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Socks Market Size, Research, 2019-2025 | Industry Analysis Report

Socks Market Analysis Report By Product, By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619656  |  Published: May 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global socks market size was worth USD 42.2 billion in the year 2018. Socks are popular among working professional as they look to maintain their formal attire. This factor, in turn, is projected to attribute to the market growth over the forecast period. Emerging countries such as India and China are witnessing a significant rise in the number of working professional, which, in turn, is estimated to augment the market growth.

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.

U.S. socks market size

Owing to this, key players such as Podolite, Dr Oxyn and others have introduced custom-made diabetic socks. Such socks help in reducing the occurrence of foot ulcers that cause infection or even potential amputation. Thus, increasing focus on the development of diabetic socks is expected to bode well for market growth. Further, emerging countries such as India, Brazil, China and Mexico are witnessing rapid development in corporate offices, which offers a lucrative opportunity for manufacturers to focus on domestic investment in these regions

Further, the growing e-commerce industry, largely driven by rising smartphone and internet penetration, has positively influenced the market growth. Manufacturers offer different value-added services through online channels as they aim to strengthen market presence. Thus, the growth in the online distribution channel is bolstering the product demand, especially among millennials.

Product Insights

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. Leading manufacturers of casual shoes are Kane Socks Company, Goodfellow & Co. and others.

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 such as Adidas and Nike have introduced new products, which, in turn, is expected to proliferate the demand for this product in the near future.

Application Insights

Men held the largest market share of over 62% in 2018. Studded and patchy products are gaining traction among men. Further, the growing number of the professional male population and the increasing popularity of business attire among them are bolstering the segment growth. Further, men’s spending on personal grooming accessories has increased significantly in the recent past, which is expected to positively influence the growth of socks market.

The women segment, on the other hand, is anticipated to witness the fastest growth with a CAGR of 6.7 % during the forecast period. Overall, 40.83% of women are employed in one form or the other, as reported by the World Bank in 2018 and this number is growing considerably. Thus, the growing number of women professional is driving the growth for this segment.

Distribution channel Insights

Among distribution channels, hypermarket & supermarket segment held 59% of the market share in 2018. Availability of a wide range of products and consumer preferences to check the product physically before making purchasing decision are attributing to the growth of this segment. Further, the rise in the number of hypermarket & supermarket and discount offered by them attract a large number of consumers.

Global socks market share

On the other hand, the online segment is likely to grow at the fastest pace with a CAGR of 6.9% over the forecast period. Growing multi-channel retailing, easy doorstep delivery and rise in the number of e-retailing platforms are supplementing the market growth for this segment. Emerging countries such as India and China are expected to register a significant growth from 2019 to 2025 owing to the growing penetration of smartphones and increasing millennials population.

Regional Insights

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 such as Indian Premium Leagues and Big Bash League 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.

Socks Market Share Insights

Leading players operating in the market include Adidas A.G, Renfro Corporation, Hanesbrands Inc., Under Armour, Inc., Hanesbrands Inc., THORLO, Inc., Puma S.E and Asics Corporation among others. Increasing promotion of socks by a celebrity is positively affecting the market growth. For example, brands such as Adidas and Nike promote their products through sports professionals that has largely influenced millennials purchasing decision.

Introduction of new products is projected to be a key factor in the growth of the market. For instance, Kickstarter, PBC introduced a different line of socks products, in 2018, under its brand Say Possible. In addition, United Legwear & Apparel Co., LLC introduced 150 new socks products for both men and women through their online portal.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Germany, U.K., China, India, Brazil, and South Africa

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, andprovides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global socks market report on the basis of product, application, distribution channel and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Casual
    • Formal
    • Athletic

• Application Outlook (Revenue, USD Billion, 2015 - 2025)
    • Men
    • Women
    • Children

• Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Hypermarkets & Supermarkets
    • Convenience Store
    • Online

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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