Socks Market By Product Type (Casual Product, Mid-Calf Socks, and Other), By Material Type(Nylon, Cotton, Polyester, Wool),By End-User (Men, Women, Kids), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032
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June 2023
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This report was compiled by Correspondence Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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Report Overview
Socks Market size is expected to be worth around USD 76.2 Bn by 2032 from USD 44.4 Bn in 2022, growing at a CAGR of 5.7% during the forecast period from 2023 to 2032.
The Socks Market, a pivotal segment within the apparel industry, encompasses the production, distribution, and retail of various types of socks catering to diverse consumer needs, including athletic, casual, formal, and therapeutic socks.
This market is driven by factors such as evolving fashion trends, growing health and fitness awareness, and technological advancements in fabric and design. Key players within this domain are focusing on innovation, sustainability, and customization to meet the changing preferences of consumers.
The Socks Market is anchored in a thorough analysis of industry trends, consumer behaviors, and economic indicators. The United States socks market, a crucial segment within the broader apparel landscape, is forecasted to experience steady growth over the coming years. Projections indicate a gradual yet consistent increase, with the market poised to expand by 1.37% from 2024 to 2027. By the end of this period, the market volume is anticipated to reach a substantial US$2.25 billion, highlighting the resilience and potential of this niche market amidst broader economic fluctuations.
This growth trajectory is propelled by several key factors. Firstly, shifting consumer preferences towards both functional and fashionable socks has fueled demand for innovative designs and materials. Additionally, the growing emphasis on health and wellness has prompted consumers to seek out socks with specialized features such as moisture-wicking and antibacterial properties. Moreover, the integration of sustainability initiatives into product offerings has emerged as a significant trend, reflecting consumers' increasing eco-consciousness.
In response to these trends, major players in the socks market are strategically investing in research and development, product diversification, and omnichannel distribution strategies. By leveraging advanced analytics and consumer insights, companies can tailor their offerings to meet evolving market demands and maintain a competitive edge.
For the socks market is essential for informed decision-making and strategic planning. By leveraging comprehensive market intelligence, companies can position themselves to capitalize on emerging opportunities and drive sustainable growth in this dynamic sector.
Driving factors
Fluctuations in the weather
Alterations in the weather are yet another element that is fueling the expansion of the socks market. Consumers look for socks that can give the necessary warmth during situations of cold weather, while simultaneously possessing the ability to wick away moisture during conditions of hot weather. This has resulted in the creation of novel socks that are able to adapt to a wide range of climatic situations.
Comfort Needs
When it comes to picking out socks, comfort should be a primary consideration. Customers opt for socks that are not only long-lasting but also offer the highest possible level of comfort. People who have conditions of the foot also require socks that provide the appropriate amount of support and cushioning. Comfort is another factor that is crucial for these individuals.Material innovations
The socks market has been transformed by material advances. This has resulted in the development of socks that are able to accommodate to a wide variety of customer requirements, from natural and synthetic blends to cutting-edge materials such as bamboo and merino wool.
Individual preferences
Personal preferences are also a major factor in the socks market. Customers want to buy socks that not only serve their practical needs but also convey something about their individuality. Because of this, there has been an increase in the production of customised socks that are aimed at meeting the specific requirements of particular customers.
Restraining Factors
Recession, Shifts in Fashion Trends, Trade Restrictions, and Other Factors That Have a Limiting Effect on the Socks Market
In the world of business, where market circumstances can be influenced by restraining factors such as economic downturn, changes in fashion trends, competition, abrupt demand reduction due to disasters, trade restrictions, inflation, and regulatory changes, the socks market is not an exception. These factors can have far-reaching repercussions on the business operations of enterprises operating in the socks market, causing profit margins to decrease or even leading to losses in the worst-case scenario. In this essay, we will investigate how these factors impact the socks market and what companies can do to limit the consequences of these factors on their operations.
Recession of the Economy
A slowdown in the economy, also known as a recession, is one of the primary factors that acts as a restraint on the socks market. People are understandably hesitant to spend money under these conditions, which has resulted in a decline in overall consumer spending. In the end, the socks market is impacted by this decrease in spending. In light of the fact that fewer people are purchasing socks, businesses have been forced to modify their production techniques in order to reflect the new economic reality. As a result, they could have to reduce their personnel, scale down their marketing or expansion initiatives, and look for ways to reduce their overhead costs in order to maintain their competitive edge.
By Product Analysis
With various products dominating the market, the socks market has experienced significant growth over the years. Nevertheless, the casual product segment is currently the market leader. The casual product segment, which includes, among others, ankle socks, low-cut socks, and athletic socks, is intended for daily activities such as walking, jogging, and working out. These socks are designed primarily for comfort and longevity, making them ideal for daily wear.
