Hat and Headgear Market Overview in South Korea
Market Overview
In 2019, the South Korean hat and headgear market increased by 
% to $, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when the market value increased by % y-o-y. Hat and headgear consumption peaked in 2019 and is likely to see gradual growth in the immediate term.
In value terms, hat and headgear production expanded notably to $ in 2019 estimated in export prices. Overall, production saw a slight descent. The most prominent rate of growth was recorded in 2008 when the production volume increased by % against the previous year. As a result, production reached the peak level of $. From 2009 to 2019, production growth failed to regain the momentum.
% to $, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when the market value increased by % y-o-y. Hat and headgear consumption peaked in 2019 and is likely to see gradual growth in the immediate term.In value terms, hat and headgear production expanded notably to $
in 2019 estimated in export prices. Overall, production saw a slight descent. The most prominent rate of growth was recorded in 2008 when the production volume increased by % against the previous year. As a result, production reached the peak level of $. From 2009 to 2019, production growth failed to regain the momentum.Consumption
In 2019, consumption of hats and other headgear was finally on the rise to reach units for the first time since 2016, thus ending a two-year declining trend. In general, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of % year-to-year. Hat and headgear consumption peaked at units in 2009; however, from 2010 to 2019, consumption remained at a lower figure.
The size of the hat and headgear market in South Korea rose modestly to $ in 2019, growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the market value increased by % y-o-y. Over the period under review, the market hit record highs in 2019 and is expected to retain growth in the near future.
units for the first time since 2016, thus ending a two-year declining trend. In general, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of % year-to-year. Hat and headgear consumption peaked at units in 2009; however, from 2010 to 2019, consumption remained at a lower figure.The size of the hat and headgear market in South Korea rose modestly to $
in 2019, growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the market value increased by % y-o-y. Over the period under review, the market hit record highs in 2019 and is expected to retain growth in the near future.Market Forecast
Driven by increasing demand for hat and headgear in South Korea, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to units by the end of .
% for the period from 2019 to , which is projected to bring the market volume to units by the end of .Market Structure
Driven by a growing demand, the share of imports in total supply in South Korea increased significantly over the last twelve years (from % to %).
% to %).Trade Balance
Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.
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