Global Socks Market Driven by Healthy Growth of Men’s Apparel Industry, to Exhibit 8.50% CAGR from 2015 to 2021

Transparency Market Research has studied the global socks market in detail in its newly published report. The featured report, titled ‘Socks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,’ states that the market is expected to progress from US$5.6 bn in 2014 to US$11.6 bn by 2023. As per the report, the global socks market is expected to exhibit an 8.50% CAGR during the period between 2015 and 2021. Considerable growth in the retail sector, the constantly growing men’s apparel industry, and improving fashion trends are the factors responsible for the growth of the global socks market.

Socks, one of the common consumer goods, are available in the global market in many materials and varieties. In recent years, due to the introduction of luxury socks, they have been considered more as fashion products than common consumer goods. Even though socks account for a smaller share in the global apparel market, their demand is expected to increase considerably in the years to come. The rising boom in the global socks market has allowed new companies to introduce their products. The increasing per capita income in various countries has enabled the global socks market to become the fastest growing market in the global apparel market.

The report divides the global socks market on the basis of region, gender, product, and material used. On the basis of product, the global socks market is classified into specialty socks, athletic socks, trouser socks, casual socks, women’s socks, and others. The demand for athletic socks is expected to be the highest in the global market due to the increasing demand for athletic shoes. Going forward, the increasing pool of consumers participating in sports is expected to boost the athletic socks segment.

Advancements in product development and commercialization have moved socks into one of the most trending fashion product categories. The introduction of luxury socks by local companies is expected to drive the socks market in the developing nations. By region, the global socks market is divided into Asia Pacific, Europe, North America, and Rest of the World. An improving retail network and the introduction of novelty socks will drive the Asia Pacific socks market in the years to come.

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The use of various new types of fibers to manufacture socks is a rising trend in the global market. Cost pressures are driving many manufacturers to manufacture synthetic fiber socks. Nylon, cotton, wool, waterproof breathable membrane, and polyester are some of the other materials used to manufacture socks. The demand for cotton and wool socks will continue to grow in the coming few years. Based on gender, the global socks market is classified into men, women, and kids. In 2014, the global socks market was led by the men’s segment, propelled by extensive use and changing lifestyles of male consumers.

The global socks market is highly fragmented with many small companies and large players operating in different regions. Puma SE, Adidas Group, Cole and Parker Co., and Nike, Inc. are some of the leading companies operating in the global socks market. The market is expected to witness mergers and partnerships between leading players and new entrants in the near future.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.  

Global Socks Market Poised to Reach US$11.6 bn by 2023, Luxury Socks to Witness High Demand

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.

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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.

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.

About Us :

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.