The economic development in emerging economies has contributed to the transition towards the casual product segment. Emerging economies such as China, India, and Brazil have experienced a significant increase in economic output, resulting in a rise in disposable income. Consequently, consumers in these regions can now afford casual socks, propelling the adoption of this product segment.
Consumers around the globe have a growing preference for durable and comfortable socks for daily use. Additionally, the trend towards athleisure wear has contributed to the rise in demand for casual socks. In addition, the rise of e-commerce platforms has facilitated consumers' access to a vast selection of hosiery options, including those in the casual product segment.
In the future years, the casual product segment is anticipated to record the highest growth rate. This anticipated development is fueled by a number of factors, including the rise in disposable income of consumers in emerging economies, the increasing popularity of comfortable and fashionable athleisure wear, and the accessibility of casual products via e-commerce platforms.
By End-user Analysis
The market for socks is segmented by application, with men's applications being the most prevalent. men's application refers to socks that have been designed specifically for men's, including dress socks, athletic socks, and casual socks.
The adoption of socks in the application segment for men's has been driven by economic growth in emerging economies. As previously indicated, these regions have experienced significant economic growth, resulting in an increase in disposable income. Therefore, consumers in these regions are now able to afford socks for their daily activities.
Many consumers throughout the world now regard men's socks to be a wardrobe essential. As men's become increasingly fashion-conscious, they choose socks that provide comfort, durability, and style. Additionally, the rising popularity of athleisure wear has contributed to the rise in demand for athletic socks.
By Distribution Channel Analysis
The socks market is segmented by distribution channel, with hypermarkets and supermarkets dominating the market. This segment discusses socks sold in large retail establishments such as hypermarkets and supermarkets.
The rise of hypermarkets and supermarkets as a distribution channel for socks is a result of economic growth in developing nations. These regions are currently experiencing a rise in urbanisation, which is fostering the expansion of large retail outlets. In addition, these stores offer an extensive selection of socks at reasonable prices, making them a popular option among consumers.
Globally, consumers prefer to purchase socks from hypermarkets and supermarkets due to their affordability and convenience. The extensive selection of socks available at these stores makes them an attractive option for consumers.
Key Market Segments
Based on Product Type
- Casual product
- Mid-Calf Socks
- Ankle Length Socks
- Knee Length Socks
- Specialty Socks
Based on Material Type
- Nylon
- Cotton
- Polyester
- Wool
Based on End-User
- Men
- Women
- Kids
Based on Distribution Channel
- Wholesale
- Supermarkets & Hypermarkets
- Online Retail
- Other Distribution Channels
Growth Opportunity
Opportunity fuels Socks market growth potential.
The global market for socks is one of the fashion industry's fastest-growing markets. Increasing disposable incomes, a growing retail industry, a shift towards sports and athletic activities, the growing importance of formal attire in corporate offices, rising consumer awareness regarding hygiene, and an increase in foot disorders are all factors that contribute to the expansion of the socks market. The purpose of this article is to examine these factors and their impact on the growth potential of the socks market.
Developing market for retail goods
The development of the retail business has been a significant contributor to the growth of the market for socks. The global demand for socks of a high quality is expected to increase as more retail outlets broaden their product offerings. The growth of the market for socks has been fueled in large part by the rise in popularity of online shopping platforms such as Amazon and eBay. Because customers can now acquire socks of a high quality without having to leave the comfort of their own homes, the demand for socks has skyrocketed, which has led to a significant expansion of the market.
The Growing Importance of Business Professionalism in Today's Corporate Offices
Because of an increase in demand for high-quality formal socks among employees, the market for socks has been driven mostly by corporate offices. Companies have placed a higher emphasis on dress in order to control the image of the organisation and represent the dedication of their personnel to their work. The trend has resulted in an increase in demand for formal socks that are suited for corporate settings.
Latest Trends
Changes in the demographic makeup
Changes in population demographics are having a significant impact on the socks market. This is because people of all ages, including children, adults, and elderly citizens, all have different preferences when it comes to socks. The demand for anti-slip, diabetic, and compression socks has been on the rise in recent years as a direct result of the growth in the elderly population. In a similar vein, fashion-conscious millennials have an influence on the socks market since they look for fashionable and stylish socks. As a result, the industry is making more of an effort to adapt to the ever-evolving fashion preferences of people of varying ages, cultures, and lifestyles.
Cost and availability of funds
When it comes to forecasting the future of the socks market, price and accessibility are two of the most important factors. Customers are always looking to get the most out of their money, which results to socks of a high quality that are sold at affordable costs. As a consequence, the industry is gradually turning its attention to creating socks that strike a compromise between quality and affordability, in order to appeal to a variety of economic classes.
Effectiveness of the supply chain
Another major market trend that is influencing the socks market is supply chain efficiency. The introduction of novel technologies has resulted in significant shifts in the structure of supply chain management systems, which have resulted in increased productivity and decreased expenses. To improve the entire logistics of the socks market, producers need supply chains that are more connected, streamlined, and adaptable. This helps them to shorten delivery times, eliminate stockouts, and cut down on transportation expenses.
