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Socks Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 173
Delivery Format: PDF+EXCEL

$2,950.00

On the feet, socks are a sort of apparel. They are often manufactured from a range of materials, including cotton, wool, and synthetic fibers. Socks can shield the feet from heat and cold and are frequently worn with shoes. There are many different sizes, hues, and patterns for socks. They can be created at home as well as purchased in stores or online. Both informal and formal settings allow for the wearing of socks. The market for socks is a $1 billion business. The average person in the US spends roughly $100 a year on socks. China is where most socks are produced.

Socks come in a wide variety of styles, including dress socks, athletic socks, and work socks. Usually constructed of softer fabrics, dress socks are intended to be worn with formal wear. Sports socks are frequently composed of heavier materials and are intended to protect the foot during vigorous activities. Work socks are often made of cotton or wool and are built to last. Many people’s wardrobes include socks, which may also be a terrific way to show off your uniqueness. There is certain to be a pair of socks that is ideal for you given the wide variety that is offered.

Socks Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Opportunities for Socks Market

Both men and women can be seen walking around in socks. Typically, they are created from a range of materials, such as cotton, wool, and synthetics. There are many distinct types of socks, including crew socks, knee-high socks, and ankle socks. By 2023, the global market for socks is anticipated to be worth US$ 61.4 billion, expanding at a CAGR of 5.3%. (2018-2023). The market for socks is expanding primarily as a result of rising athleisure demand and increased demand from the sports industry.

Due to the fact that sportsmen wear socks throughout both training and competition, the sports business is a significant consumer of socks. During the projected period, the demand for socks from the sports industry is anticipated to increase at a CAGR of 5.5%. The market for socks is expanding as a result of the rising popularity of athleisure, as more people are choosing to accessorise their casual attire with socks.

The socks market is divided into segments based on product category, distribution method, geography, and material. The market is further divided into cotton, wool, and synthetic material segments. By product type, the market is further divided into categories for ankle socks, crew socks, and knee-high socks. The market is further divided into online and offline distribution channels. Supermarkets/hypermarkets, specialty shops, and other outlets make up the offline category.

The largest market for socks is in the Asia-Pacific region, which in 2017 accounted for 38.9% of the worldwide socks market. Throughout the projection period, the area is anticipated to expand at a CAGR of 5.4%. The demand for socks in the sports business is rising, and athleisure is becoming more and more popular in the Asia-Pacific region. During the projected period, the market in North America is anticipated to grow at a CAGR of 5.2%, while the market in Europe is anticipated to grow at a CAGR of 5.1%.

Restraints for Socks Market

Several obstacles are currently preventing the expansion of the socks market. First of all, the price of the raw materials used to create socks has increased recently. Sock prices have gone up as a result, which has discouraged some customers from buying them. Additionally, there are many businesses functioning in the socks market, which makes it quite competitive. Due to this, it has been challenging for new competitors to enter the industry and take a sizable part. Additionally, socks are a seasonal item that are typically purchased in the winter. This causes sales to drop over the summer, which hinders the market’s overall growth.

Key Trends in the Socks Market

During the forecast period, it is anticipated that the worldwide sock market will expand at a CAGR of 5.5%. (2019-2024). The growing inclination for cosy and fashionable socks as well as the rising demand for athletic and sports socks are the main factors driving this market.

By kind, end use, geography, and material, the socks market is divided. Natural and synthetic materials are separated under the material category. During the projection period, the segment for natural materials is anticipated to increase at the greatest CAGR. This is because eco-friendly socks made of natural materials like cotton and wool are becoming more and more popular. Ankle socks, crew socks, knee-high socks, and other types make up the type part. Because they are cosy to wear and come in a variety of styles, ankle socks are predicted to rise at the greatest CAGR over the projection period.

Men, women, kids, and other groups make up the end-use segment. During the projected period, the children’s category is anticipated to develop at the greatest CAGR due to the rising demand for socks in eye-catching patterns and hues. North America, Europe, Asia Pacific, and the Rest of the World are the four main geographical areas into which the socks market is divided. Due to the rising demand for socks in nations like China, India, and Japan, the Asia Pacific region is anticipated to develop at the greatest CAGR during the forecast period.

Some of the prominent players participating in the socks market are Hanesbrands Inc. (US), Polo Ralph Lauren Corporation (US), Fruit of the Loom Inc. (US), Adidas AG (Germany), K. Bell Socks (US), Nike Inc. (US), New Balance Athletics Inc. (US), Under Armour Inc. (US), and Puma SE (Germany).

