Hat and Headgear Market Overview in Mexico
Market Overview
In 2019, the Mexican hat and headgear market increased by 
% to $, rising for the third year in a row after two years of decline. In general, the total consumption indicated moderate growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
In value terms, hat and headgear production skyrocketed to $ in 2019 estimated in export prices. Over the period under review, the total production indicated a temperate increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +% against 2016 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by % year-to-year. Hat and headgear production peaked in 2019 and is likely to continue growth in years to come.
% to $, rising for the third year in a row after two years of decline. In general, the total consumption indicated moderate growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.In value terms, hat and headgear production skyrocketed to $
in 2019 estimated in export prices. Over the period under review, the total production indicated a temperate increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +% against 2016 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by % year-to-year. Hat and headgear production peaked in 2019 and is likely to continue growth in years to come.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 +% from 2007 to 2019; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of % year-to-year. As a result, consumption reached the peak volume of units, leveling off in the following year.
The size of the hat and headgear market in Mexico surged to $ in 2019, increasing 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, the total consumption indicated a perceptible expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2016 indices. As a result, consumption reached the peak level 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 +% from 2007 to 2019; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of % year-to-year. As a result, consumption reached the peak volume of units, leveling off in the following year.The size of the hat and headgear market in Mexico surged to $
in 2019, increasing 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, the total consumption indicated a perceptible expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.Market Forecast
Driven by increasing demand for hat and headgear in Mexico, 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 Mexico 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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