United Kingdom: Hat And Headgear Market 2024

Hat And Headgear Market Size in the UK

In 2022, the UK hat and headgear market increased by 17% to $X, rising for the second consecutive year after three years of decline. In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +97.9% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Hat And Headgear Exports

Exports from the UK

In 2022, shipments abroad of hats and other headgear was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a deep downturn. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, hat and headgear exports rose remarkably to $X in 2022. In general, exports, however, faced a significant decline. The growth pace was the most rapid in 2018 with an increase of 19% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X units) was the main destination for hat and headgear exports from the UK, accounting for a 32% share of total exports. Moreover, hat and headgear exports to the Netherlands exceeded the volume sent to the second major destination, Ireland (X units), twofold. The third position in this ranking was taken by Spain (X units), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (-14.1% per year) and Spain (-11.9% per year).

In value terms, the largest markets for hat and headgear exported from the UK were the Netherlands ($X), Ireland ($X) and South Korea ($X), together accounting for 30% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +13.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average hat and headgear export price stood at $X per unit in 2022, declining by -50.4% against the previous year. Over the period under review, the export price recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 45%. The export price peaked at $X per unit in 2021, and then fell dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Hat And Headgear Imports

Imports into the UK

In 2022, overseas purchases of hats and other headgear increased by 22% to X units, rising for the second year in a row after three years of decline. In general, imports recorded a relatively flat trend pattern. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, hat and headgear imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 20%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest hat and headgear supplier to the UK, with a 78% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, Bangladesh (X units), more than tenfold. Mexico (X units) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+32.0% per year) and Mexico (+31.4% per year).

In value terms, China ($X) constituted the largest supplier of hats and other headgear to the UK, comprising 68% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 3% share of total imports. It was followed by Mexico, with a 1.3% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+28.2% per year) and Mexico (+41.4% per year).

Import Prices by Country

The average hat and headgear import price stood at $X per unit in 2022, dropping by -3.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The growth pace was the most rapid in 2018 when the average import price increased by 22% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per unit), while the price for Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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