Global Socks Market Poised to Reach US$11.6 bn by 2023, Luxury Socks to Witness High Demandby Dannysm Sm MARKET RESEARCH
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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