Global Socks Market: Snapshot
Despite being one of the core segments of the apparel industry, the global market for socks accounts for a negligible share in its overall revenue and plays a small role in determining the overall development of the apparel industry. The low share of the market in the apparel industry is attributed to several factors such as the low cost of products, their longevity, and the unorganized nature of a large percentage of the market. However, in terms of growth prospects of the individual market, several factors, including an improved sense of fashion among the global population and the rising proliferation of the e-commerce sector, are working in its favor. The market is thus expected to witness a promising upward trajectory in the next few years.
Transparency Market Research projects that the global socks market will expand at a healthy 8.5% CAGR from 2015 to 2023, rising from an opportunity of US$5.6 bn in 2014 to US$11.6 bn by 2023.
Low Costs Socks Made from Synthetic Fibers to Witness Increased Preference
For the study, the global socks market has been segmented in terms of product variety into segments such as athletic socks, specialty socks, casual socks, women's socks, and trouser socks. Of these, the segment of athletic socks dominated the market, accounting for over a third of market in 2014. The segment is also expected to retain its top spot over the forecast period, owing chiefly to their economical nature and their diversified applications.
On the basis of the material used for manufacturing socks, the market has been segmented into waterproof breathable membrane, wool, cotton, polyester, and nylon. Of these, the demand for socks made from natural fibers such as wool and cotton is presently high, accounting for a leading share in the overall market revenue. However, socks made from natural fibers are projected to lose promise to socks made from manmade or synthetic fibers owing to the low cost of the latter.
Asia Pacific Market to Present Promising Growth Opportunities
From a geographical perspective, the socks market across regions such as North America, Europe, Asia Pacific (APAC), and Middle East and Africa is covered in the report. Of these, the market in Asia Pacific accounted for a signficant share in global revenue in 2014. The region is expected to remain the most promising regional market for socks over the report’s forecast period as well, driven by factors such as large population and increasing expenditure on luxury apparel items. The vast rise in number of retail outlets, especially in economies such as China, India, Malaysia, and Singapore, is also projected to further boost sales of socks.
However, Europe, considered the fashion power house of the world, is projected to lose a notable share in the global socks market over the report’s forecast period. Factors such as declining disposable incomes and sluggish growth of economies could be the most challenging barriers hindering the overall growth of the socks market in Europe over the forecast. The market in North America is projected to exhibit steady growth, while developing economies in Middle East and Latin America are expected to keep demand steady in the Rest of the World region.
Low Entry Barriers for New Players to Lead to Intense Competition
The global socks market features a highly competitive vendor landscape, featuring a large number of regional as well as international players. In emerging economies, the vendor landscape is highly unorganized and features several domestic manufacturers supplying products at economical prices. Although these small vendors control a significant share of domestic marketplaces, international companies are witnessing increased exposure and healthy growth prospects owing to the rising influence of the e-commerce sector and rising disposable incomes of the population. The marketplace being easy to enter owing to low cost of manufacturing, it possesses a high threat of new entrants.
Some of the leading socks manufacturers in the international space are Nike, Inc., Adidas Group, ASICS Corporation, Puma SE, and Thai Socks Corporation.
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 70% 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 RoW 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.
Athletic socks are the largest product segment in the socks market. The primary driver for the athletic socks market is its diversified application. 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 used, cotton accounts for the largest market share at almost one third of the total market. However, the market share of cotton is expected to decline during the forecast period owing to the tough competition from man-made fibers especially nylon and polyester.
This market research study analyzes the socks market globally and provides estimates in terms of revenue (USD Million) from 2015 to 2021. It recognizes the drivers, restraints, and opportunities affecting the industry and analyzes their impact over the forecast period.
The report segments the market on the basis of geography into Europe, North America, Asia-Pacific (APAC), and Rest of the World (RoW), and these have been estimated in terms of revenue (USD Million). The report segments the market in terms of product types 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 (USD Million). For better clarity of the consumers’ perspective, the report segments the market by gender into men’s socks, women’s socks, and kids’ socks.
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.
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 Group, Nike, Inc., Puma SE, Thai Socks Co., Ltd., ASICS Corp., and Renfro Corporation.
Global Socks Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
Global Socks Market: By Products
- Specialty Socks
- Athletic Socks
- Trouser Socks
- Women's Socks
- Casual Socks
Global Socks Market: By Materials Used
- Waterproof Breathable membrane
Global Socks Market: By Gender
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)