Global Socks Market: Snapshot
The global socks market was valued at US$42.07 bn in 2016 and it is expected to expand at a CAGR of 6.7% from 2017 to 2025. Although an integral part of the apparel industry, the socks market holds a negligible part in the market dynamics of the apparel industry. The lower share of the socks market in the backdrop of the apparel industry can be attributed to low volume and large percentage of the market being unorganized. However, taking the market growth rate into consideration, the socks market is projected to experience robust growth during the forecast period in contrast to the apparel industry in general. The rising demand for socks is primarily driven by improving fashion trends and the growing retail sector.
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Developing Countries of Asia Pacific to Remain Dominant in Global Socks Market
In 2016, Asia Pacific led the socks market and the region is expected to maintain its dominance throughout the forecast period. High demand for socks in this region is attributed to the large population and increasing population growth. Moreover, rising number of retail outlets in the region especially in economies such as China, India, Malaysia, and Singapore are expected to further boost the sales of socks. However, Europe, the fashion power house of the world is expected to lose considerable market share. Declining industrial growth and disposable income fueled by slow economic growth is projected to affect the overall apparel industry. Socks market in North America is expected to witness steady growth, whereas developing economies especially Brazil in South America and GCC countries across MEA are expected to drive demand for socks, and hence driving the global socks market.
The global socks market by product type is categorized into specialty socks, athletic socks, trouser socks, women’s socks, casual socks, and multiple toe socks. Casual socks dominated the socks market in 2016, accounting for more than one third of the market share. Specialty socks are also expected to hold the second largest market share in 2016 and expected to show significant CAGR growth during the forecast period owing to the diversified applications of specialty socks.
Natural Fibers to be Extensively Used for Socks Production
The global socks market has also been segmented by the materials used for production. The socks market is thus categorized into nylon, cotton, polyester, wool, waterproof breathable membrane, and others. The demand for natural fibers such as cotton is considerable high for socks manufacturing. The demand for natural fiber material for manufacturing of socks is relatively high in developed economies owing to sustainability of natural fibers. However, natural fibers are expected to lose considerable market share to synthetic fibers such as nylon and polyester. The demand for socks manufactured from synthetic or manmade fibers are relatively high in developing economies owing to their low price. Waterproof breathable membrane are hybrid materials and used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
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Key players in socks market with most significant product portfolio include Adidas A.G., Nike Inc., Puma S.E., Renfro Corporation, Asics Corporation, THORLO, Inc., Balega, Drymax Technologies Inc., Hanesbrands Inc. and Under Armour, Inc. The socks market is highly competitive with the presence of both global and regional manufacturers. The threat of new entrants is also relatively high owing to low manufacturing cost.
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