Southern Asia: Hat And Headgear Market 2024

Hat And Headgear Market Size in Southern Asia

The South Asian hat and headgear market dropped remarkably to $X in 2022, with a decrease of -86.8% against the previous year. Overall, consumption faced a dramatic downturn. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Hat And Headgear Production in Southern Asia

In value terms, hat and headgear production declined modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Hat And Headgear Exports

Exports in Southern Asia

In 2022, approx. X units of hats and other headgear were exported in Southern Asia; increasing by 209% on 2021 figures. Over the period under review, exports showed a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports contracted slightly to $X in 2022. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 18%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Bangladesh dominates exports structure, accounting for X units, which was approx. 91% of total exports in 2022. It was distantly followed by Sri Lanka (X units), making up a 6.1% share of total exports. India (X units) took a relatively small share of total exports.

Bangladesh was also the fastest-growing in terms of the hats and other headgear exports, with a CAGR of +20.3% from 2012 to 2022. At the same time, Sri Lanka (+13.5%) displayed positive paces of growth. By contrast, India (-7.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Bangladesh increased by +21 percentage points.

In value terms, Bangladesh ($X) remains the largest hat and headgear supplier in Southern Asia, comprising 89% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with an 8.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Bangladesh totaled +5.4%. In the other countries, the average annual rates were as follows: Sri Lanka (-1.8% per year) and India (-19.8% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, waning by -68.8% against the previous year. Over the period under review, the export price faced a deep slump. The growth pace was the most rapid in 2021 an increase of 25%. 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 stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (-12.4%), while the other leaders experienced a decline in the export price figures.

Hat And Headgear Imports

Imports in Southern Asia

In 2022, supplies from abroad of hats and other headgear was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of 242%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, hat and headgear imports expanded significantly to $X in 2022. In general, imports, however, saw a pronounced downturn. The growth pace was the most rapid in 2015 with an increase of 145%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Bangladesh (X units) and India (X units) dominates imports structure, together mixing up 81% of total imports. Sri Lanka (X units) held the next position in the ranking, followed by Pakistan (X units) and Nepal (X units). All these countries together held approx. 17% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Nepal (with a CAGR of +24.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Bangladesh ($X) and Nepal ($X) constituted the countries with the highest levels of imports in 2022, together comprising 86% of total imports.

In terms of the main importing countries, Nepal, with a CAGR of +14.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per unit, shrinking by -49.3% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2016 when the import price increased by 31% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-6.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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