Global Socks Market: Snapshot
The global socks market was valued at US$42.07 bn in 2016 and it is expected to expand at a CAGR of 6.7% from 2017 to 2025. Although an integral part of the apparel industry, the socks market holds a negligible part in the market dynamics of the apparel industry. The lower share of the socks market in the backdrop of the apparel industry can be attributed to low volume and large percentage of the market being unorganized. However, taking the market growth rate into consideration, the socks market is projected to experience robust growth during the forecast period in contrast to the apparel industry in general. The rising demand for socks is primarily driven by improving fashion trends and the growing retail sector.
Developing Countries of Asia Pacific to Remain Dominant in Global Socks Market
In 2016, Asia Pacific led the socks market and the region is expected to maintain its dominance throughout the forecast period. High demand for socks in this region is attributed to the large population and increasing population growth. Moreover, 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. However, Europe, the fashion power house of the world is expected to lose considerable market share. 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.
The global socks market by product type is categorized into specialty socks, athletic socks, trouser socks, women's socks, casual socks, and multiple toe socks. Casual socks dominated the socks market in 2016, accounting for more than one third of the market share. Specialty socks are also expected to hold the second largest market share in 2016 and expected to show significant CAGR growth during the forecast period owing to the diversified applications of specialty socks.
Natural Fibers to be Extensively Used for Socks Production
The global socks market has also been segmented by the materials used for production. The socks market is thus categorized into nylon, cotton, polyester, wool, waterproof breathable membrane, and others. The demand for natural fibers such as cotton is considerable high for socks manufacturing. The demand for natural fiber material for manufacturing of socks is relatively high in developed economies owing to sustainability of natural fibers. However, natural fibers are expected to lose considerable market share to synthetic fibers such as nylon and polyester. The demand for socks manufactured from synthetic or manmade fibers are relatively high in developing economies owing to their low price. Waterproof breathable membrane are hybrid materials and used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
Key players in socks market with most significant product portfolio include Adidas A.G., Nike Inc., Puma S.E., Renfro Corporation, Asics Corporation, THORLO, Inc., Balega, Drymax Technologies Inc., Hanesbrands Inc. and Under Armour, Inc. The socks market is highly competitive with the presence of both global and regional manufacturers. The threat of new entrants is also relatively high owing to low manufacturing cost.
Global Socks Market: Overview
Socks are commodity products. However, in recent years with the advent of luxury socks and socks for specific application, socks have transformed from commodity items to fashion pieces. Owing to the transformation of this traditional item into a luxury product, the growth of the socks market outpaces the overall growth of the apparel industry. Almost 50% of the men use socks every day. Hence, the robust growth of the men’s apparel industry is expected to be the major driver of the socks industry during the forecast period.
The growth of the socks market is attributed to the rapid expansion of the retail network in developing economies primarily China, Brazil, and India. Increasing population and disposable income in these regions is expected to further drive the retail sector, which in turn is increasing the demand for socks. Asia Pacific accounted for the largest market share for socks. North America and Europe also contributed a considerable market share; however, growth in these regions is stagnant or has reached a stage of maturity, especially in Europe. Asia Pacific and Europe are likely to have better growth potential during the forecast period due to the rise in population, GDP, and favorable government policies to boost the growth of the organized sector in these regions. The major opportunities for the global socks market lies in the improved fashion trends powered by rising income. Application specific customization of socks is creating new opportunities in the market.
Global Socks Market: Segmentation
Specialty socks are the largest product segment in the socks market. The primary driver for the specialty socks market is its healthcare application. Further, in 2015, athletic socks segment contribute second largest market share. Athletic socks are majorly used for sports and gym purposes; however, they can also be used as casual wear with informal footwear. Trouser socks are accessories used along with formal footwear by both men and women. In terms of materials segment, cotton type accounts for the largest market share at almost one third of the total market. However, the nylon and polyester type socks are expected to show significant CAGR growth during the forecast period 2027 – 2027.
This market research study analyzes the socks market globally and provides estimates in terms of revenue (US$ Mn) from 2015 to 2025. It recognizes the drivers, restraints, and opportunities affecting the industry and analyzes their impact over the forecast period.
Global Socks Market: Regional Outlook
The report segments the market on the basis of geography into Europe, North America, Asia-Pacific (APAC), and Middle East & Africa, and South America. The market have been estimated in terms of revenue (US$ Mn). The report segments the market in terms of product type as specialty socks, athletic socks, trouser socks, women's socks, casual socks, and others. It also segments the market on the basis of materials used for manufacturing socks as nylon, cotton, polyester, wool, waterproof breathable membrane, and others. All these segments have also been estimated on the basis of geography in terms of revenue (US$ Mn). For better clarity of the consumers’ perspective, the report segments the market by gender into men’s socks, women’s socks, and kids’ socks. The market is segmented based on the age group into 0 – 14, 15 – 24, 25 – 34, and above 35. Moreover based on the distribution channel the market is segmented into wholesale and retail.
For better understanding of the socks market, we have provided key market trends. Furthermore, the study comprises distribution channel analysis, where distribution networks are benchmarked based on their percentage sales and general attractiveness.
Global Socks Market: Competitive Outlook
The report provides company market share analysis of various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, and recent developments in the field of socks. Major market participants profiled in this report include Adidas A.G., Nike Inc., Puma S.E., Renfro Corporation, Asics Corporation, THORLO, Inc., Balega, Drymax Technologies Inc., Hanesbrands Inc. and Under Armour, Inc.
The global socks market has been segmented as follows:
Global Socks Market: By Type
- Athletic Socks
- Specialty Socks
- Trouser Socks
- Casual Socks
- Multiple Toe Socks
Global Socks Market: By Material
- Waterproof Breathable membrane
Global Socks Market: By Gender
Global Socks Market: By Distribution Channel
- By Retail
- Supermarkets & Hypermarkets
Global Socks Market: By Age
- Above 35
Global Athletic Socks Market: By Sports
- Ball Games
- Pressurized Socks
Global Socks Market: By Geography
- North America
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America