Global socks market is anticipated to grow at a CAGR of 6.9% from 2021 to 2030 and to witness value around US$ 76 billion by 2030.
Socks have become largely a commercialized commodity item, with the expansion of retail stores and department stores selling wide range of socks, including specialty ones. Rapid pace of urbanization is one of the key drivers for the evolution in the socks market. Rise in sales of athletic footwear has also spurred the demand for socks with special characteristics. Novelty socks have also caught on momentum from the growing penetration of these in general apparel store, apart from fashion stores. Increasing awareness about fashion among men is another key trend favoring new demand in the socks market. Women world over have also become conscious evaluating their purchases of socks based on fashion rather than just value.
Specialized Socks Emerge as Segment with Incredible Avenues in Socks Market
Growing consumers’ demand for new colors and patterns is a key trend in the socks market. A wide range of needs has spurred the demand for specialized socks, thereby opening new avenues in the socks market. A case in point is the rise in demand for socks that are apt for outdoor activities and gymming. A growing number of such consumers are willing to pay for the specialized apparel, thereby boosting the demand in the socks market.
The growing focus on foot care is a key trend in the diabetic population. Specialty socks manufacturers are keen on tapping into revenue streams from this consumer segment. Physician-endorsed socks is another related category that is expected to do a substantial business. A great deal of this rests on two factors: rise in awareness about the availability on common distribution channels and the medical benefits they can bring to the end user. Celebrity endorsement has in recent years have been instrumental in raising the awareness among the common masses through social media and traditional electronic media.
Strides being made by e-commerce channels have endowed an incredible opportunity for several socks brands to promote their products, attracting prospective customers globally.
|Market Size||US$ 76 billion by 2030|
|Growth Rate||CAGR of 6.9% from 2021 to 2030|
|Segments Covered||Type, Material, Gender, Distribution Channel, Age, Sports, Region|
|Companies Mentioned||Puma S.E., Nike Inc., and Adidas A.G., Armour, Inc., Hanesbrands Inc., Drymax Technologies Inc., Balega, Thorlo Inc., Asics Corporation, and Renfro Corporation|
Asia Pacific Witnessing Substantial Demand for Range of Socks
On the regional front, North America has been seeing a steady demand for various types of socks. Further, South America and GCC countries are expected to be increasingly lucrative market over the next few years.
A remarkably emerging market is Asia Pacific. It held the majority of shares in the global socks market. A large chunk of the demands come from India and China. Rise in demand for specialized socks in Singapore is another key factor propelling revenue generation in the regional market. Of all the key product varieties, specialty has come as a second in the global market’s share in 2020. Specialty socks are considered an untapped segment by many brands in the socks market. This is mainly because customers with specialized needs are growing, such as individuals looking for socks to help them regain mobility after a surgery. Diabetic care socks are another fast emerging product category with vast opportunities.
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.
Nylon is by far the most popular material used by socks manufacturers. In recent years, new hybrid materials are seeing prospects in the market. Breathable socks made for hybrid material are a case in point. Manufacturers are aiming at adopting materials that have strong anti-bacterial and anti-fungal characteristics. Among various new hybrid materials being pursued by manufacturers, Kevlar merits a mention.
Some of the key players in the socks market are Puma S.E., Nike Inc., and Adidas A.G., Armour, Inc., Hanesbrands Inc., Drymax Technologies Inc., Balega, Thorlo Inc., Asics Corporation, and Renfro Corporation.
By Distribution Channel:
This report focuses on socks market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall socks market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global socks market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the socks market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the socks market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Socks market.
Market Segments: This part of the report discusses about product, application and other segments of the socks market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global socks market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the socks market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of socks are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global socks market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global socks market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global socks market.
The study objectives of this report are:
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