The global sock market has witnessed steady growth over the past few years, driven by factors such as increasing demand for comfortable footwear, growing awareness about health and fitness, and rising disposable incomes. Socks are a crucial part of our everyday attire, providing comfort and protection to our feet. They are available in various materials such as cotton, wool, nylon, and polyester, among others, and are sold in different styles and designs to cater to diverse consumer preferences.
According to a recent market research report, the global sock market was valued at USD 42.2 billion in 2020 and is expected to reach USD 63.5 billion by 2028, growing at a CAGR of 5.2% during the forecast period (2021-2028). The growth can be attributed to various factors such as the increasing popularity of athleisure wear, rising demand for eco-friendly and sustainable socks, and the emergence of e-commerce platforms as a convenient mode of purchasing socks.
Socks are a type of hosiery that covers the feet and ankles, providing warmth, comfort, and protection to the feet. They are worn by people of all ages, genders, and socio-economic backgrounds, and are available in a wide range of styles, materials, and designs. Socks are not only a fashion accessory but also serve functional purposes such as moisture-wicking, odor control, and blister prevention.
Executive Summary
The global sock market has witnessed steady growth over the past few years, driven by factors such as increasing demand for comfortable footwear, growing awareness about health and fitness, and rising disposable incomes. The market is expected to reach USD 63.5 billion by 2028, growing at a CAGR of 5.2% during the forecast period. The growth can be attributed to various factors such as the increasing popularity of athleisure wear, rising demand for eco-friendly and sustainable socks, and the emergence of e-commerce platforms as a convenient mode of purchasing socks.
Important Note:ย The companies listed in the image above are for reference only. The final study will cover 18โ20 key players in this market, and the list can be adjusted based on our clientโs requirements.
Key Market Insights
- The global sock market was valued at USD 42.2 billion in 2020 and is expected to reach USD 63.5 billion by 2028, growing at a CAGR of 5.2% during the forecast period.
- The growth can be attributed to factors such as the increasing popularity of athleisure wear, rising demand for eco-friendly and sustainable socks, and the emergence of e-commerce platforms as a convenient mode of purchasing socks.
- The market is characterized by the presence of both established and emerging players, offering a wide range of socks in different materials, designs, and styles.
- Cotton socks are the most popular type of socks, accounting for the majority of the market share. However, other materials such as wool, nylon, and polyester are also gaining popularity due to their functional properties.
- Asia Pacific is the largest market for socks, owing to the high population density and growing disposable incomes in countries such as China and India.
Market Analysis
The global sock market is expected to witness significant growth in the coming years, driven by various factors such as increasing demand for comfortable footwear, growing awareness about health and fitness, and rising disposable incomes. The market has been segmented based on material, product type, distribution channel, and end-user, to cater to diverse consumer preferences.
The increasing popularity of athleisure wear has further fueled the demand for socks that offer functional properties such as moisture-wicking, odor control, and blister prevention. The trend of athleisure wear has been gaining popularity in recent years, with people seeking comfortable and stylish clothing that can be worn for sports, workouts, and other physical activities.
The global sock market is characterized by intense competition, with established players such as Nike, Adidas, and Puma competing with emerging players such as Bombas, Stance, and Happy Socks. The market is also characterized by a wide range of products, with socks available in various materials, designs, and styles to cater to diverse consumer preferences.
Market Drivers
- Increasing Demand for Comfortable Footwear
The demand for comfortable footwear has been on the rise in recent years, with people increasingly prioritizing comfort over fashion. Socks are an essential part of comfortable footwear, providing cushioning and support to the feet. The trend of athleisure wear has further fueled the demand for comfortable socks that can be worn for sports, workouts, and other physical activities.
- Growing Awareness about Health and Fitness
There is a growing awareness about the importance of physical fitness and its impact on overall health and well-being. As a result, people are increasingly engaging in sports, workouts, and other physical activities that require comfortable and supportive footwear. Socks with functional properties such as moisture-wicking, odor control, and blister prevention are gaining popularity among fitness enthusiasts.
