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.
Among different types of products, the casual segment held the largest market share in 2018. Casual socks are popular as they can be worn with any attire and highly demanded by the working-class population. Further, growing awareness about the benefits of wearing socks during the night to improve damaged heals and avoid hot flashes are key trends supplementing the growth of socks market.
Hypermarkets & supermarkets held the maximum market share in 2018. The growing chain of such stores in emerging countries and consumers’ willingness to try the product physically before buying are primary factors affecting the segment growth. The online segment is expected to exhibit the a significant growth owing to the increasing trend of multi-channel retailing and growing celebrity endorsement of products are key factors expected to proliferate the online sales of a product over the forecast duration.
Asia Pacific held the largest market share in 2018, largely because of the increasing number of working professionals in emerging countries such as India and China. Further, increasing demand for customized socks from sports individuals is also bolstering regional growth. North America, on the other hand, held nearly 20% of the market share in 2018 owing to growing demand from the United States and Canada.
Leading manufacturers operating in the industry are Asics Corporation, Nike Inc., Adidas A.G, Hanesbrands Inc., Renfro Corporation, Drymax Technologies Inc., and Puma S.E among others. Development of new products is expected to be a key factor which will drive competition among different players.
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Further key findings from the report suggest:
• Among different product types, the formal segment held over 30% of the socks market share in 2018.
• The athletic category is likely to grow at a CAGR of 6.7% over the forecast duration, 2019 to 2025.
• Among end-users, the women segment is anticipated to register the highest CAGR of 6.7% over the forecast period.
• Asia Pacific held the largest market share in 2018 and also the region is projected to register the highest CAGR of 7.2% during the forecast years.
• Key players in the market are Asics Corporation, Nike Inc., Adidas A.G, Hanesbrands Inc., Renfro Corporation, Drymax Technologies Inc., and Puma S.E among others.
Million Insights has segmented the global socks market on the basis of product, application, distribution channel, and region:
Socks Product Outlook (Revenue, USD Billion, 2015 - 2025)
Socks Application Outlook (Revenue, USD Billion, 2015 - 2025)
Socks Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Hypermarkets & Supermarkets
• Convenience Store
Socks Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa