Socks Market Rising With Growth In New Technology Trends Research By 2025

 

The global socks market size was valued at USD 42.2 billion in 2018. Rising importance of maintaining formal attire among white-collar professionals on a global level is expected to play a crucial role in expanding the utility of socks. This, in turn, is expected to boost the market growth in the coming years. Furthermore, increasing spending on health and fitness among adults is projected to prompt the demand for various shoe accessories such as sports socks and ankle socks during the workouts in gymnasiums and health clubs. Over the past few years, various health care professionals have increased their spending on publishing various research papers on maintaining healthy foot in light of increasing occurrences of foot disorders associated with diabetic patients.

Key industry participants include Nike Inc.; Puma S.E.; Adidas A.G.; Asics Corporation; Renfro Corporation; THORLO, Inc.; Hanesbrands Inc.; Balega; Drymax Technologies Inc.; and Under Armour, Inc. Large number of celebrity endorsements by popular brands has contributed significantly to the growth of the market. For instance, Nike endorses many sports professionals to promote its shoe and socks products.

Product innovation is expected to remain a critical success factor in the near future. In 2018, Kickstarter, PBC has launched 10 abstract designed socks under the brand, Say Possible. In addition, in May 2018, United Legwear & Apparel Co., LLC, has launched 150 styles of men and women socks in their online portals.

The global socks market size is expected to reach USD 63.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Growing demand for various footwear products, particularly athletic shoes, as a result of increasing spending among working class adults on gym training and outdoor sports activity is expected to have a positive impact on the market growth. Additionally, rising concerns over adverse effects associated with foot ulcers among diabetic patients at a global level is projected to promote the utility of advanced sock variants as a foot protective medium in the near future.

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Casual variants dominated the socks market for the year 2018. Growing inclination among adults towards casual socks in new color designs as a result of new product launches by socks manufacturing companies in e-commerce portals is expected to have a positive impact on the segment growth. Furthermore, increasing awareness among the youth population of developed economies including U.K. and Germany regarding wearing socks during night in order to prevent hot flashes and improve cracked heals is expected to remain a key trend.

Further key findings from the study suggest:

·         Formal products accounted for more than 30.0% share of the global socks market revenue in 2018

·         Athletic variants are projected to ascend at a CAGR of 6.7% from 2019 to 2025

·         The women segment is expected to expand at the fastest CAGR of 6.7% from 2019 to 2025

·         Asia Pacific is expected to exhibit the fastest CAGR of 7.2% from 2019 to 2025.

Asia Pacific accounted for the largest share of global revenue in 2018. Expansion of middle class income groups in emerging economies including China and India is expected to remain a key driving factor for the market. Furthermore, positive outlook towards the sports industry in countries including China, India, and Australia as a result of increasing number of sports events including Indian Premier League (IPL) and Big Bash League is expected to open new avenues over the next few years.

Key manufacturers in the industry include Nike Inc.; Puma S.E.; Adidas A.G.; Asics Corporation; Renfro Corporation; THORLO, Inc.; Hanesbrands Inc.; Balega; Drymax Technologies Inc.; and Under Armour, Inc. Companies are pursuing efforts on designing new products to increase their market share.

For instance, in 2018, Kickstarter, PBC launched 10 abstract designed socks under the brand, Say Possible. The company also provides subscription option where they will deliver these products at customer’s door step after a particular period.

As a result, some of the companies including Dr. Oxyn and Podolite have launched customized diabetic socks in order to reduce the risk of foot ulcers, which act as a root cause to infections, or possible amputation. Increasing penetration of corporate offices in emerging economies including China, Bangladesh, India, and Mexico as a result of supportive policies to promote investments at a domestic level is expected to remain a favorable factor for the industry.

Grand View Research has segmented the global socks market on the basis of product, application, distribution channel:

Socks Product Outlook (Revenue, USD Billion, 2015 - 2025)

·         Casual

·         Formal

·         Athletic

Socks Application Outlook (Revenue, USD Billion, 2015 - 2025)

·         Men

·         Women

·         Children

Socks Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

·         Hypermarket & Supermarket

·         Convenience Store

·         Online