The global Socks Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global socks market is projected to touch USD 63.5 billion by the end of 2025, according to a new report published by Million Insights. The market is expected to register a CAGR of 6.0% during the forecast period. The rise in demand for footwear accessories from athletes and gym going individuals owing to increasing inclination towards health and fitness is attributing to the market growth. Additionally, the increasing number of working professional owing to rise in corporate offices in emerging countries are further supplementing the market growth.
Key Players:
- Adidas A.G
- Nike
- Puma
- Renfro Corporation
- Asics Corporation
- THORLO
- Balega
- Drymax Technologies Inc.
- Hanesbrands
- Under Armour, Inc.
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Growth Drivers:
Further, owing to the growing health conscious population, the demand for shoes accessories has increased significantly, as they require ankle socks and sports socks during exercise. Health care professional are emphasizing on proper maintenance of foot amid rising foot disorders among diabetic patients. This has led to rise in spending by healthcare professionals on research and development on past few years.
Products Outlook:
- Casual
- Formal
- Athletic
Among different products, casual socks were the leading shareholder in 2018 with over 54% of the market share. Features such as easy to use and their suitability with different apparel is attributing to the segment growth. Casual socks made up of nylon and polyester are popular among consumers owing to their easy availability and comfortability.
On the other hand, the athletic product is expected to grow at the fastest rate with a CAGR of 6.7% over the forecast period. These socks are popular among gym-goers and athletes as they offer protection against blisters while exercising. Considering the growing popularity of this segment, key players have introduced new products, which are expected to grow the demand for this product in the near future.
Application Outlook:
- Men
- Women
- Children
Distribution Channel Outlook:
- Hypermarkets & Supermarkets
- Convenience Store
- Online
Regional Outlook:
Among different regions, Asia Pacific is anticipated to register the highest CAGR of 7.2% over the forecast period. The increasing number of working-class population in countries such as China and India, and growing need to maintain professional attire are key factors attributing to the growth of this region. Further, growing sports culture and increasing popularity of sports leagues in Asian Pacific countries are projected to open a new window of opportunity for the manufacturers to introduced innovative products.
North America held close to 20% of the market share in global revenue in 2018. Presence of key players such as Puma S.E, Nike Inc. and Adidas A.G is attributing the regional growth. Further, the growing demand for custom-made socks from sports fraternity in the United States, Mexico and Canada is also proliferating the market growth in the region.
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