Regional Analysis
For the foreseeable future, we anticipate that the Asia-Pacific region will continue to lead the Global Socks Market.
In recent years, the popularity of socks has increased globally, primarily in the Asia-Pacific region. Asia-Pacific accounted for the largest revenue share of the global Socks Market, which is not remarkable given the region's robust fashion industry.China, Japan, South Korea, India, and Indonesia are among the main manufacturers of Socks in the Asia-Pacific region. Nonetheless, not only have these nations become significant producers, but they also consume a substantial amount of the socks they produce.
The increasing demand for fashionable and comfortable footwear is one of the primary factors for the popularity of socks in the Asia-Pacific region. Young people in the region have extensively adopted socks as a fashion statement, spurred by the region's youthful population.The rise of e-commerce has also contributed to the expansion of the Socks Market in this region. The emergence of online retailers has increased the availability of a variety of affordable sock styles, colours, and patterns.
In addition, regional manufacturers have stepped up their game to accommodate the growing trend. Using cutting-edge technology, they are producing socks with enhanced durability, flexibility, and comfort. For instance, the incorporation of moisture-wicking fabrics makes socks more breathable and pleasant to wear, especially in warmer climates.We anticipate that the Asia-Pacific region's sock market will continue to expand over the next few years, driven by the sustained demand for fashionable and comfortable socks. As industry competition increases, we anticipate that innovations, such as 3D printing and smart fabrics, will influence the industry's future.
Key Regions and Countries
North America
- US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
Globally, there has been a significant increase in the socks market. The increasing demand for socks can be attributed to the urbanization trend and the need for functional and fashionable clothing. As a consequence, numerous industry leaders have emerged to serve this expanding market.
In the socks market, Nike is a major player. The brand has established itself as a leader in the athletic apparel industry, and its socks are no exception. Nike's socks are designed for optimal cushioning and moisture absorption, as well as compression for increased support. In addition, they are tailored to specific sports like basketball, soccer, and running.
Hanes is another significant player in the industry. Hanes has been a market leader for more than a century, and its socks are renowned for their durability and comfort. The brand provides a variety of socks, including sports socks, ankle socks, and crew socks, for men, women, and children.
Adidas is also a major participant in the socks market. Their socks are designed with cutting-edge technology to offer support, comfort, and moisture management. In addition, their socks are designed for specific sports like football, golf, and running.
Since its inception in 2013, Bombas, a relatively new participant in the socks market, has expanded tremendously. The brand's emphasis on social impact and sustainability has aided in its rapid customer retention. The design of Bombas socks prioritizes comfort, efficacy, and sustainability.
The socks market is intensely competitive and expanding. Key industry players, including Nike, Hanes, Adidas, and Bombas, continue to innovate and cater to consumers' changing requirements. Consequently, the future of the socks market appears promising.
Top Key Players in Socks Market
- NIKE Inc.
- Adidas AG
- Hanesbrands Inc.
- PUMA SE
- Under Armor, Inc.
- ASICS Corp.
- Renfro Corporation
- Implus Footcare LLC
- Thorlo Inc.
- Drymax Technologies Inc.
- VOXXLIFE
- Other Industry Players
Recent Development
- In 2021, the market for socks has undergone some thrilling changes, with major brands introducing new collections that are both fashionable and eco-friendly.
- In 2021, Adidas also made a significant stride towards sustainability in 2021 with the introduction of a new line of socks made from recycled ocean plastic and polyester, offering consumers a stylish and comfortable option while also contributing to the reduction of plastic waste in the oceans.
- In 2021, Outerknown, a sustainable fashion brand, entered the sock market in 2021 with the introduction of a line of sustainable socks made from recycled fishing nets and other materials, revealing the potential of sustainable fashion.
Report Scope
Report Features Description Market Value (2022) USD 77.4 Bn Forecast Revenue (2032) USD 44.4 Bn CAGR (2023-2032) 5.7% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Product Type:, Casual product, Mid-Calf Socks, Ankle Length Socks, Knee Length Socks, Specialty Socks,, Material Type:, Nylon, Cotton, Polyester, Wool,, End-User:, Men, Women, Kids Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape NIKE Inc., Adidas AG, Hanesbrands Inc., PUMA SE, Under Armor, Inc., ASICS Corp., Renfro Corporation, Implus Footcare LLC, Thorlo Inc., Drymax Technologies Inc., VOXXLIFE, Other Industry Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) -
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- NIKE Inc.
- Adidas AG
- Hanesbrands Inc.
- PUMA SE
- Under Armor, Inc.
- ASICS Corp.
- Renfro Corporation
- Implus Footcare LLC
- Thorlo Inc.
- Drymax Technologies Inc.
- VOXXLIFE
- Other Industry Players