Asia: Hat And Headgear Market 2024

Hat And Headgear Market Size in Asia

The Asian hat and headgear market shrank markedly to $X in 2022, with a decrease of -27.9% against the previous year. The total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +77.2% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted notably in the following year.

Hat And Headgear Production in Asia

In value terms, hat and headgear production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 11% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Hat And Headgear Exports

Exports in Asia

In 2022, the amount of hats and other headgear exported in Asia soared to X units, growing by 99% compared with 2021. Over the period under review, exports showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, hat and headgear exports expanded significantly to $X in 2022. Overall, exports, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2014 with an increase of 17%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China was the main exporter of hats and other headgear in Asia, with the volume of exports accounting for X units, which was near 40% of total exports in 2022. Vietnam (X units) held the second position in the ranking, followed by Bangladesh (X units). All these countries together held near 36% share of total exports. Thailand (X units), Hong Kong SAR (X units), Indonesia (X units), South Korea (X units), Turkey (X units), Cambodia (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +26.1%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest hat and headgear supplier in Asia, comprising 49% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 18% share of total exports. It was followed by Bangladesh, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to -9.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+6.8% per year) and Bangladesh (+5.4% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, declining by -44.3% against the previous year. Overall, the export price saw a deep downturn. The growth pace was the most rapid in 2021 when the export price increased by 18% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-0.9%), while the other leaders experienced a decline in the export price figures.

Hat And Headgear Imports

Imports in Asia

Hat and headgear imports skyrocketed to X units in 2022, growing by 72% on the previous year. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports surged to $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Saudi Arabia (X units), Japan (X units), South Korea (X units), Malaysia (X units), Myanmar (X units), Singapore (X units), the United Arab Emirates (X units), Thailand (X units), Bangladesh (X units), Indonesia (X units), Kazakhstan (X units) and India (X units) represented the largest importer of hats and other headgear in Asia, constituting 71% of total import. Hong Kong SAR (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +55.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported hats and other headgear in Asia, comprising 36% of total imports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total imports. It was followed by Singapore, with a 9.2% share.

In Japan, hat and headgear imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+10.1% per year) and Singapore (+23.6% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, which is down by -30.8% against the previous year. Over the period under review, the import price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2020 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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