register the highest CAGR of 4.7% from 2022 to 2030. This growth of online distribution channel can be attributed to its growing usage of smart phones and availability of the high-speed internet
