Hat and Headgear Market Overview in Malaysia
Market Overview
The Malaysian hat and headgear market soared to $
in 2019, with an increase of % 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). Over the period under review, consumption, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of % y-o-y. Hat and headgear consumption peaked in 2019 and is expected to retain growth in the near future.
In value terms, hat and headgear production soared to $ in 2019 estimated in export prices. Overall, production continues to indicate resilient growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.
in 2019, with an increase of % 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). Over the period under review, consumption, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of % y-o-y. Hat and headgear consumption peaked in 2019 and is expected to retain growth in the near future.In value terms, hat and headgear production soared to $
in 2019 estimated in export prices. Overall, production continues to indicate resilient growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.Consumption
After two years of growth, consumption of hats and other headgear decreased by -% to units in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of % against the previous year. As a result, consumption reached the peak volume of units, and then declined modestly in the following year.
The revenue of the hat and headgear market in Malaysia soared 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). Overall, consumption, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when the market value increased by % against the previous year. Hat and headgear consumption peaked in 2019 and is likely to continue growth in the immediate term.
% to units in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of % against the previous year. As a result, consumption reached the peak volume of units, and then declined modestly in the following year.The revenue of the hat and headgear market in Malaysia soared 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). Overall, consumption, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when the market value increased by % against the previous year. Hat and headgear consumption peaked in 2019 and is likely to continue growth in the immediate term.Market Forecast
Driven by increasing demand for hat and headgear in Malaysia, 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 Malaysia increased significantly over the last twelve-year period (from % to %). Total import supply of hat and headgear is expected to rise, though it will be moderately impacted by price increases.
% to %). Total import supply of hat and headgear is expected to rise, though it will be moderately impacted by price increases.Trade Balance
Malaysia remains a net importer of hat and headgear; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of units, which was equal to $-. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
units, which was equal to $-. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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