- Rising Disposable Incomes
The rise in disposable incomes has led to an increase in consumer spending on apparel and accessories, including socks. With more disposable income, consumers are willing to spend on high-quality socks that offer comfort, durability, and style. This trend is particularly evident in emerging markets such as Asia Pacific and Latin America, where the middle-class population is growing rapidly.
Market Restraints
- Availability of Counterfeit Products
The availability of counterfeit socks is a major challenge for the global sock market. Counterfeit products are cheaper and often look similar to original products, leading to consumer confusion and loss of revenue for genuine players. Counterfeit products also compromise on quality and durability, leading to dissatisfied customers and a negative impact on brand reputation.
- Sustainability Concerns
The textile industry, including the sock market, is known for its high carbon footprint and negative impact on the environment. Consumers are increasingly becoming aware of the environmental impact of their purchasing decisions and are seeking sustainable and eco-friendly alternatives. This has led to a rise in demand for socks made from organic cotton, recycled materials, and other eco-friendly materials.
Market Opportunities
- Growing Demand for Personalized Socks
Personalized socks are gaining popularity as a unique and creative gift option. With advancements in technology, it has become easier to customize socks with images, logos, and text, making them a popular choice for events such as weddings, birthdays, and corporate gifting. This trend presents an opportunity for sock manufacturers to offer customization options and cater to a niche market.
- Emergence of E-commerce Platforms
The emergence of e-commerce platforms has revolutionized the way consumers purchase socks. Online shopping offers convenience, a wide range of options, and competitive pricing, making it a preferred mode of shopping for many consumers. Sock manufacturers can leverage e-commerce platforms to reach a wider audience, offer customized options, and improve the overall customer experience.
Market Dynamics
The global sock market is characterized by intense competition, with established players such as Nike, Adidas, and Puma competing with emerging players such as Bombas, Stance, and Happy Socks. The market is also characterized by a wide range of products, with socks available in various materials, designs, and styles to cater to diverse consumer preferences.
The market is expected to witness significant growth in emerging markets such as Asia Pacific and Latin America, owing to factors such as rising disposable incomes, growing awareness about health and fitness, and changing consumer preferences.
Regional Analysis
The global sock market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is the largest market for socks, owing to the high population density and growing disposable incomes in countries such as China and India. North America and Europe are also significant markets, driven by factors such as the popularity of athleisure wear and the presence of established players.
Competitive Landscape
Leading companies in the Socks Market:
- Nike, Inc.
- Adidas AG
- Hanesbrands Inc.
- Under Armour, Inc.
- Puma SE
- ASICS Corporation
- Balega International
- Stance Inc.
- Jockey International, Inc.
- Thorlo, Inc.
Please note: This is a preliminary list; the final study will feature 18โ20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.
Report Segmentation
The global sock market can be segmented based on material, product type, distribution channel, and end-user.
By Material:
- Cotton
- Wool
- Nylon
- Polyester
- Others
By Product Type:
- Athletic Socks
- Casual Socks
- Dress Socks
- Compression Socks
- Others
By Distribution Channel:
- Offline
- Online
- Men
- Women
- Kids
Category-wise Insights
- Cotton Socks
Cotton socks are the most popular type of socks, accounting for the majority of the market share. They are comfortable, breathable, and affordable, making them a popular choice among consumers. Cotton socks are available in various styles and designs, including ankle-length, crew-length, and knee-length.
- Wool Socks
Wool socks are popular among consumers who require warmth and insulation in cold weather conditions. Wool is a natural insulator and wicks moisture away from the skin, keeping the feet dry and comfortable. Wool socks are available in various thicknesses, including lightweight, medium-weight, and heavy-weight, to cater to different weather conditions.
- Compression Socks
Compression socks are designed to provide support and improve blood circulation in the legs and feet. They are popular among athletes, pregnant women, and people with circulation problems such as varicose veins. Compression socks are available in various compression levels, including mild, moderate, and firm, to cater to different needs.
Key Benefits for Industry Participants and Stakeholders
- Increasing demand for comfortable footwear, rising awareness about health and fitness, and growing disposable incomes are driving the growth of the sock market.
- The availability of a wide range of products in various materials, designs, and styles presents an opportunity for manufacturers to cater to diverse consumer preferences.
