According to a new
market report published by Transparency Market Research “Socks
Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2015 - 2023,” the global socks market was
valued at US$5.6 bn in 2014, at a CAGR of 8.5% from 2015 to 2021 to
account for US$11.6 bn by 2023.
Socks account for a
small, but significant part of the apparel market and one’s
dresser. Socks are consumer products. However, the global socks
market is expected to experience exponential growth due to rising
demand for high-end and luxurious socks.
The robust boom in
the socks market has led to the entry of large and small scale
companies. The socks market has recorded higher growth rate as
compared to the overall apparel market in the past few years, driven
by the changing fashion trends and rising per capita expenditure on
socks.
Based on product
type, the global socks market has been segmented into specialty
socks, athletic socks, trouser socks, women’s socks, knee-high
knitted socks, and others. Demand for various socks types is driven
by demand for different footwear. For instance, high demand for
athletic shoes is expected to boost demand for athletic socks.
Specialty socks were the largest product segment, driven by their
diversified use.
The socks market is
booming as compared to the apparel market. Although a commodity item,
socks have upgraded into fashion pieces owing to product development
& diversification and commercialization. The socks market in
developing regions is majorly driven by local players. However, the
retail market is growing rapidly in the developing regions especially
in Asia Pacific and Latin America which is expected to augment sales
of socks during the forecast period. Moreover, introduction of
novelty socks and improving retail network is likely to drive demand
for high-end socks.
Different types of
fibers are used to manufacture socks. Usage of synthetic fibers to
manufacture socks is expected to be high during the forecast period
due to low cost and low moisture-holding capacity. Nylon and
polyester socks account for considerable share of the global socks
market. Demand for natural fibers such as cotton and wool is expected
to decline, especially in the developing economies. Demand for
synthetic socks has outpaced their natural fiber counterparts.
However, demand for natural fiber knitted socks is considerably high
in developed economies such as the U.S., Germany, the U.K., and
France.
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The men’s segment
dominated the global socks market in 2014. Around 71% men wear socks
every day. Driven by extensive usage of socks by men and improving
fashion statements, the men’s segment is projected to witness
steady growth at a substantial rate.
The socks market is
fragmented, with presence of both large and small players owing to
low entry barriers. However, high degree of coexistence and
partnerships has been witnessed in the global socks market. For
instance, Thai Socks Co. Ltd., a major supplier of socks in Thailand
and Asia, has supply agreements with key players in the market such
as Nike, Inc., Converse, and Paul Smith. Major players in the global
socks market include Adidas Group, Nike, Inc., Puma SE, Cole and
Parker Co., and RY International.
The report studies
the global socks market, and provides estimates in terms of revenue
(USD Million) from 2015 to 2023. Market estimates are also provided
on the basis of product type, materials used, and gender for each
region. The market has been segmented as follows
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