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Socks are widely used to absorb sweat from the feet and covers the foot. The global socks market is expected to grow with a growing population of white-collar working professionals across the globe. Socks market is also driven by increasing the health and fitness industry. Increasing spending of the peoples towards health-conscious products such as fitness and gym products, sports shoes and accessories and many others fuels the global socks market. Sports players and athletes widely use socks, hence the socks market is also driven by an increasing number of sports athletes and sports industry. Increasing needs for a foot ulcer and infection treatments for diabetic patients makes them prefer to use diabetic socks under the prescriptions of doctors to protect their feet. This is expected to drive the demand for the global socks market.
Socks are widely used in various adventurous sports activities such as trekking, cycling, and swimming. Additionally, the global socks market is expected to grow with the increasing use of the socks to protect the foot from heat or cold conditions and during the rainy season. The socks are available in different varieties as per the length, size, colours, and applications that are sold by different socks brands across the world. Furthermore, socks are widely used during yoga and meditation which is thereby showing a positive growth towards the industry growth.
A large number of socks brands across the world, such as Champion, TipiToe, Hanes, BlueQ, and many others, use push strategies to sell the bulk quantity of socks and supplies socks to various retail stores and other shops across the globe. Increasing the use of social media and networking sites by peoples is expected to fuel the demand for shoe accessories such as socks. Rising innovation in the socks technology, soaking features, and the durability of socks attract the customer to use socks, and this helps the drive the socks market.
Increasing the demand for footwear’s other than shoes such as slippers, sandals, hills wearables is expected to hamper the growth of the shoe market. Additionally, improper use of materials in the socks leads to the skin rashes and redness, irritation. This may impact the demand for the socks made up of improper materials.
Key Market Driver -
Increasing number of socks brands with growing retail stores are expected to fuel the growth of socks market.
Key Market Restraint -
Increasing demand for foot wears other than shoes is expected to hinders the growth of socks market.
The global socks market includes some of the major players such as Puma S.E., Adidas A.G., Asics Corporation, Renfro Corporation, THORLO Inc., Nike Inc., Hanesbrand Inc., Balega, Drymax Technologies Inc., Under Armour Inc., and United Legwear & Apparel Co.
The global socks market is segmented by product type, by raw material, by end-user, by distribution channel, and geography. Based on product type socks are further categorized into casual socks, formal socks, and athletic socks. Athletic socks category is expected to hold the major share of the global socks market because of the rising demand for sports shoes and socks with the growing sports industry.
Based on raw material, socks are categorized as nylon socks, cotton socks, and polyester socks, and others such as acrylic, olefin, spandex, polypropylene, polyamide, etc. Increasing supply for global raw cotton and its products gives rise the cotton products and that ultimately gives rise to the cotton socks market. According to OECD-FAO Agricultural Outlook 2018, global cotton production improved by 11.1% in 2017 due to improved yields and recovered areas. Cotton socks category is expected to hold the largest share of the global socks market as cotton socks are extremely soft for the feet, and they provide more comforts than other categories.
Based on the end-user, the global socks market is segmented into male, female, and kid’s category. The large variety of socks designs are available in the female socks category by some of the dominant players such as Puma, Dynamics, J Style, and many others. Newer designs help to attract females to purchase more design of socks. The female category is expected to hold the major share of the global socks market.
Based on the distribution channel, the socks market can be segmented into channels such as hypermarkets and supermarkets, convenience stores, and online. Hypermarkets and supermarkets are projected to own a major share of the global socks market owing to a large variety of socks are available in a single store. Whereas, the online channel is expected to be the fastest-growing during the forecast period. With an increasing number of internet users across the globe. By increasing internet users, it is easier and cheaper to target to the end customers.
Based on geography, the global socks market is segmented into regions such as North America, South America, Asia Pacific, Europe, Africa, and the Middle East.
North America is projected to grow at a faster rate for the global socks market owing to the larger footwears imports from the Asia Pacific region. According to the United States international trade commission, US general imports of the footwears are increased to USD 27.7 Billion as of 2015 from the Asia Pacific region.
Asia Pacific region is expected to hold the major share of the global socks market owing to a large number of socks brands such as in various countries such as Tosside, Asics Corporation, Jockey, and many others. Also, developing countries such as China and India hold a large amount of footwear production.
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