Socks Market (Type - Athletic Socks, Specialty Socks, Trouser Socks, Casual Socks, and Multiple Toe Socks; Material - Nylon, Cotton, Polyester, Wool, Waterproof Breathable Membrane, and Others; Gender - Men, Women, and Kids; Distribution Channel - Wholesale and Retail (Online, Supermarkets, and Hypermarkets); Age - 0-14, 15-24, 25-34, and Above 35; Sports - Running, Cycling, Ball Games, and Pressurized Socks) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
Global Socks Market: Snapshot
Increasing requirement of multiple footwear by urban consumers is working as a positive factor of socks market. Moreover, growing trend of athletic shoes coupled with athletic celebrity endorsement by key brands is driving the market growth. It has been observed that consumers are purchasing premium quality socks to use them during gym training and outdoor sports activities. In addition, rising concerns over adverse effects associated with foot ulcers among diabetic patients at a global level is projected to promote the utility of advanced sock variants as a foot protective medium in the near future.
Global socks market is projected to experience robust growth during the forecast period. The rising demand for socks is primarily driven by improving fashion trends at global level. The global socks market was valued at US$ 42.5 bn in 2018 and it is expected to expand at a CAGR of 6.5% from 2019 to 2027.
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Developing Countries of Asia Pacific to Remain Dominant in Global Socks Market
Asia Pacific accounted for the highest share in global socks market and the region is expected to maintain its dominance over the forecast period. Key factors driving Asia Pacific market is its large and increasing population in developing economies including China and India. Furthermore, rising number of retail outlets in the region especially in economies such as China, India, Malaysia, and Singapore are expected to further boost the sales of socks.
Europe socks market is expected to have a slowdown in coming years. Declining industrial growth and disposable income fueled by slow economic growth is projected to affect the overall apparel industry. Socks market in North America is expected to witness steady growth, whereas developing economies especially Brazil in South America and GCC countries across MEA are expected to drive demand for socks, and hence driving the global socks market.
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In terms of product type, global socks market is categorized into specialty socks, athletic socks, trouser socks, women's socks, casual socks, kids’ socks and multiple toe socks. Casual socks was valued to be the largest segment with a market share over 34% in 2018. Specialty socks segment accounted for second largest market share in 2018.
Natural Fibers to be Extensively Used for Socks Production
The market has been segmented by the materials used for production. Further sub segments are nylon, cotton, polyester, wool, waterproof breathable membrane, and others. Nylon segment accounted for the largest market and is expected to maintain its dominance in coming years. Waterproof breathable membrane are hybrid materials that are used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
The increasing initiatives of the key players to offer something new and advanced products such as anti-bacterial and anti-fungal properties of socks. Some of these companies are focusing to offer socks made from Kevlar which are extremely strong, heat resistant, tough, and lightweight. Rising awareness about the benefits of wearing these socks is witnessing a surge in product adoption over the past few years.
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Key players dominating the market are
- Adidas A.G.
- Nike Inc.
- Puma S.E.
- Renfro Corporation
- Asics Corporation
- THORLO, Inc.
- Drymax Technologies Inc
- Hanesbrands Inc.
- Armour, Inc.
Global Socks Market: Overview
Global socks market is expected to grow with a CAGR of 6.5% from 2019 to 2027. Increasing demand for natural fabrics, and new opportunities in emerging regions is driving the market growth. Moreover, the market is also witnessing growth due to new fashion trends, and changes in lifestyle such as increase in the usage of shoes.
Large number of small and large scale players are operating in this market. The market is characterized by high-volume, low percentage margin ecosystem dotted by unorganized players. Considerable advances have been made in apparel retailing, especially on the back of rapid pace of urbanization leading to the growing trend of shopping at malls and hypermarkets. This is evident notably in developing countries particularly in Asia Pacific. Further, the socks market has witnessed growing numbers of manufacturers coming out with new designs and incorporating new array of hypoallergenic materials. The growing use of shoes for workplace and for athletics has been shaping the demand dynamics of the socks market. New avenues will arise from advances in wearable market where the internet of things (IoT) technology is integrated with apparel.
The report takes a closer look at the major changes in consumer taste and preferences shaping the contours of the market. The insights help the industry players and investors to assess the complete ecosystem and formulate strategies accordingly.
Global Socks Market: Trends and Opportunities
Manufacturers Pin Hopes on New Materials
Availability of socks made with natural fiber will drive the market demand. Over past few years, natural fibers have gained popularity due to their skin-friendly properties and the environmental sustainability they offer to manufacturers. Some of the other key materials are nylon, cotton, wool, waterproof breathable membrane, and polyester. Cost-sensitive consumers, in developing countries, are seen getting attracted towards socks made from synthetic fibers. Companies are working on novel fiber that display a set of characteristics such as being lightweight, durable, soft, hypoallergenic, and heat-resistant.
Growth in Athletic Activities Boost Uptake
Rising consumer spending towards personal health and hygiene products coupled with increasing trend of fitness among working population is expected to drive the demand of ankle socks and sports socks in coming years. Companies are promoting the requirement towards maintaining healthy foot to prevent the occurrences of foot disorders for diabetic patients is also driving the market growth.
Consumer awareness towards the requirement of athletic activity is increasing rapidly. This has spurred the demand for socks. In this regard, brands worn by certain athletes are gathering popularity among consumers. In addition, rapid pace of urbanization in developing economies have also led to the growth of working men and women. They need socks as a part of their daily office wear. This has spurred the sales of socks, hence boosting the market.
Global Socks Market: Regional Outlook
Asia Pacific was valued to be the largest market and expected to grow with a highest CAGR of socks market. Increasing urbanization and population growth in developing economies such as India, China, Sri Lanka, and Bangladesh, are expected to boost the market growth. Furthermore, rising demand of cricket coupled with product promotion during sports league such as Big Bash League in Australia and Indian Premier League (IPL) are driving the market growth.
North America accounted for over 20% of global market share in 2018. It has been observed that key players including Nike Inc., Adidas A.G., and Puma S.E. are operating globally market from this region. Demand for customized socks are also increasing in this region at a higher pace.
Global Socks Market: Companies Mentioned in Report
Key players profiled in the report are Under Armour, Inc., Hanesbrands Inc., Drymax Technologies Inc., Balega, THORLO, Inc., Asics Corporation, Renfro Corporation, Puma S.E., Nike Inc., and Adidas A.G.
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments