Market Trends of Headwear Industry
This section covers the major market trends shaping the Headwear Market according to our research experts:
Surging Craze for Athleisure
Headwear, primarily caps, are readily counted as sports essentials among athletes, giving rise to trends such as athleisure. Sports players, including cricket, baseball, polo, and tennis, are progressively opting for headwear to boost field performance, gain extra comfort, and promote physical health. The boom in sportswear boosted the prominence of the sports cap segment, as it shifted from streetwear staple to stylish must-haves among general consumers. The segment also penetrated the menswear industry worldwide.
This trend is resulting in heavy demand for headwear, aiding in the growth of the market studied. Due to the rising demand for headwear products in the overall market, companies are launching new headwear products that are of higher quality and in new designs to fulfill the increasing demand. For instance, in July 2022, MycoWorks partnered with LA-based milliner Nick Fouquet to develop a line of hats made from its Reishi alt-leather product in conjunction with a US start-up that develops alternative biomaterials based on mycelium. Sports apparel sales recorded exponential growth in recent years, thus boosting the overall sports cap market.
Asia-Pacific is the Dominant Market
The boom in sportswear helped the sports cap achieve significance as it shifted away from streetwear staples to stylish must-haves among general consumers, further permeating the menswear industry worldwide. In the Asia-Pacific region, manufacturers are anticipating rapid market growth due to the growing demand for hair adornments, with retailers seeking to increase their average spend with an easy add-on sale. This trend is leading retailers to launch fashion-oriented headbands and beanies to cater to the market. The intense summer season in India, China, and Australia also boosted the demand for headwear, majorly hats. Thus, the major companies are launching headbands and hats with trendy styles, such as padded and embellished, to draw greater consumer interest.
