Increasing requirement of multiple footwear by urban consumers is working as a positive factor of socks market. Moreover, growing trend of athletic shoes coupled with athletic celebrity endorsement by key brands is driving the market growth. It has been observed that consumers are purchasing premium quality socks to use them during gym training and outdoor sports activities. In addition, 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.
Global socks market is projected to experience robust growth during the forecast period. The rising demand for socks is primarily driven by improving fashion trends at global level. The global socks market was valued at US$ 42.5 bn in 2018 and it is expected to expand at a CAGR of 6.5% from 2019 to 2027.
Developing Countries of Asia Pacific to Remain Dominant in Global Socks Market
Asia Pacific accounted for the highest share in global socks market and the region is expected to maintain its dominance over the forecast period. Key factors driving Asia Pacific market is its large and increasing population in developing economies including China and India. Furthermore, 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.
Europe socks market is expected to have a slowdown in coming years. 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.
In terms of product type, global socks market is categorized into specialty socks, athletic socks, trouser socks, women’s socks, casual socks, kids’ socks and multiple toe socks. Casual socks was valued to be the largest segment with a market share over 34% in 2018. Specialty socks segment accounted for second largest market share in 2018.
Natural Fibers to be Extensively Used for Socks Production
The market has been segmented by the materials used for production. Further sub segments are nylon, cotton, polyester, wool, waterproof breathable membrane, and others. Nylon segment accounted for the largest market and is expected to maintain its dominance in coming years. Waterproof breathable membrane are hybrid materials that are used for manufacturing waterproof socks for industrial application or for casual use during the rainy season.
The increasing initiatives of the key players to offer something new and advanced products such as anti-bacterial and anti-fungal properties of socks. Some of these companies are focusing to offer socks made from Kevlar which are extremely strong, heat resistant, tough, and lightweight. Rising awareness about the benefits of wearing these socks is witnessing a surge in product adoption over the past few years.