Drivers for Socks Market

Numerous factors, including alterations in customer tastes, technical breakthroughs, and fashion trends, influence the socks market.

vogue trends

Fashion trends are one of the key factors influencing the socks market. Because they are frequently considered a fashion accessory, socks follow the same fashion trends as other articles of apparel. More vibrant and patterned socks, as well as socks made of various materials including wool and bamboo, have become popular in recent years.

Technological Progress

Modern technology is another market-driver for socks. Socks that are more cosy, strong, and fashionable have been made possible by the development of new materials and manufacturing techniques. A range of colours and patterns may now be produced for socks thanks to modern production methods.

Consumer Preferences Changing

Finally, shifting customer preferences are another factor driving the socks market. More comfy and fashionable socks have become more and more popular recently. Additionally, as customers become more conscious of how their clothing choices affect the environment, their interest in socks manufactured from sustainable materials is rising.

Covid-19 Impact of the Sock Market 

The Covid19 epidemic has had a variety of effects on the sock market. As individuals have been spending less time outside and dressing more casually, the most noticeable effect has been a decline in the demand for socks. Many sock producers and merchants have seen a decline in sales as a result of this.

The difference in the types of socks individuals are purchasing is another effect of the pandemic. The demand for cosy, casual socks has increased as more people choose to work from home. For some manufacturers, this has resulted in a change in production since they have had to change their output to suit the new demand.

The price of socks has also been impacted by the Covid19 epidemic. Prices have decreased as a result of the decline in demand as businesses attempt to sell off excess inventory. Consumers were pleased to learn this because it allowed them to find socks at a discount.

The sock market has been influenced in a number of ways by the Covid19 pandemic. The demand decline, which resulted in lower pricing and sales, has had the most noticeable effect. Additionally, the epidemic has changed the types of socks that people purchase, with a rise in demand for cosy, everyday socks.

Key Industry Developments in the Socks Market

The product options and manufacturing methods are constantly changing, and this is true of the socks sector as well. The following list includes some of the major business developments:

1. Technological advancements in the sock industry:

Significant improvements in sock manufacturing technology over the previous few years have led to the creation of higher-quality socks. A few of the most recent technologies used in the production of socks are seamless knitting and 3D printing. These technologies aid in the creation of socks that fit, feel, and last better.

2. Growing athleisure popularity

In recent years, there has been an increase in the athleisure trend, which combines athletic and casual clothing. The desire to look nice and rising health consciousness among people have pushed this trend. Socks are a key component of the trendy athleisure trend, which is both comfortable and fashionable. Sock demand has greatly increased as a result.

3. Development of online shopping:

The internet shopping market has been expanding quickly in recent years. The rise in online clothes and accessory purchasing is responsible for this surge. One of the most popular products offered online is socks, and the growth of online retail has significantly increased the sales of socks.

4. The popularity of branded socks is rising:

In recent years, customers have shifted their preferences from unbranded to branded socks. This is as a result of people being more aware of the advantages of branded socks, such as their superior quality and longevity. Additionally, branded socks come in a huge selection of patterns and hues, giving customers more options.

5. Increasing demand from emerging markets:

Due to rising middle class and population density in developing nations like China and India, the market for socks is expanding rapidly. Sock purchases are increasing as a result of rising disposable incomes in these nations. The demand for socks in these nations is also being driven by a growing awareness of the value of personal grooming.

Future Prospects of the Socks Market

As more and more individuals develop an interest in fashion and trends, the sock market is anticipated to expand in the upcoming years. The typical consumer is anticipated to buy more socks than they did previously, and this tendency is anticipated to remain. Because athleisurewear is becoming more and more well-liked, the sock industry is also anticipated to expand. Socks are required to complete the look because more and more people are wearing sneakers and other athletic shoes with their regular attire.

As more and more individuals develop an interest in fashion and trends, the sock market is anticipated to expand in the upcoming years. The typical consumer is anticipated to buy more socks than they did previously, and this tendency is anticipated to remain. Because athleisurewear is becoming more and more well-liked, the sock industry is also anticipated to expand. Socks are required to complete the look because more and more people are wearing sneakers and other athletic shoes with their regular attire.

ATTRIBUTE  DETAILS
By Product Type
  • Casual Socks
  • Formal Socks
  • Athletic Socks
By Raw Material
  • Nylon Socks
  • Cotton Socks
  • Polyester socks and Others
By End-User
  • Male
  • Female
  • kids
By Distribution channel
  • Hypermarkets and supermarkets
  • Convenience Stores
  • Online
  • Nike Inc.
  • Puma S.E.
  • Adidas A.G.
  • Asics Corp.
  • Skechers USA, Inc.
  • Hanesbrands Inc.
  • Under Armour, Inc.
  • VF Corp.
  • Jockey International Inc.
  • Drymax Technologies Inc

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