Market Trends of Headwear Industry
The Rise of Athleisure
- Headwear, primarily caps, are readily counted as sports essentials among athletes, giving rise to trends such as athleisure. Sports enthusiasts progressively opt for headwear to boost field performance, gain extra comfort, and promote physical health. The boom in sportswear increased the prominence of the sports cap segment, as it shifted from streetwear staple to stylish must-haves among young adults.
- Hence, there is a growing R&D expenditure by the headwear industry players that is allowing the production of more customized and innovative options for consumers. Moreover, companies are launching products of higher quality and unique designs to fulfill the increasing demand. For instance, in June 2022, a D2C brand, ARAKA, collaborated with New Era in Japan to launch water-repellent, waterproof, and moisture-permeable headwear.
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North America is the Fastest Growing Market
- Manufacturers are anticipating rapid market growth in the North American region due to the growing demand for hair adornments, with retailers seeking to increase their average spend with an easy add-on sale. This trend leads retailers to launch fashion-oriented headbands and beanies to cater to the customers' demands. The intense winter season, like in Canada, has further boosted the demand for headwear, mainly woolen caps. Thus, the major companies are launching headbands and hats with trendy styles, such as padded and embellished, to draw greater consumer interest.
- Furthermore, sustainability is one of the critical factors trending in the United States. Many consumers are concerned about sustainable fashion. As a result, major companies are working on modifying their business models and developing products made with more sustainable materials.
- For example, Adidas turned plastic trash that washed up in coastal areas into recycled polyester and used the material in headwear products. Further, in July 2022, MycoWorks partnered with LA-based milliner Nick Fouquet to develop a line of hats made from its Reishi alt-leather product with a US start-up that develops alternative biomaterials based on mycelium.
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