- The emergence of e-commerce platforms as a convenient mode of purchasing socks presents an opportunity for manufacturers to reach a wider audience and improve the overall customer experience.
SWOT Analysis
Strengths:
- Increasing demand for comfortable footwear and rising awareness about health and fitness are driving the growth of the sock market.
- The availability of a wide range of products in various materials, designs, and styles presents an opportunity for manufacturers to cater to diverse consumer preferences.
Weaknesses:
- Counterfeit products and sustainability concerns are major challenges for the sock market.
- The intense competition in the market and the presence of established players make it difficult for new entrants to gain market share.
Opportunities:
- Growing demand for personalized socks and the emergence of e-commerce platforms as a convenient mode of purchasing socks present opportunities for manufacturers to cater to a niche market and improve the overall customer experience.
- The growing disposable incomes in emerging markets such as Asia Pacific and Latin America present an opportunity for manufacturers to expand their market reach.
Threats:
- The availability of counterfeit products and sustainability concerns pose a threat to the reputation of genuine players and the overall growth of the market.
- The impact of the COVID-19 pandemic and geopolitical tensions can disrupt the supply chain and affect the growth of the market.
Market Key Trends
- Athleisure Wear
The trend of athleisure wear has been gaining popularity in recent years, with people seeking comfortable and stylish clothing that can be worn for sports, workouts, and other physical activities. Athleisure wear includes socks with functional properties such as moisture-wicking, odor control, and blister prevention.
- Eco-Friendly and Sustainable Socks
The growing awareness about sustainability and the environment has led to a rise in demand for eco-friendly and sustainable socks. Socks made from organic cotton, recycled materials, and other eco-friendly materials are gaining popularity among consumers who are conscious of their purchasing decisions.
Covid-19 Impact
The COVID-19 pandemic has had a significant impact on the sock market, with disruptions in the supply chain and changes in consumer behavior. The closure of physical stores and restrictions on movement led to a surge in online shopping, with e-commerce platforms emerging as a convenient mode of purchasing socks.
The demand for athleisure wear also witnessed a surge, with people working from home and engaging in physical activities such as running and cycling. However, the pandemic also led to a decline in demand for formal wear, including dress socks, as people spent more time at home. The impact of the pandemic is expected to be short-term, with the market expected to recover as the situation improves.
Key Industry Developments
- Bombas Raises USD 15 Million in Funding
In August 2020, Bombas, a New York-based sock company, raised USD 15 million in funding to expand its product line and reach a wider audience. The company offers socks made from eco-friendly materials and donates a pair of socks to a homeless shelter for every pair sold.
- Nike Launches Sustainable Sock Collection
In February 2021, Nike launched a sustainable sock collection made from recycled polyester and nylon. The collection is part of Nike’s sustainability efforts and aims to reduce waste and carbon emissions in the textile industry.
Analyst Suggestions
- Focus on Product Innovation
Innovation is key to staying ahead in the highly competitive sock market. Manufacturers should focus on product innovation, including materials, designs, and styles, to cater to diverse consumer preferences and gain a competitive edge.
- Leverage E-commerce Platforms
The emergence of e-commerce platforms has transformed the way consumers purchase socks. Manufacturers should leverage e-commerce platforms to reach a wider audience, offer customized options, and improve the overall customer experience.
Future Outlook
The global sock market is expected to witness significant growth in the coming years, driven by factors such as increasing demand for comfortable footwear, growing awareness about health and fitness, and rising disposable incomes. The market is characterized by intense competition, with established and emerging players competing to gain market share. Manufacturers should focus on product innovation, sustainability, and leveraging e-commerce platforms to stay ahead in the market.
Conclusion
The global sock market has witnessed steady growth in recent years, driven by factors such as increasing demand for comfortable footwear, growing awareness about health and fitness, and rising disposable incomes. The market is expected to reach USD 63.5 billion by 2028, growing at a CAGR of 5.2% during the forecast period.
The market is characterized by the presence of both established and emerging players, offering a wide range of socks in different materials, designs, and styles. Manufacturers should focus on product innovation, sustainability, and leveraging e-commerce platforms to stay ahead in the market.